We’re improving the insurance application process for temporary residents
It’s important that all Canadians have access to financial security, including temporary residents. That’s why we’re making it easier for temporary residents to apply for life and critical illness insurance.
Effective immediately, we’ll no longer require immigration documents for most newcomers to Canada who are applying for up to $1,000,000 life insurance or up to $100,000 critical illness insurance.* We expect to see a 50% increase in insurance applications for temporary residents, accepted without manual underwriting.
All other underwriting evidence is still required as usual. Clients who have been in Canada less than one year and are over the age of 15, will still need to provide blood, urine, and vitals. Also, an exclusion for temporary residency may still apply for some categories of temporary residents. Review the updated guidelines on Suncentral for more information.
Remember: Those who are visitors to Canada, have a Visitor Visa, or Super Visa, are not eligible to apply for life or critical illness insurance while in Canada.
*Underwriters can still determine that immigration documents are necessary based on their individual review or the financial underwriting assessment. We will connect with you if this is the case.