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Things to Consider When Purchasing Super Visa Insurance

If you are a parent or a grandparent of a Canadian citizen or permanent resident and you would like to visit your family in Canada, one way to do it is to receive a super visa. One of conditions for obtaining a super visa is the availability of medical insurance that is called super visa insurance. Applicants for this type of insurance should be Canadian citizens or permanent residents. Insurance is necessary to provide visitors with medical assistance in the emergency cases. There are many insurance companies that offer different policies, but are all of them provide a perfect solution for your needs? Some people, when buying super visa insurance, pay the most attention to rates. Yes, the price factor is undoubtedly important, but there are many other things you need to consider.

There are some basic requirements for super visa insurance:

  • it must be obtained in Canada;
  • its validity period must be at least 1 year;
  • the coverage must not less than $100 000.

Why Purchase Insurance in Canada?

There are basically two types of insurance. The one that is purchased in Canada is called Visitors to Canada, whereas insurance for Canada, bought in any other country, is called Travel Insurance. The latter can be cheaper, but it only acts as an addition to the basic state insurance of a country where the visa applicant resides. After leaving the homeland, an applicant may lose the right to obtain insurance in his/her home country, which leads to losing travel insurance as well.
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Another important point: if an insurance event occurs you can call a Canadian insurance company and it provides an address of the closest clinic or hospital. When you get to such a medical institution it should already receive an application with your name so many formalities for filling out the papers will be solved easier for you.

Insurance Rates

Super visa insurance of 100,000 Canadian dollars is the minimum required amount of coverage. You can buy insurance for larger amounts: $150,000, $200,000, etc. In order to determine how much to invest in the purchase, you should carefully study the list of illnesses and diseases covered by insurance. It is better to pay more for coverage than in case of illness find out that it is not an insurance event and you will have to pay for medical care out of your pocket. The difference in the price of insurance plans with a coverage of $100 000 and $150 000 is not too big. Therefore, it makes sense to choose insurance with better coverage, providing yourself or your family with a full-fledged medical care. You can even get super visa insurance plans that include coverage of exacerbation of chronic diseases (in this case you need to look for an emergency medical insurance plan for pre-existing conditions).

As a rule, the price for insurance policy correlates with the age of an applicant. For instance, the cost of insurance coverage of $100 000 for 50 and 75-years-old applicants may differ by $ 1000.

You should also keep in mind that rates for super visa insurance may vary in different provinces. In Quebec, New Brunswick, Yukon, Northern Territories, and Nunavut prices may be higher as there are fewer insurance companies on the market. To get acquainted with the policy rates you can request super visa insurance quotes.

Deductible Fees

When purchasing insurance, many people do not pay enough attention to such an important aspect as deductible amount. This amount can vary from $0 to $1000. What does this mean? If a hospital charges for its services more than a deductable amount, then an insurance company pays only the difference between the amount in a bill and a deductable amount. If the cost of treatment is less than a deductable amount, then it is fully paid by a patient. For example, if medical travel insurance has $1000 as deductible amount, you have to pay all expenses up to $1000 for each new visit to a doctor. As a rule, insurance policies with higher deductible amounts are less expensive.

Some insurance companies offer deductibles per claim, while others – per period. What is the difference? In the first case, each time you visit a doctor, you pay a deductible amount from your pocket, and in the second case, you pay only the first time.
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How Many Insurance Policies to Buy

If two members of your family enter Canada with super visa, then the insurance policies for them should be separate. What is it for? If a person decides to leave the country ahead of schedule without using insurance, a certain amount will be returned to this person. If the insurance is issued for two people and one of the parents applies for medical assistance in Canada, even in case of the early return home no refunds will be available. Besides, the travelers who have one insurance policy will have to return to the homeland together.

Cancellation and Renewal of Super Visa Insurance Policies

If a trip to Canada is canceled after you receive a super visa, you can cancel insurance or change its period. When entering Canada, super visa insurance must be valid. If the visa is denied, then the amount you paid for insurance may be returned without fees.

The super visa insurance policy is canceled in two cases:

  • when a person returns home;
  • when a person acquires provincial medical coverage.

After the early departure of a person from Canada and the cancellation of super visa travel insurance, a certain amount of money can be returned. To do this, you will need to provide a passport with the appropriate stamps and a ticket. A necessary condition for the return of the unused insurance cost is an absence of claims for the insurance events.

If you are going to renew insurance after the expiry of the insurance period, it must be done at least 48 hours beforehand and the important condition of renewal will be an absence of applications for medical assistance.

