How does a monthly plan work?
- You choose a plan from an insurer that offers instalments.
- You pay a deposit when the policy is issued. The size of the deposit depends on the insurer.
- The insurer issues the policy and the confirmation of coverage for the full year.
- The remaining premium is collected monthly from a Canadian credit card or bank account.
The coverage is the same as on a policy paid at once. Only the way you pay is different.
Does IRCC accept monthly payments?
Yes. IRCC's instructions say the officer should be satisfied that the applicant has a policy for a full year, whether it was paid in full or in instalments with a deposit. What IRCC does not accept is a quote with no payment.
What does paying monthly cost?
Insurers that offer instalments may add an administration fee or price the monthly plan slightly higher than the one-payment plan. The difference varies by insurer. Your quote shows both totals so you can see exactly what the convenience costs.
What if a payment is missed?
A missed payment can lead the insurer to cancel the policy. A cancelled policy means the traveller is in Canada without the insurance the Super Visa requires, and without protection if they fall ill. If you choose instalments, use an account that will have the funds each month.
Common questions
Do all insurers offer monthly payments?
No. Some sell Super Visa insurance only as a single payment. I include the insurers that offer instalments when you ask for a monthly option.
Is the deposit refunded if the visa is refused?
Refund terms are set by each insurer. Most refund what you paid when the visa is refused and you ask before the start date, sometimes less a fee. I confirm the terms in your quote.
Who makes the monthly payments?
Usually the child or grandchild in Canada, because the insurer needs a Canadian card or account.
Sources
Written and reviewed by Sandeep Singh Pawar, licensed life insurance agent in Ontario. Last reviewed .