I understand that there are quite a few very fine life insurance companies that are domiciled in Canada, but having said that there are some compelling reasons for considering US life insurance companies for personal, and especially for business coverage. Among those reasons are versatility of products, a much larger pool of companies, pricing and a stronger presence in the impaired risk and business markets.
I recently worked with the CEO of a company living in Ontario who was unable to get approved by any Canadian life insurance companies. Fortunately for him his Sun Life of Canada agent looked south before calling it quits. Within a week we were able to get him a tentative offer taking into account the reason for the Canadian life insurance declines and within a short time placed his business loan collateral policy at preferred best rates. The company we placed the business with was just one of four who tentatively approved the situation. The Canadian market was just a touch conservative in addressing the risk of a Swiss citizen who is a permanent resident of Canada and has been doing business in South Africa for the last 30 years. None of them could wrap their actuarial minds around 2 months of travel to Africa annually, usually in 7-10 day spurts.
No offense to the Canadian insurance market or their underwriting since he would have had the same result with almost all US life insurance carriers, but we have a deep and competitive pool of companies to choose from. Some would consider it an inconvenience having to apply and take and exam in the US, but this client and several I’ve helped over the years, either combined it with a vacation or business trip and weren’t any worse for the hour of their time required to get the exam completed.
I also have access to companies that can underwrite multinational buy/sell life insurance or key man life insurance for companies that have important people in their companies residing in other areas of the world, including war zones. Some of those plans can be put together without the need for the insured to come to the US and can be underwritten for up to $100 million. The same underwriters offer disability plans that will go way over the standard limits of most disability policies that top out at about $17,000 a month.
Bottom line. We have the companies, the impaired risk and business expertise and the drive and determination to never get beat for our Canadian customers. If you would like a US comparison on your business life insurance, in force or planned, call or email me directly. My name is Ed Hinerman. Let’s talk.