Life insurance for Canadian citizens living in Canada
Life insurance for Canadian citizens living in Canada
Yes, it is possible for Canadian citizens living in Canada to purchase life insurance policy in the U.S. However, there will some requirements that need to be met in order for an application to be approved:
Be in the United States for the entire process of applying for coverage:
One of the key requirements for purchasing life insurance is that you need to be in the U.S. for the entire application. Typically, it takes approximately 4-6 weeks for a company to approve an application and issue a policy. There are 4 major steps when applying for life insurance coverage:
Quote
during this step, we will go over your residency, financial ties to the U.S., health, lifestyle, needs, and budget. We don’t take this process lightly, as we would like to tailor the coverage based on your needs. This will ensure that we will find the company that looks most favorably at your particular situation and offers you the best value.
Application
once you select coverage and are ready to move forward, we will proceed with the application. To ensure fastest processing time, we will submit an electronic application to the carrier and schedule a medical exam, if needed.
Medical exam
it is not uncommon for carriers to require the applicants complete a medical exam, as a part of the underwriting process. Typically, a nurse will come to your home or work place and take vitals. Please keep in mind that there are carriers that may not require a medical exam. In these instances, the company may issue the policy in a matter of days.
Delivery
the final step of the application process. Once the carrier approves your application, we will get in touch with you and finalize the policy. We will go over the information to ensure that there are no changes and schedule a payment.
Life Insurance
Please keep in mind that all payment must be in U.S. dollars. Typically, life insurance carriers require the automatic premiums deductions from a U.S. based bank account.
Have substantial contact to the U.S.
You can prove substantial contact by fulfilling some of the following:
Prove:
- You are married to a U.S. citizen;
- Have an immediate family member, living in U.S. and travel regularly to visit them. Examples of immediate family members include spouse, children, brother or sister;
- Have a bank account in the U.S.;
- Own real property in the U.S.;
- Be an employee of a U.S.-based company;
- Maintain an investment interest in the U.S. which may include investment account ownership in the U.S.
- Have significant, systematic ongoing business activities in the U.S. and etc.