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  Canada Immigration Forum > About Canada > Insurance > Life Insurance - few questions ..can some one Clarify ?
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Life Insurance - few questions ..can some one Clarify ?

Is there / Are there companies which offer "Life insurance" irrespective of the country you live in or reside in?



I am resident of Canada, I take Term or whole life insurance here and may leave Canada after 4-5 year and go back to India or US "permanently", and if that happens will the Insurance coverage be still valid ?

2. Does the country of residene matter for Life Insurance ?

3. Does some one needs to reseide permnently or be a ciizen (of that country ) in a country to buy the Life Insurance coverage there in thatcountry ?

4. Is there any way to obtain a Global coverage irrespective on country of residence or citizenship ?

5. And if it is possible to buy insurance that is covered all over ( whereever you reside) which is the best coverage? Term Life or whole life ?

I may sound confusing, but please provide insght into this if you have good knowledge in this area.

As I am looking to buy life insurance these days and shopping around for a good provider.

Thanks in advance,

Last edited by: naudurivsm on 06-01-08 13:45:18

Senior Desi
Member since: May 04
Posts: 376
Location: VA, USA

Post ID: 113369 06-01-08 13:41:11
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Senior Desi
Member since: Jan 07

Posts: 121

1. Yes. The coverage remains valid as long as you keep on paying premiums on time. Confirm with the individual company nevertheless

2. You have to be a Canadian resident at the time of drawing the policy

3. Refer to #2. You don't need to be a citizen to get Life Insurance.

4. Refer to the earlier answers

5. Term / Whole life depends on your individual preference and situation. That's independent of whether you live in Canada / USA/ India


Post ID: 113378 06-01-08 19:17:39
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Senior Desi
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe

Endowment policy

Hi Naudurivsm,
If you are buying insurance in Canada- the types offered are term, whole life or Universal life.

There are agents here that represent very good companies based overseas like Zurich Life Insurance (there is a local chapter as well) or Elvia or Allianz or several others that can offer you, whether you are a resident/citizen of Canada or not, insurance policies that are payable anywhere in the world with premiums payable in USD or Euros (not Cand) but these are usually endowment policies where if you live past a cetain age say 65, you will get the money, not just when you die, so it's basically a policy that is encashable at 65, just like the LIC policies in India.(you can ask for it to be encashable at 70 or whatever age you choose).

This kind of policy is not tax efficient here in Canada so it is not offered.

I personally have a Zurich Life endowment policy taken out several years ago as I trucked around the world a lot and this policy was paid up several years ago and at age 65 I will collect the insured sum. If I die before, my beneficiary gets the insured sum.

Such agents are few here as the market is not so lucrative. In Europe they abound.

The above is your answer to Global coverage no matter where you are a resident of.You can reside in Timbuctoo so to speak and still have such a policy.

An agent licensed in Ontario cannot sell you such a policy.

Many people who have moved here from the M.E. like Dubai have such policies usually also issued by Zurich Life or Vita which is very popular world wide.

There is also National Nederland Life Insurance co.

Post ID: 113389 06-01-08 22:30:43
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Senior Desi
Member since: May 04

Posts: 376
Location: VA, USA

Thanks for the inputs.
Thanks for your replies.

Hi Investpro - So, what I am getting from your response is, if I opt for a Global / Universa policy (and not having to worry where I reside ), I should be looking to Insurance companies with Global presence right ?

Any idea, besides Zurich and Allianz, if there are other companies either based in Canada / US/ India ?

I will be now concentrating on your inputs and look for such companies.
And yes I was in fact looking for endowment policies where I can get my money back after some time.

Thanks agian for your inputs.

Post ID: 113407 07-01-08 08:49:20
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Senior Desi
Member since: Nov 06

Posts: 1628
Location: carl sagan's universe

Hi Nau

Actually, any insurance company in Canada is a good company. Even small Canada based cos are good companies.

All I am saying is that here the cos do not offer endowment policies i.e no total living benefits, only benefits at death. Term, whole life and universal are only payable at death and if you live beyond 100 in full.
If you want to use the money while you are alive, you have to borrow agnst the cash value in the whole or universal policies unless you are past 100 years.

Since you feel you will be moving around quite a bit, I just suggested you look at endowment policies available all over the world except in NA (unless offered by a global insurance agent) where term, whole and UL are more the order of the day.

Several people in Canada, who were once based in other countries have these endowment policies, even those who have come from India (LIC, ICICI-Prudential, HDFC-Standard, Tata-AIG, Bajaj-Allianz to name a few). These policies allow you to have the benefits while you are actually living.These can be converted to paid up policies at any time.

See your pm

Post ID: 113487 08-01-08 06:37:05
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Junior Desi
Member since: Dec 06

Posts: 11

Life insurance Questions clarified
Hi Naudurivsm,

Most of your questions were answered earlier but here are few more points,

1) You have to consider your age as older you are premiums will be higher. If you take term policy and later you realize that you need universal( Whole life ) policy you will have to pay very high premium as your age has increased.

2) Amount of money you can pay as premium every month on you policy as your income may vary depending on the place you will be in.

3) Your policy can be effective as long as you are paying the premium regularly from anywhere in the world.

If you want more information contact me for FREE consultation.



Post ID: 114437 24-01-08 10:55:17
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Senior Desi
Member since: Aug 06

Posts: 5286
Location: Canada

Insurance is based on life expectancy and mortality which is much higher in Canada then in East / Middle East ~ for the same insured value , you will pay less in Canada / US .

Term Life Insurance are is basic insurance w/o frills ~ the reason why agents promote it less is possibly due to less commission but it is best alue for money - if you are looking for investment , look elsewhere .

These are inputs from a past research I made around 3 years back but posters I am also looking for some good Term Insurance . Please advise upon vendors .


Post ID: 114443 24-01-08 11:58:41
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Senior Desi
Member since: May 04

Posts: 376
Location: VA, USA

Thanks for the inputs.
Hi Chinai91 and Fido,

Thanks for the inputs.

I did considered as suggested by you guys and Invstpro etc.

Here is what I am pursuing at this time.

Term life - thru Prudential - (I verified the residency part with them) and it is confirmed that as long as the premium is paid regularly in USD ,it holds good thru the term of the policy. irrespective where I live physically.

Now as my other freinds and you guys have suggested I am considering the whole life policies in India with Death benefit ( life coverage) and also money back periodically with good growth potential.

Thanks again for all your inputs.

Post ID: 114467 24-01-08 15:10:10
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