Life Insurance for new immigrants to Canada

Life Insurance for new immigrants to Canada

Ontario hosts a large number of new immigrants from all over the world. These immigrants could be professionals or aspiring business owners or have reunited with their families. The one thing in common, noticeably, is that they all have aspirations and dreams to improve the quality of their life. They would like to add value to the Canadian infrastructure and hence reap the fruits for the benefit of their families. Most new immigrants have high energy levels which come from their dreams and aspirations.

Financial protection is something most important for all new immigrants to consider that would soften the financial blow if there is death, illness or disability in the family. A life insurance policy along with some illness and injury protection is a must have decision. Family’s aspirations can get shattered due to catastrophic events and can shatter the pursuit to meet your goals for long, before things would normalise.

It is also found that new immigrants, whilst they are new in the country and trying to settle in, are conscious of expenses and budgets. It is advised that as new immigrants the following insurance related steps must be taken:

  1. A 90 day medical insurance plan to cover health, dental, prescription drugs coverage. This could offset the OHIP coverage which does not get activated in the first 90 days.
  2. A life insurance plan along with some critical illness insurance: a move to a new country has its set of anxiety, pressures etc. This pressure could stem from the uncertainty and ambiguity that associates a change of residence. Adaptation could also be stressful. It is found that these stresses create a need for considering protection of the family if something was to happen to the bread winner in the event of death or illness. Hence taking life insurance along with critical illness insurance plan could be an extremely wise decision.

It is advised that all new immigrants spoke with an insurance advisor, ideally a broker who represents a large number of companies. Ideally, a broker should be sensitive to the needs of the new immigrant family. Show them the most appropriate and the most cost-effective options. It is important to understand that new immigrants may have no or very little incomes in the beginning and could be actually living out of their pool of savings that they have with them. Compassion, help and service are most important ingredients here.

We at YourInsuranceGuy.ca are focussed through our soft and human skills to welcome new immigrants and offer insurance packages that would suit every budget. More than that, we take time to explain and give a complete insight into the ways of protecting families and assets. We would like to assist you in acquiring the lifestyle that you have promised.

We at YourInsuranceGuy.ca are experts in explaining the the various types of life insurance that could protect the entire family. Please get a quote or advice.

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Aman Kapur

Prepared by: Aman Kapur

 

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