Thanks for your post
There are other visa options for shorter Visits other than the Super Visa that don't have the same Insurance requirements i.e. one year coverage for $100,000. The Super Visa was introduced in order to allow Parents and Grandparents for longer Visits of up to two years.
Refunds are available for unused coverage, however they must provide proof of return to their home country of residence and different insurance companies have different refund policies and administration charges(very nominal amounts), this information is right in their policy wording.
Once they leave Canada and get a refund they cannot transfer their coverage to the following year, they have to apply for a new policy for each visit. The reason why is because their medical condition can change. There is no insurance policy in the marketplace I know off that is guaranteed renewable, it does not exist for Travel Insurance.
Insurance Companies have always offered Visitors Travel Insurance for shorter Visits and still do, this option has always been available and alot more affordable since premiums are calculated on a daily rate for most policies.
Yes I have spoken to the Insurance Carriers I deal with and their marketing departments were really unprepared for the demand for this product. I have given more than one hundred quotes and not everyone can afford to pay $5,000.00 up front, many people have asked if their is a way to pay monthly. Unfortunatly at this time no Insurance Company I know off has a monthly payment option available, this may change insurance companies are considering this option.
Stone-Hedge Financial Group Inc.
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