There's no single price for Super Visa insurance. Every insurer prices it from the same handful of factors, but each one weighs them differently. That's why comparing quotes for your parents' exact ages makes such a difference. This page explains each factor, so the quotes you get make sense.
The four things that set the price
1. Age
Age has the biggest effect. Insurers price in age bands, and premiums rise sharply after about 70, and again after 80. Two parents of different ages on one policy are each rated at their own age. A quote for "a couple" is really two prices added together.
2. Coverage amount
$100,000 is the minimum IRCC accepts. Moving up to $150,000 or $200,000 adds to the premium, but by much less than the extra coverage. For parents over 70 it's often worth it.
3. Deductible
The deductible is the part of a claim you pay yourself. Choosing $0 gives the highest premium. Raising it to $500, $1,000 or more can cut the price noticeably, especially at older ages. The trade-off is simple: a lower premium every month, against a known amount you'd pay if you ever claim.
For many healthy parents, a deductible of $1,000 or so gives the best balance. You're insured against the large, unaffordable bills, and you stop paying extra premium to cover small ones.
4. Pre-existing conditions
Covering stable pre-existing conditions such as blood pressure, diabetes or heart disease raises the premium, and some plans stop offering it past a certain age. Leaving them out makes the policy cheaper. But if a claim is linked to one of those conditions, it won't be paid. For most parents the right choice is to cover them and answer the medical questions carefully.
Other things that can change the price
- Plan level. Many insurers have a standard and an enhanced plan. The enhanced one adds extras such as higher limits for dental emergencies or prescription drugs.
- Side trips. Plans differ in whether trips outside Canada are covered, and for how long.
- Payment method. Paying monthly adds a setup fee of $50 to $120 with most insurers, charged per policy or per person. See the fee table.
Ways to lower the cost without cutting corners
- Compare several insurers at your parents' exact ages. The cheapest company for a 64-year-old isn't always the cheapest for a 74-year-old.
- Choose a sensible deductible rather than $0.
- Insure each parent on the plan that suits them. If one parent has health conditions and the other doesn't, two separate policies may cost less than one joint policy.
- Buy the coverage you need, not the cheapest that technically qualifies. A policy that excludes your parent's heart condition may be cheap only because it won't pay the claim you're most likely to make.
Spreading the cost with a monthly plan
If the yearly total is the problem, a monthly plan lets you pay the first instalment to get the policy issued, then the rest month by month. IRCC accepts instalments with a deposit. Read how monthly plans work for the fees and refund rules.
Getting an accurate price
Online price examples are only a rough guide, because a quote changes with every birthday, deductible and medical answer. For real figures, send Pankaj each parent's date of birth, the arrival date, your preferred deductible and any medical conditions. He'll come back with a side-by-side comparison. Or use the Super Visa insurance calculator to compare prices yourself.
Common questions
Why did my quote go up after my parent's birthday?
Insurers price by age band. Crossing into a new band, often at 70, 75, 80 or 85, can raise the premium even though nothing else has changed. If a birthday is close, it can be worth buying before it.
Is the cheapest Super Visa insurance good enough?
It meets IRCC's rules if it has $100,000 of coverage for a year from an approved insurer. Whether it protects your parent is another question. Check how it treats pre-existing conditions before you choose on price.
Does paying monthly cost more?
The premium is worked out the same way. Most insurers add a setup fee for monthly plans, from $50 to $120, and there may be a fee if you cancel early.
Can I get a refund if my parent goes home early?
Usually yes, for the unused period, as long as no claim has been made. Insurers often charge an admin fee for early cancellation. See refunds and cancellations.