The terms are often used interchangeably for individuals who have arrived in Canada within the last five (5) years.

Life Insurance Options for Permanent Residents in Canada

If you hold permanent resident status, you are eligible for various types of life insurance in Canada, including both term and whole life policies. Your application will be processed similarly to that of a Canadian citizen.

Life Insurance for Holders of Work Permits and Foreign Workers in Canada

If you possess a Canadian work permit, you're eligible for term life insurance coverage of up to $500,000. However, there might be a waiting period. Some insurance providers may require you to wait 3-6 months after your arrival in Canada before issuing a policy. Additionally, you might not be able to obtain certain life insurance riders, which are optional add-ons for additional coverage, such as for illness or children.

Life Insurance Options for International Students

International students studying in Canada are eligible for term life insurance coverage of up to $300,000. Generally, full-time student status is a requirement, necessitating enrollment in at least 3-5 courses per semester.

However, some insurance providers may impose a waiting period of 6 months or longer after your arrival in Canada before issuing a policy. Additionally, certain life insurance riders may not be available to you.

Life Insurance Options for Individuals with Convention Refugee Status

Individuals with Convention Refugee Status in Canada are eligible for term life insurance coverage of up to $250,000. Proof of a stable living situation and employment might be required, and there could be a waiting period of 6 months to 2 years before a policy is issued. Additionally, certain life insurance riders may not be available.