Welcome to the first edition of Underwriting Desk, our series discussing the latest updates in underwriting, current topics of interest and recent developments at ivari.
In this article, we’ll discuss a hot topic in Canada…immigration, specifically in regarding our Immigration Guidelines and how governmental changes could impact underwriting and, ultimately, your clients.
Immigration plays a crucial role in Canada’s economy. Canada has always recognized the valuable social, cultural, and economic contributions that newcomers bring to the country. In 2023, Canada welcomed 471,808 immigrants, with immigrants representing 28.9% of the Canadian labour force*.
As a company, ivari aims to offer coverage to individuals planning to stay in Canada long-term and we count on you, as their advisor, to ensure that ivari only insures people who are Canadian citizens or have their permanent residency and others with some restrictions. For example, we will consider insuring people here on work permits as long as there are intentions to stay in Canada permanently. However, we will not insure anyone in Canada on a visitor visa, tourist visa, or a seasonal worker.
As an advisor, you must stay current with ivari’s guidelines for insuring immigrants so you can advise your clients and ensure that they are eligible for life insurance before starting the application process. Visit ivari.ca to review our Immigration Guidelines.
*Source: 2024 Annual Report to Parliament on Immigration – Canada.ca
Disclaimer
This article is intended for general information purposes only and should not be considered specific advice, nor is it a substitute for advice from a qualified professional. The article may contain information obtained from third-party sources. While reasonable efforts have been made at the time of publication to ensure that the contents of this article have been derived from reliable and accurate sources, including third party sources, ivari provides the information “as is” and ivari does not warrant the accuracy or completeness of the information contained herein.
Neither ivari nor its affiliates, officers, employees or any other person accepts any liability whatsoever for any direct, indirect or consequential loss arising from any use or reliance on the information or opinions contained herein.
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