Welcome to Canada! Navigating a new country's financial system can feel overwhelming. Here's a straightforward guide to how life insurance works in Canada and how Covaria can help you find the right coverage.
Is life insurance mandatory in Canada?
No — life insurance is not mandatory. However, it is strongly recommended if you have dependents, a mortgage, or financial obligations that others rely on.
Can newcomers get life insurance?
Yes. Most Canadian insurers offer life insurance to permanent residents and many offer it to those on certain work visas. You will typically need a Canadian address and may need to provide immigration documentation.
What types are available?
- Term life — covers you for a set number of years, most affordable
- Whole life — covers you permanently and builds cash value
- No-medical life — no health exam required, approved faster, ideal for newcomers still establishing Canadian health records
How does Covaria help newcomers?
Covaria is available in English, French, and Spanish, making it easier to navigate Canadian insurance in your language. We highlight no-medical options that are especially accessible for newcomers, and we never require you to speak to a broker before comparing options.