What affects the cost of Super Visa insurance

What affects the cost of Super Visa insurance?

Five things move the premium more than anything else:

• Age of the person being covered. This is usually the single largest factor, and premiums step up at certain ages rather than rising smoothly.
• Coverage amount. IRCC requires at least $100,000, and a higher amount costs more.
• Deductible. A higher deductible lowers the premium, because you are agreeing to pay more of any claim yourself.
• Whether pre-existing conditions need to be covered, and whether they meet the insurer’s stability period.
• Length of the policy. One year is the minimum, and the premium is not simply twelve times a monthly figure.

Why is one quote cheaper than another?

Usually because something differs that is not obvious from the price. The common causes, in rough order of how often they explain a gap:

A higher deductible. A policy with a $1,000 deductible looks cheaper than one with none, but your family pays that first on any claim.

Pre-existing conditions excluded rather than covered. The cheaper policy may simply not cover the condition that is most likely to cause a claim.

A shorter stability period on the cheaper policy, or a longer one — either can change the price, and which is better depends entirely on the person’s medical history.

Different coverage amounts. Compare $100,000 against $100,000, not against a higher or lower limit.

Is a higher deductible worth it?

It depends on what you could pay without difficulty. A deductible is not a theoretical number: it is the amount your family covers before the insurer pays anything, at the moment someone is already in hospital.

If paying it would be straightforward, taking a higher deductible is a reasonable way to reduce the premium. If it would not, the saving is not worth it, because the scenario you are insuring against is precisely the one where you would struggle to find the money.

Can you pay monthly instead of in one payment?

Most insurers offer instalments, and IRCC accepts a policy paid in instalments with a deposit. What it does not accept is an unpaid quote — the policy has to be paid for before it counts as proof.

Instalments usually cost slightly more in total than paying once. Whether that matters is a cash-flow question rather than an insurance one.

Why we do not publish a price table

Rates change, they differ by insurer, and a table that is accurate for a 62-year-old in good health is wrong for a 71-year-old on blood pressure medication — which is the person actually asking. A number on a page would set an expectation we could not stand behind.

There is also a licensing constraint: the comparison service that supplies live rates does not permit republishing its rate data. We would rather tell you that than publish a figure with no source behind it.

What we can do is run the comparison for your parent’s actual age, health and coverage need, and explain why the quotes differ. That takes a few minutes on the phone.

What to ask before you buy

Four questions that matter more than the headline premium:

• What is the deductible, and what does it apply to — per policy, per person, or per claim?
• Is this pre-existing condition covered, and what stability period applies?
• What is the refund if the visa is refused, and what if they return home early?
• Can the start date be moved if the flight changes?

Common questions

What affects the cost of Super Visa insurance?

Mainly the age of the person covered, the coverage amount, the deductible, whether pre-existing conditions are covered, and the policy length. Age is usually the largest single factor.

Why is one Super Visa insurance quote cheaper than another?

Usually because the policies differ in a way the price does not show: a higher deductible, pre-existing conditions excluded rather than covered, a different stability period, or a different coverage amount. Compare the same coverage amount and check what is excluded before comparing price.

Can Super Visa insurance be paid monthly?

Most insurers allow instalments, and IRCC accepts a policy paid in instalments with a deposit. An unpaid quote is not accepted. Paying in instalments usually costs slightly more in total.

Does a higher deductible save money?

Yes, it lowers the premium, but the deductible is the amount your family pays before the insurer pays anything. It is worth taking only if paying it would not be a difficulty.