SUPER VISA MEDICAL TRAVEL INSURANCE

[Gary Goldshmidt]

HI MY COMPANY STONE-HEDGE FINANCIAL GROUP INC. SELLS TRAVEL INSURANCE RECENTLY I HAVE HAD A LOT OF INQUIRIES FOR THE MANDATORY MEDICAL INSURANCE TO OBTAIN A SUPER VISA.  NOT ALL COMPANIES INSURE ALL AGES YOU REALLY HAVE TO BE CAREFUL BECAUSE WHEN APPLYING FOR THE SUPER VISA WHICH IS A TWO YEAR VISA YOU HAVE TO MAKE SURE THAT YOU ARE ABLE TO RENEW YOUR ONE YEAR POLICY WITH THE SAME INSURANCE COMPANY.  MANY INSURANCE COMPANIES HAVE AGE LIMITS LIKE AGE 55 OR AGE 59 YOU HAVE TO MAKE SURE THAT YOU ARE AT LEAST THREE YEARS YOUNGER SO YOU CAN RENEW FOR AN ADDITIONAL YEAR.  I HAVE INSURANCE COMPANIES THAT WILL INSURE ANY AGE FOR A ONE YEAR 100,000 POLICY AND MANY ARE AMENDING THEIR POLICIES TO MEET THE NEW SUPER VISA REQUIREMENTS.  YOU ALSO HAVE TO BE CAREFUL AS MANY POLICIES DO NOT COVER PREEXISTING CONDITIONS, PLEASE REVIEW ANY COVERAGE YOU BUY CAREFULLY AND READ THEIR POLICY. I SHOP THE MARKET TO GET THE BEST POSSIBLE RATES, THESE ARE NOT CHEAP PLANS SO SHOPPING WITH US CAN SAVE YOU MONEY.
IF YOU NEED COVERAGE CONTACT ME AT:
TOLL FREE 1.888.410.4393  LOCAL TORONTO 416.410.4393 EMAIL: gary @ stone-hedgefinancialgroup.ca

[Haitokin]

Super visa insurance rates set to change.

I just received an email from one of the insurance companies that only offers their visitors to Canada travel health insurance for 180 days past age 54. They will change that on December 19, to allow applicants 55+ to have 365 day policies as well. The effect is that for ages 60-79, in most cases, the costs of obtaining a travel health insurance policy that meets the super visa requirements will be coming down - sometimes by 20% or so. Increased competition is a good thing!

On the other hand, on the same day, the company that offers some of the best rates in that same age bracket, will be increasing all rates by 5%. I am an independent travel insurance broker  , so I stay on top of these things. (See other posts), my website compares rates, exact policy wordings, and answers frequesntly asked questions. Contact me at admin  @  bestquotetravelinsurance.ca or take a quick look at the website for an update on rates. Just google 'super visa insurance'.

For a truly competitive quote you won't beat our rates - (we look at ten different companies), but it's not just about rates - it's about getting a policy that offers proper coverage based on the visitors' medical situation and travel plans, at a reasonable rate. Fortunately, the rates may get a little more reasonable as competition in the industry increases. Online self service, or call toll free 1.855.237.8808.

[Gary Goldshmidt]

There have been two companies that I deal with that have amended plans to meet the new Super Visa Requirements, Travel Underwriters and GMS Insurance.  Travel Underwriters have announced a rate increase of 5% as of Dec 19.2011.   I would like to know which insurance company is dropping thier rates by 20% and if so do they cover pre-existing conditions and do underwriting at time of application or time of claim.  Canadian Travel Insurance is a bargain for international travelers, however rates are rising and I would expect more rate increases on all insurance products due to the low interest rate environment.  I don't know where bestquotetravelinsurance.ca is getting their information from.  The internet age has brought a wonderful service with online sites however there is room for caution, the most attractive rates usually do not cover pre-existing conditions and secondly they are nothing more than a price comparison for people in perfect health.  How many 78 or 80 year olds are in perfect health?  After looking at the website, bestquotetravelinsurance.ca deals with six Canadian Insurance carriers, Stone-Hedge Financial Group Inc. deals with five, the exception being Manulife.  Out of the five only two GMS Insurance and TIC travel insurance are prepared to underwrite at time of application not at time of claim. I have spoken to etfs and they have advised me they are looking info this issue as well.  What is the difference,  simple when you buy insurance that is underwriten at time of claim the policy is in force however the consumer will only know if they are insured when they have a claim. For more on this topic see:
CBC -RETIRED COUPLE BILLED $50,000 DESPITE TRAVEL INSURANCE
Link - http://www.cbc.ca/news/canada/british-columbia/story/2011/11/11/bc-travelclaim.html?cmp=rss  (copy and paste into address bar to watch)
CBC -MANITOBA COUPLE BILLED DESPITE TRAVEL INSURANCE
link - http://news.ca.msn.com/local/manitoba/manitoba-couple-billed-despite-travel-insurance  (copy and paste into address bar to watch)
Insurance Brokers have always been strong advocates of Consumer Rights and industry associations like the IFB have been a voice for Canadian Consumers and Independent Brokers.
I am not here to critisize Insurance Companies, Consumenrs or Brokers but simply bring to light the real issues when you buy the mandatory Super Visa Travel Insurance.

