Applying for Super Visa Insurance? Here’s what you should know

If you are planning to apply for Super Visa insurance, you must have your parents or grandparents coming to stay with you for a long time. You will already know that you will have to purchase this policy to ensure that their Super Visa is approved and they can come to Canada. But since you are here, there might be some details you need clarity on. Well, we have jotted down this blog just for that. So, by the end of reading this, you should have a fair idea about the criteria your family member/s have to meet to apply for Super Visa insurance, what’s covered and how much you or your dear ones will have to pay to purchase this policy. Let’s get on to it then; here’s everything that you should know before purchasing Super Visa insurance.

Covering the bases- what is Super Visa insurance?

In short, you can consider Super Visa insurance as an emergency medical insurance plan that will enable your parents or grandparents to be financially independent in the event of a ‘you guessed it right’- medical emergency. It’s a way the Canadian government makes sure that your dear ones do not face any type of financial constraints during their stay here. Now, coming to the purchasing and application part of it, you will have to make sure that three requirements are met. These are:

• The policy has to be purchased from a Canadian insurance company. The reason behind this is that even if your family members have insurance from their native country, it might not be recognized here. And without insurance, they will have to pay out of pocket for any medical expense, and that can be very costly.
• The policy has to be active for a minimum of one year, and make sure that it only becomes active after you land in Canada. If you are staying for less than a year, then there is a chance that you might get part of your premium back if you did not raise any claims.
• The minimum coverage amount should be $100,000.

You should also know that you can include all your pre-existing medical conditions in the contract by adding them in a rider. If you do this, then all consultation and prescription medicines will come under coverage.

The Cost

Wondering about the cost? Well, similar to all insurance policies, the cost for Super Visa Insurance also differs, depending on the age, pre-existing medical conditions of the applicant as well as the deductible amount. If the coverage amount is $100,000 for a year with the deductible being anywhere between $0-$1000, then:

• The cost will be between $800 to $1800 for anyone in their mid-forties with no pre-existing medical conditions. It will be between $1,600 to $3,600 for a couple.
• Someone in their 70s meeting the above criteria will have to pay between $1,700 and $4,600.
• With pre-existing medical conditions, the costs can go up to $2,200

All these figures can vary depending on your requirements.

Hire a broker if you need help

By now, you should have a better idea of Super Visa insurance. However, if you are facing difficulties with the application, then a good idea can be to hire a professional insurance broker. They can help you find the best deal available in the market, and that too at an affordable premium rate. If you are living in or around Toronto, then you can contact Rupinder Rai. She has years of experience in this line of trade and will be more than happy to help. We hope you have found this post useful. For more topics like this, keep an eye on this space.