What sets the price of Super Visa insurance?
| Factor | What happens to the price |
|---|---|
| Age | The biggest factor. Insurers price in age bands, and the premium steps up at each band. |
| Coverage amount | $100,000 is the least you can buy for a Super Visa. Higher limits cost more. |
| Deductible | The amount you pay first on a claim. A higher deductible lowers the premium. |
| Pre-existing conditions | A plan that covers stable conditions costs more than one that excludes them. |
| Health answers | Some insurers ask medical questions and place the traveller in a rate category. |
| Payment plan | Monthly instalments can cost a little more than one payment because of fees. |
How much does a deductible save?
A deductible is the part of each claim the family pays before the insurance pays. Choosing a $1,000 deductible instead of $0 lowers the premium, and a larger deductible lowers it more. The saving is real, but so is the bill if there is a claim. A deductible makes sense when the family could pay that amount without hardship.
Is the cheapest plan the right one?
Not always. Before choosing on price, compare four things in the policy wording:
- The stability period. How long a condition must be unchanged before the start date to be covered.
- What is excluded. Some plans exclude specific conditions regardless of stability.
- Refund terms. What you get back if the visa is refused or the traveller leaves early.
- How claims are paid. Whether the insurer pays the hospital directly or you pay and claim.
A plan that costs a little more and covers a parent's blood pressure condition can be worth far more than a cheaper plan that excludes it.
Why I do not post a price table
Rates change during the year and differ by insurer, age band and health answers. A table would be out of date quickly and wrong for most readers. When you send a quote request, I run the traveller's real details and email figures you can act on, usually the same day.
Common questions
Why is my father's quote higher than my mother's?
Age and health answers. If he is in a higher age band, or has a condition that places him in a different rate category, his premium is higher even for the same coverage.
Does a couple get a discount?
Some insurers offer a rate for two travellers on one policy. I show the joint price where it exists.
Can I lower the price without dropping below IRCC's minimum?
Yes. Keep the $100,000 coverage and choose a higher deductible, or choose a plan without pre-existing condition coverage if the traveller has no conditions to cover.
Sources
Written and reviewed by Sandeep Singh Pawar, licensed life insurance agent in Ontario. Last reviewed .