Super visa medical insurance is valid throughout Canada, so you can safely move from one province to another. In this case, you need to inform your insurance company about the change of address. If a person changes location within the same province, then the new address is reported only in case of insurance event.

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5 Top Reasons Why You Pay More For Your Insurance Plan

We get it – not getting insurance is one of the biggest financial mistakes one can make, whether it’s for health, home, auto, or business. But have you ever thought why some insurance plans are higher-priced than others?

Let’s assume that insurance plans are similar to loans, where lenders are threatened by borrowers with bad credit history, anticipating great possibilities they won’t be able to repay. While lending companies still approve their loan, they give high-risk borrowers higher interest rates and more expensive loan options. Relatively, insurance companies assess their clients’ age, lifestyle, and medical background and look at the risks they’re likely to face in the long run.
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Actuaries assess and manage risks for financial investments and insurance policies. These professionals use math, financial theories, and statistics to forecast how likely their clients are to file a claim. The higher you’re likely to file, the higher your risks are, and the more they can validate charging you higher insurance premiums.
There are certain factors that comprise your risk profile, so expect to pay more if:

You have (or are likely to have) health issues

  • To determine health coverage risks, here are some of the questions to ponder:
  • How old are you?
  • How often do you consume tobacco and/or alcohol?
  • Do you work in a toxic, injury-prone environment?
  • Are you overweight?
  • Does your family have a history of certain medical conditions or ailments?
  • Have you been diagnosed with a serious illness in the past?
  • Or, are you currently battling with an illness which requires medicine maintenance and hospitalization?

Age, weight, vices, work environment, and illnesses are factors considered. Upon completion of the underwriting process, the insurer uses a rating table to match the amount of assumed risk with the premium required for the coverage. So it’s safe to say that physically fit clients with cleaner, healthier lifestyles and working environments tend to be approved of cheaper insurance plans than clients with the tendency of getting ill.

health insurance advice

High-risk clients aren’t immediately denied yet they’re offered more coverage, which means higher premiums. However, skimping on health insurance and opting for low-premium plans may do more harm than good in the event you actually face a serious illness or injury. Cheaper plans are less likely to cover maintenance medications and frequent doctor visits and your savings may be wiped out by your out-of-pocket costs.

The more you pay, the more coverage you get and the less you’ll need to dig out from your pockets. Try to assess the total cost of care including your medications and must-have medical specialists before choosing a plan that meets all your needs without requiring you to cover hefty deductibles. Ensure the plan covers your medications and includes your must-have medical specialists.

Your history of claims are hefty

insurance claims
Home insurance and auto insurance plans are best examples. If you’re currently insured and you’ve made a lot of claims, insurers assume you’ll file another claim and thus, increase your premiums. Your rates may go up based on your history of claims, even if you weren’t at fault for the damages. Statistically speaking, you still pose a higher risk.

You may be thinking, “will rates automatically go up if I make a claim?” Well, it depends on who or what is at fault. For example, the rates for homeowner policies won’t automatically increase after a single claim. However, two claims within three years probably will trigger the increase. Most companies may also not raise rates if the claims are results of severe natural calamities.

You have a poor credit file

Lending companies aren’t the sole organizations concerned about your credit score. Insurance companies also evaluate your credit history to estimate your level of risk. Insurers, however, look at credit scores for a different reason.
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Car insurance brokers, for instance, have determined that people with lower credit scores are more likely to get into accidents than individual with higher scores. For that matter, they charge more – another valid reason to look closely at your credit score and strive to improve it.

You have a shady driving record

shady driving record
While it’s a no-brainer why driving records affect the rates of your car insurance premiums, it’s interesting to know that those driving violations can also affect your life and health insurance.
The more driving violations you have (including speeding, reckless driving, and driving under the influence), the higher you’re prone to auto fatalities, which means insurance companies have a greater chance of paying out. There are instances when serious violations, like driving while intoxicated, won’t even allow you to get approved for any coverage.

You live in a high-cost location

If you move to a different location, you may see your insurance premiums boost even when you have a clean driving record and healthy physiological state. Insurance rates, like in the U.S., can increase depending on zip code, the cost of medical care in the area, and population health factors.
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One way to lower your insurance premium rates is to accept more financial responsibility and increase your deductibles, or the sum of money you pay out of the pocket before the insurance company pays for the rest. By lowering their loss reimbursement cost, insurance companies could charge less for the coverage.

Author Bio:

Carmina Natividad is one of the enthusiastic writers for Insurance Adviser, one of the largest and most credible General Insurance businesses in Australia and New Zealand, providing high quality risk management advice for business owners.