Jul 17, 2026
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According to iA Financial Group, one of Canada’s largest insurers, international students can access up to $500,000 in life insurance — immediately and possibly without a medical exam and often without standard immigration documents. Post-Graduate Work Permit (PGWP) holders with a job offer may qualify for up to $1 million in fully underwritten coverage.
Canada set a target of 395,000 new permanent residents for 2025 — a planned target under the Immigration, Refugees and Citizenship Canada (IRCC) 2025-2027 Immigration Levels Plan — and hundreds of thousands more hold temporary resident status as students and workers. For many of those households, life insurance is either an afterthought or a blank spot on the financial plan. That gap carries real consequences: newcomers often carry cross-border family obligations, remittance commitments and no domestic safety net to fall back on.
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Here is what you can actually access — and how to get it.
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Take control of your money. Whether you are saving for a home or an emergency fund, our guide helps you find high-interest savings accounts with the highest interest rates and low or no fees. Get your money working for you using a HISA. Plus, newcomers to Canada may qualify for National Bank’s offer, which includes a bank account with no fixed monthly fees for up to three years. Explore the offer and see if you are eligible
What life insurance options actually exist on a work permit in Canada
The short answer is more than most people think. iA Financial Group explicitly states that immigration documents are generally not required to apply for life insurance with the company — a significant departure from the assumption that newcomers face a locked door.
For PGWP holders with a confirmed job offer, coverage of up to $1 million is available. For permanent residents, the insurer goes further: iA recognizes assets held in another country when determining the insurance amount, which can make a meaningful difference for newcomers who have accumulated savings or property abroad.
Across product types, iA Financial offers term life, permanent life, participating life, universal life and specialized life insurance to newcomers. Whether a policy requires a medical exam depends on the coverage amount and individual circumstances — but the insurer notes that some newcomers can be approved without one.
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No SIN? No Canadian credit history? Here’s what you still qualify for
There is a misconception that a Social Insurance Number (SIN), the federal number required to legally work in Canada, is a prerequisite for life insurance in Canada. It’s a widespread misconception that stops many newcomers from even asking the question: Can I protect my loved ones? But iA Financial states clearly that immigration documents, including a SIN, are generally not required to purchase life insurance with the company.
What applicants do need, in most cases, is a valid work or study permit and a government-issued ID. Virtual application options are available — no in-person visit is required — and advisors can meet in multiple languages to help navigate product selection.
For context on cost: iA Financial illustrates approximate term life premiums on its newcomers page — roughly $9/month for $100,000 of coverage on a 10-year term for a 26-year-old female non-smoker, or $47/month for $750,000 over 20 years for a 35-year-old male non-smoker. These are illustrative examples and individual premiums will vary based on age, health, coverage amount and term length.
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The $500,000 policy that international students can access immediately
International students represent a particularly underserved segment. Many arrive in Canada in their 20s with no dependants and low income — and conclude that life insurance isn’t relevant yet. But coverage at this life stage is cheapest and, for those with family financial obligations abroad, can be important.
iA Financial confirms that international students can purchase up to $500,000 in life insurance — and that a medical exam is not always required. That is meaningful for a demographic that often has limited Canadian health records and no domestic insurance history.
For a student supporting family members in their home country, even a $100,000 to $200,000 term policy can cover repatriation costs, outstanding student debt and lost remittance income — at a monthly premium that is often lower than a streaming service subscription.
Cross-border estate planning: naming beneficiaries in another country
One practical question newcomers face is whether they can name a beneficiary who lives outside Canada. The short answer is yes — but it comes with estate planning considerations worth understanding before you apply.
A beneficiary named in a Canadian life insurance policy generally receives the death benefit directly, outside of the estate and without Canadian probate. However, the tax treatment of that benefit in the recipient’s home country will depend on that country’s laws. In Canada, life insurance death benefits are tax-free to the beneficiary.
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iA Financial notes that life insurance can cover death-related expenses — including the cost of repatriating remains to a country of origin — which is a consideration that is particularly relevant for newcomers. For those with more complex cross-border assets or multiple beneficiaries across different countries, working with a licensed financial security adviser could be worth the time.
One more estate-planning note: for permanent residents specifically, iA Financial recognizes foreign assets when determining insurance coverage amounts — which means the financial picture newcomers bring with them counts, not just what they have accumulated in Canada.
How to get a quote without a medical exam — and when to get one anyway
Not every newcomer will be approved without a medical exam — the requirement depends on the coverage amount, the applicant’s age and the insurer’s underwriting guidelines. Simplified issue products (those without full underwriting), which typically require answering a short set of health questions rather than a full exam, are often available at lower coverage amounts.
For coverage in the $500,000 to $1 million range, full underwriting is more likely to apply. That does not mean the process is prohibitively complex — it means there will be health questions and possibly a medical review, before a policy is issued. The advantage of going through full underwriting at a younger age is that it locks in a rate based on current health status, which can save significant money over a 20- or 30-year policy.
The practical starting point: contact an iA Financial adviser (available virtually), bring your valid work or study permit and a government-issued ID and ask specifically about the newcomer program. Most applications can be initiated without any Canadian immigration documents beyond the permit itself.
Remember: A term life policy can help replace income, cover major debts, and provide stability for your family if the unexpected happens. Term life insurance is usually less expensive and more flexible than whole life insurance — and the payout is tax-free. Disability insurance is just as critical, especially since your ability to earn an income is often your biggest financial asset. With PolicyMe, you can get an instant, no-obligation life insurance quote. Just answer a few simple questions, and you’ll get quotes based on the coverage amount and term length you select. Most policies are approved without any medical tests, and you can opt for term lengths ranging from 10 to 30 years.
What to do now to protect yourself
- Work permit holders: Contact iA Financial or Empire Life, as these firms typically accept applications after you’ve been living in Canada for three months or more.
- International students: You may qualify for up to $500,000 in coverage immediately
- Permanent residents: Ask about recognition of foreign assets when determining your coverage amount
Remember, you do not need a SIN to get a life insurance quote as your work or study permit is usually sufficient. You will, however, need to produce a valid work or study permit and a government-issued ID to start the process — so get this documentation in order before applying.
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Sandra MacGregor has been writing about finance and travel for nearly a decade. Her work has appeared in a variety of publications like the New York Times, the UK Telegraph, the Washington Post, Forbes.com and the Toronto Star.
