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Insurance for SuperVisa

Discussion in 'Visitors' started by zstudent, Dec 1, 2011.

  1. Hi Gary,

    I think as you are dealing with different insurance companies, you probabley can give them new market demand.

    It seems that there would be a good market demand for health insurance products for super visa applicants.

    There are many people like my parents who want to travel to Canada for 1, 2 or 3 months per year and need a special insurance product that:

    - answers supervisa's regulation
    - covers their health and safety in Canada
    - not having to pay for the periods when they are not in Canada

    So we need kind of insurance:

    - That I pay for the whole year but receive a refund for the time I have not used it
    - Calculation and coverage starts from the time they enter and stops when they leave Canada
    - there is no need for a coverage outside Canada as they have travel insurance and their own insurance in their homeland
    - When they leave, They are two options, either

    a) get a refund for months before enter and months after exit that they have not been in Canada
    b) or their insurance transfered to the next year. Next year they have to pay prorata because they have used 2-3 months last year without any claims.

    The point is that insurance companies will lose a big market if they don't offer such product. May people like my parents will prefer normal visitor visas and not supervisas if they are going to pay more than 3000$ for a short months visit.

  2. 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.
    Gary Goldshmidt
    Managing Director
    Toll Free: 1.888.410.4393
    Local Toronto Tel: 416.410.4393
    Email: gary@stone-hedgefinancialgroup.ca
  3. Yes but only supervisa gives you the peace of mind of having your visa for 10 years. That doesn't mean you have to be here for 5x2 years! My parents will probably stay here only 1-2 months each year but it is difficult for them to apply for ordinary visa each year.

    So if there was a solution that I can pay for example 2400 for the first year, stay here for 2 months only and then have the remaining 2000 in my insurance company account without being refunded to me. Next year I can renerew for 400 only and so on.

    The other point is that I may get an insurance to apply for the visa now but don't use it for 5-6 months. in this case why I should pay for a coverage which is not used.

  5. When you apply for Insurance the date of the application is not the date your coverage starts, your coverage starts on the effective date. In most cases when you purchase coverage for the Super Visa you don't know what the effective date is going to be untill the Super Visa is approved and you have booked a flight with an exact date of arrival in Canada. You have to inform the insurance company of the effective date once it is known. I typically recomend to put a 90 day effective date from time of application, if the there is a delay and you need to extend the effective date no problem just inform the insurance company. You only pay for the coverage you use which starts on the effective date of the policy and insurance companies are generaly very liberal some will allow you to use the coverage anytime within one year, you need to confirm this with each company they all have different policies. The most important thing to remember is there is any change in medical condition such as new medication prescribed the policy you were approved for is null and void, you need to contact the insurance company to notify them of any changes and get approval for the insurance policy for it to be in force. This is realy important because if the insurance company denies a claim you are personaly liable to pay all medical expenses for your parents or grandparents.

    Hope this answeres your question.


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

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