Term Insurance India v/s Canada

[mr1989]

Hi,

I have a term insurance from India, which will be valid in Canada as well after I provide all the documents asked by the bank (HDFC). My question is since I will be in a different country I am assuming if there will be a need to make a claim how difficult will be the whole process as the bank in India might require some additional documents ?

Will it be a wise decision to continue with the policy from India or Should I try to find a similar policy in Canada ? I think the premiums here in Canada are almost the same as I am paying in India.

What are your thoughts ?

Thanks

 

[gurpreet.ts]

I would recommend to stop your term insurance in India and get one here in Canada. Even if the claim process is smooth for HDFC the concern in my opinion is the benefit amount which if converted to CAD won't be a very valuable amount as per the cost of living here. So you should go with a term insurance here in Canada with benefit amounts based on Canadian requirements. DM me if you want the contact of my financial advisor where I got all my policies.