Stay Tunes the best is yet to come we are now working on two new Travel Websites vacationtravelinsurance.ca and supervisatravelinsurance.ca  we will let you know in advance of the launch date.

Sincerly,

Stone-Hedge Financial Group Inc.
Gary Goldshmidt
Managing Director
1.888.410.4393
Toronto Local Tel: 416.410.4393
Email: gary @ stone-hedgefinancialgroup.ca

[Haitokin]

Hi Gary!

If you deal with GMS then you are aware that they announced that, starting December 19th, they will make their policies available for up to 365 days for people over age 54, whereas right now they do not.

As I said, THE EFFECT of that will be that people (ages 60-79) will be able to find a rate that may be 20% lower than they can find today. The reason is that GMS has market leading rates - for the eligibility route not direct underwriting - and their policies haven't been available to the early applicants - who have had to choose more expensive options - more than 20% more.

My agency deals with over ten companies actually. Only six of them are online, for now. That will soon change, but it does take time to set up the comparisons in the database to enable immediate comparison of exact policy wording - no other online service does that. It's an important tool that I use with my customers to be able to explain important differences between the policies.

I believe that you would understand the key differences between policies and are most likely skilled at explaining those differences. I like to show people why I say what I'm saying and help them understand those important differences in policy wordings - without trying to flip through documents.

For me, it's not about lowest rates. It's about adequate at a reasonable rate. How do people know it's reasonable unless they can see what other companies also charge?

GMS recently announced they want to compete for the super visa insurance 'market', ETFS is on the outside looking in with their standard plan, same with Travel Guard, and Bluecross for that matter. When GMS announced their availability, it helped improve the competitiveness of prices. Competition will increase. Generally though you are correct, prices will increase over time. Especially because, the insurance companies may find a different claims experience resulting from issuing policies for 6 months longer than they are used to.

Good luck with the new websites - they wouldn't - , offer comparisons of relevant details would they?
I hope so. Healthy or not healthy, people need to see what their options are.

[Gary Goldshmidt]

To reply to GMS Insurance I have recieved the same announcement, however their rates are not dropping 20% and in some age groups I found TIC travel insruance more competitive.  GMS Insurance does however have a higher deductible option on their policies ($1,000.00 Deductible), so it may appear they have much lower prices. However when I did a comparison with zero deductible which is 45% higher with GMS Insurance, thier rates where only slightly lower then TIC travel insurance and for older ages TIC travel insurance had lower rates.  If you need a rate comprison let me know I can provide one for you. They are both great companies but rates are not dropping 20% this is not true and misleading information.

As far as websites are concerned all online quotation websites and there are a lot to choose from offer a valuable service to consumers, however when you are dealing with policies that require medical underwriting they can be missleading because people with health issues are ofter rated and pay higher premiums.  TIC travel insurance has a Detailed medical questionnaire and once underwriten they will make an offer to insure in writing.  So while a web site such as yours or the one I will be launching or any other for that matter can provide a great price comparison, it is only a starting point you still need a broker who knows the products and can provide personal service to the client.

I can assure you I am in contact with the Insurance Companies I deal with and all have recieved enquiries into Super Visa Medical Insurance.  You can be assured as this market matures there will be more innovative products and more competition.  I don't feel we will get lower prices, if anything prices will rise.

Stone-Hedge Financial Group Inc.
Gary Goldshmidt
Managing Director
1.888.410.4393
Toronto Local Tel: 416.410.4393
Email: gary @ stone-hedgefinancialgroup.ca