jimbloby7

Did you get it in Canada or do you have a policy in uk still?

Are they still legal if policy in uk and living in Canada?

Are they the same in Canada, Term assured, life insurance?

R I C H

Had a UK policy initially, now have Canadian.


Depends on the terms and conditions of the policy. My UK Prudential policy wasn't valid once I'd been out of the UK for 6mths.

Pretty much, from what I understand.

Graham-H

I am at present living in Canada with my Canadian partner waiting for the 12 months of living together ( 3 more weeks ) before I apply for my PR via common-law sponsorship. I have sold my house in UK - so technically I suppose I am NOT resident in UK nor in Canada - so where can I buy a life insurance - any suggestions ???

Atlantic Xpat

Buy coverage when you are settle here. In the meantime use your UK coverage. You often get a degree of life cover through an employer but buying additional coverage for yourself and your family is pretty much the same in Canada as in the UK.

nikki dreaming

I am going to keep my current one going for now, with scottish widows and they have confirmed that it will still be valid if I am no longer UK resident providing they continue to be paid in £ stirling each month.

I also spoke to a financial adviser who said this may be cheaper as to start a new policy could be quite a bit higher on premiums owing to the fact the one I currently have started over 10 years ago, taking into account age etc.

mjwalker007

Most people have pretty much covered the basics on this query, but if you have a UK policy , most UK companies will allow you to keep the cover going if you live in Canada.

The benefit of this, is that if your health has changed since you originally took out the policy, this does not effect the policy you have in force , whereas if you applied for a new policy this could have a major affect on the decision the new company may make in offering you new cover.

The downside is that generally you will have to keep funding the policy from a UK Bank account and this could be a problem if you do not want to keep UK accounts and exchanging money to go into your UK Account.

Secondly if something happened to you, your family would be dealing with a life insurance claim with a company that are half way around the world. Not an ideal situation with the stress and grief your family would be going through at the time.

Life cover premiums are generally the same cost as in the UK and offer the same type's of cover, so there isnt a major issue when it comes to cover being a lot more expensive over here.

However premiums for policies such as Critical Illness are more expensive in Canada.

As was mentioned by a previous poster, I would keep your UK policies while you first move to Canada, so you have existing cover, but then once here talk to a broker that can shop around and look for the best life premiums in Canada ( )

Very importantly, do not cancel any existing cover until any new cover is fully in place ! you do not want to be in a position where you cancel your existing cover, and for what ever reason you cannot get new cover ! therefore leaving yourself with no cover at all !!

Hope it all goes well !

MB-Realtor

You'r living in Canada, so you are Resident in Canada. Owing or not owning a home does not make residency.

Graham-H

I am living in Canada yes, but at the moment only on a visitors 6 month visa - the Canadian insurance companies I have checked with require me to be a RESIDENT not a visitor. The UK companies want my permanent address in the UK. So for the moment I appear to be in a kind of insurance limbo !!

Little D

I can relate to this. I wasn't able to get life cover over here when I had visitor status until we had sent our passports off for the PR visas. Even then we had to send a copy of the PNP acceptance to the underwriters.

We now have both UK and Canadian life insurance.

triumphguy

You need a SIN number
6XX XXX XXX

or

9XX XXX XXX and intend to stay in Canada

You also need an address and ID. UK ID works.

You need to show income ('cos insurance replaces income in case of death, illness or disability).

You can have term or permanent life insurance, critical illness and disability insurance.

JAJ

Permanent SIN begins with 1 to 7. A SIN with 9 is temporary and may not be acceptable.

http://britishexpats.com/wiki/Social_Insurance_Number


Not necessarily! Insurance can also be for a capital sum.

triumphguy

9 is acceptable if insured intends to stay in Canada.

Yes, life insurance can be used to pay estate taxes, buy/sell etc, but typically, as here, a financial needs analysis needs to be done which shows insurable need of which income is an important factor. Most life apps ask for income.