SETTLE IN CANADA

Our entire range of insurance and savings products is available to newcomers.

Newcomers are eligible for the following benefits:

• •  Your immigration documents are generally not required to take out insurance with us
• •  International students are eligible for up to $250,000 in life insurance
• •  If you are a permanent resident, we recognize your foreign assets when determining the amount of your life insurance
• •  It is possible to purchase life insurance without having to undergo medical examinations
• •  You have access to many savings products that will help grow your assets, while enjoying the guarantees and benefits of insurance products

In the event of death, life insurance covers the deceased’s financial commitments, such as mortgage and debts. It also provides relatives the money they would need to maintain their lifestyle and covers death-related expenses, such as the cost of repatriating the deceased to their country of origin, for example. This money is tax-free.

The best way to choose a life insurance product that fits your specific needs and financial situation is to consult a qualified, experienced advisor. They will guide you.

The cost of life insurance varies according to your needs. Here are a few examples of term life insurance costs:

• •  $9/month for coverage of $100,000 on a 10-year term: 26-year-old female, non-smoker
• •  $47/month for coverage of $750,000 on a 20-year term: 35-year-old male, non-smoker
• •  $62/month for coverage of $350,000 on a 15-year term: 50-year-old female, non-smoker

Yes, it is possible for foreign nationals to purchase life insurance. This would be the case for a study permit holder, for example. You can contact an advisor for more details.

There are many types of life insurance to choose from, each with its own distinct characteristics. Here are a few examples of what is available with iA Financial Group:

• •  Term life insurance
• •  Permanent life insurance
• •  Participating life insurance
• •  Universal life insurance
• •  Specialized life insurance

No. Immigration documents are not generally required to purchase life insurance with iA Financial Group.

iA Financial Group offers many different types of insurance products.

• •  Critical illness insurance: If you were to be diagnosed with a critical illness covered under your policy, tax-free financial aid would be provided to help you respect your financial commitments while you recover
• •  Disability and income insurance: If you were to become disabled, a source of income would be provided during your disability leave so you can meet your financial commitments and concentrate on your recovery
• •  Accident insurance: If you were to suffer an accident, a lump-sum payment would be provided or certain accident-related expenses would be covered
• •  Home insurance: If your home were to be damaged by fire, flood, theft, water ingress, etc., you (as the tenant or owner) would be protected
• •  Auto insurance: Required by law, auto insurance protects your vehicle and wealth, and gives you access to emergency assistance

Please note that the public and group insurance plans offered by employers do not always provide complete coverage. In this case, it is very important to complete your coverage. An advisor can help guide you according to your situation and needs.

Your credit report is automatically created as soon as you take out a loan or apply for credit.

What we call a “credit rating” is developed over time according to how you manage your credit.

It is possible to positively affect your credit rating by paying your credit cards, rent, mortgage, electricity bills, etc. on time. On the other hand, paying your bills late, requesting multiple loans or credit cards, and exceeding your credit limit would all negatively affect your credit report.

A clean credit report is important if you want to obtain financing, rent an apartment, purchase insurance or receive an advantageous interest rate, among other things.

Learn more about how to make your financial integration in Canada a success.

Here are some investment options for newcomers:

• •  Registered Retirement Savings Plan (RRSP)
• •  Tax-Free Savings Account (TFSA)
• •  Registered Education Savings Plan (RESP)
• •  First Home Savings Account (FHSA)
• •  High Interest Savings Account (HISA)
• •  Guaranteed Interested Fund (GIF)
• •  And many more

If you are wondering where to start, an advisor is the best person to consult. An advisor is a professional who, by gauging your risk tolerance, can develop an investor profile to point you to the products that best fit your situation and can help you achieve your financial goals.

Find an advisor near you.

Yes, you can start contributing to an RRSP as long as you earn an income in Canada and have filed at least one income tax return with the Canadian government. Foreign workers and students can also start saving before becoming permanent residents.

If the assets in your RRSP are invested in a non locked-in plan, it is possible to withdraw them at any time. It is important, however, to consider that the amount withdrawn will be added to your other taxable income for the year and that you will be taxed according to the tax bracket under which you fall after making the withdrawal. Be sure to consider the tax implications of withdrawing from your RRSP.

There are many factors to retirement planning. It is therefore wise to seek professional advice. A financial security advisor can, among other things, help you determine your retirement goals and how much you need to save to reach them, based on your income.

There are many tax-free plans and accounts available to help you access property in Canada. Based on your ability to save and timeframe, you might consider a First Home Savings Account (FHSA), a Home Buyers’ Plan (HBP) through your RRSP, a Tax-Free Savings Account (TFSA), or a combination of all three. It will also be important to eventually protect your mortgage with mortgage life insurance.