Bringing your parents or grandparents to Canada under the Super Visa program requires securing adequate medical insurance. Understanding the costs and available payment options is crucial to ensure compliance with immigration requirements and to manage your finances effectively.
Understanding Super Visa Insurance Costs
The cost of Super Visa insurance varies based on several factors:
- Age of the Applicant: Older applicants generally face higher premiums due to increased health risks.
- Health Status: Pre-existing medical conditions can lead to higher premiums or may require specialized coverage.
- Coverage Amount: While the minimum required coverage is CAD $100,000, opting for higher coverage limits can increase the premium.
- Policy Duration: Longer coverage periods will naturally cost more.
- Deductible Amount: Choosing a higher deductible can lower the premium but increases out-of-pocket expenses in the event of a claim.
On average, Super visa insurance cost between CAD $100 to $200 per month for each parent or grandparent. For example, a 65-year-old individual might expect to pay approximately CAD $1,588 annually for a policy with $100,000 coverage and a $1,000 deductible.
Monthly Payment Plans for Super Visa Insurance
To ease the financial burden, some Canadian insurance providers offer monthly payment plans for Super Visa insurance. This allows families to spread the cost over time rather than paying a lump sum upfront. Not all insurers provide this option, so it’s essential to inquire about payment plans when comparing policies.
Providers Offering Monthly Payment Options
Several reputable Canadian insurance companies offer Super Visa insurance with monthly payment plans:
- Travelance: Offers a monthly payment option for plans with a minimum sum insured of $100,000 and coverage of at least 180 days. An initial two-month premium is collected on the application date, followed by equal monthly payments. A non-refundable billing fee applies.
- 21st Century Travel Insurance: Provides monthly payment plans for Super Visa insurance, allowing for more manageable payments over time.
- Manulife: Offers flexible payment options, including monthly plans, to accommodate different financial situations.
Benefits of Monthly Payment Plans
Opting for a monthly payment plan can offer several advantages:
- Affordability: Spreading payments over time can make budgeting easier and reduce financial strain.
- Flexibility: Allows for adjustments in coverage or cancellation if circumstances change, with prorated refunds available in some cases.
- Immediate Coverage: Enables families to secure necessary insurance without delaying the application process due to cost concerns.
Important Considerations
When selecting a Super Visa insurance policy with a monthly payment plan, keep the following in mind:
- Total Cost: Monthly payment plans may include additional fees or interest, affecting the overall cost of the policy.
- Coverage Requirements: Ensure the policy meets all Canadian government requirements for Super Visa insurance, including minimum coverage amounts and validity periods.
- Provider Reputation: Choose a reputable insurer with a history of reliable claims processing and customer service.
Conclusion
Securing Super Visa insurance is a critical step in bringing your parents or grandparents to Canada. By understanding the costs involved and exploring Super visa insurance monthly plan payment options, you can find a policy that fits your budget while providing the necessary coverage. Carefully compare different providers and plans to make an informed decision that ensures the health and safety of your loved ones during their stay in Canada.
Lucy Lloyd 
Mark Biss