Life insurance for Canadian citizens living in the United States
Life insurance for Canadian citizens living in the United States
Living in the U.S. is a great start. It is the first indicator to the life insurance company that you have ties to the country. With that being said, we need to point out that any life insurance carrier would need to know your residency status. In other words: are you a permanent resident or visa holder.
Permanent residents (green card holders):
You would be treated as U.S. citizen and given the best possible rating. You would be able to choose from any life insurance product available: Term, Universal or Whole Life Insurance. For more information on each one, take a look at the table below:
Visa holders
You could still have access to all products and be offered the best rating. However, there would be a few additional points that companies will be looking at:
Type of visa and length the carriers would like to know what type of visa do you currently have and what is its length. They will also require a copy of it. Therefore, we will ask you to submit a copy of it to us during the application. This will speed up the underwriting process. For most helpful tips, you can check out our guide for life insurance for foreign nationals.
Financial ties to the U.S. companies want to know why you are looking into securing like insurance in the U.S. and why it makes financial sense to you. They are looking for substantial contact or financial ties to the county. Below are some examples of what constitutes financial ties. Please keep in mind that you don’t have to meet all of them:
- 1. Own a real estate property in the U.S.
- Have a systematic ongoing business, requiring visits to the country
- Are married to a U.S. citizen
- Work for a U.S. company in the country and etc.
If you are a Canadian citizen living in the U.S., chances are you meet the substantial contact requirement and can purchase life insurance.
