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Why Do Professionals Need Disability Insurance?

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Why Do Professionals Need Disability Insurance?

By Canadian LIC, October 6, 2023, 8 Minutes

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In Canada, disability insurance is a vital part of financial planning since it offers a safety net for people who could become incapable of working due to illness or injury.

Would your family be able to pay the bills if you got sick or were in a bad accident that left you forever disabled? The likelihood of a working professional developing a major disability is higher than their probability of dying. Few people have the resources to cover their difficult times, so the majority of people need a disability insurance plan to mitigate their risk.

Plans for disability insurance have seen a significant modification in the previous ten years. Many brokers in the insurance sector, like Canadian LIC, give policyholders a range of options for self-defence against physical danger while still earning money to support their families. Finding the most suitable disability insurance plan to meet their unique needs has always been a difficult challenge for professionals, despite the fact that there are many options available online nowadays. Just get in touch with us right away, and we’ll be pleased to address any questions you may have.

This blog examines disability insurance in Canada, discussing its significance, types, benefits, considerations, claim process and more.

Understanding Disability Insurance

Disability insurance, often referred to as disability income insurance or income replacement insurance, is a form of protection that ensures individuals continue to receive income if they become disabled and are unable to work. This financial support helps them maintain their standard of living and cover essential expenses.

What is Disability Insurance?

Defining Disability Insurance: Disability insurance is a contract between an individual and an insurance provider. In exchange for premium payments, the insurer agrees to provide financial support if the insured person becomes disabled and cannot work. This insurance is designed to replace a portion of the insured’s income during a covered disability.

The Role of Income Replacement: The primary purpose of disability insurance is to replace lost income. It ensures that policyholders can continue to meet financial obligations, such as mortgage or rent payments, utilities, groceries, and other essential expenses, even when they are unable to work.

Read More – Disability Insurance

How much coverage is needed?

Examining your present expenses is the best way to try to estimate how much coverage you’d need in the event of disability. You may obtain a good indication of how much it costs to maintain your lifestyle by figuring out how much you now need to survive. If you’re living over your means, you might need to make some sacrifices or think of methods to reduce your spending since if you become incapacitated; your income will only be 85% of what it was. To ensure that you do not fall behind on any debt responsibilities should you be out of work for an extended period of time, you should also take into account any debt obligations, such as a mortgage, loan payments, or auto payments. To help you choose the best insurance for you, we’ll work with you to examine every aspect of your financial condition. For the best disability insurance quote, stop by our office or give us a call to discuss your coverage options right away.

Types of Disability Insurance in Canada

  • Short-Term Disability Insurance: This type of insurance provides coverage for a shorter duration, often up to six months, and is intended for temporary disabilities.
  • Long-Term Disability Insurance: LTD insurance offers coverage for extended periods, typically until age 65, and is designed for severe disabilities that may last a lifetime.
  • Group vs. Individual Policies: Many employers offer group disability insurance as part of employee benefits, but individual policies provide more customization and flexibility.

Difference between Short Term and Long Term Disability Insurance

The length and severity of an injury or sickness are typically the key distinctions between short-term disability insurance and long-term disability insurance. A weekly payment is provided by short-term disability insurance, which is typically included in employee benefits while you’re rehabilitating.

Suppose you sustain an injury or illness that prevents you from working for an extended period of time. In that case, long-term disability insurance is designed to replace or supplement a portion of your income.

Short-Term Disability Insurance Long-Term Disability Insurance
The coverage period typically ranges from six weeks to twenty- six weeks. The coverage period is two years, five years or longer
Typically provided by employers To supplement employer coverage, these are typically acquired independently.
Offers a replacement for weekly income Offers a monthly payout to replace lost income.
Benefits might start one to fourteen days following a disability. Benefits start once the short-term disability waiting period is over.
Usually, claims are made for temporary health concerns such as infections, soft tissue injuries, sports injuries, back difficulties, etc. Usually demanded for a physical disability, accident injury, mental health problem, musculoskeletal problem, etc.

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Considerations When Choosing Disability Insurance

Selecting the right disability insurance policy involves considering several factors:

  • Benefit Amount: Determine the percentage of your income you want to replace during a disability, often ranging from 60-70%, to meet your financial needs and obligations.
  • Waiting Period: The waiting period, or elimination period, specifies how long you must be disabled before receiving benefits. Longer waiting periods result in lower premiums.
  • Benefit Period: Understand the maximum duration for which benefits will be paid, typically until age 65 for LTD policies.
  • Definition of Disability: Policies may use an “own occupation” definition (disability based on your specific profession) or an “any occupation” definition (disability based on any occupation you are reasonably qualified for). Professionals often prefer “own occupation” coverage.
  • Premiums: Consider the cost of the policy, which can vary based on factors like age, health, occupation, and coverage options.
  • Exclusions: Review the policy’s exclusions and limitations to understand what types of disabilities are covered and any conditions that may not be covered.
  • Disability Insurance Providers in Canada: In Canada, a number of insurance companies provide disability insurance. In order to locate the policy that best fits your demands and budget, it is imperative to conduct research and comparisons. Sun Life Financial, Manulife Financial, Canada Life, and Desjardins Insurance are a few of the well-known insurance providers in Canada.

Disability Insurance Providers in Canada

Several insurance providers offer disability insurance in Canada. It’s essential to research and compare policies to find the one that best suits your needs and budget. Popular insurance companies in Canada include Sun Life Financial, Manulife Financial, Canada Life, and Desjardins Insurance, among others.

Applying for Disability Insurance

To apply for disability insurance in Canada, you typically need to go through the following steps:

  • Research and Compare: Research various insurance providers and policies to find the one that aligns with your needs.
  • Application: Complete an application providing information about your occupation, health, income, and other relevant details.
  • Medical Examination: Depending on your age and the policy, you may need to undergo a medical examination or provide medical records.
  • Underwriting: The insurance company evaluates your application, medical information, and other factors to determine your eligibility and premium rates.
  • Policy Issuance: Once approved, the insurer issues your disability insurance policy.

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Claims Process

If you experience a disability, you should follow these steps to initiate a disability insurance claim:

  • Notify the Insurer: Inform your insurance company of your disability as soon as possible, following their specified notification procedures.
  • Complete the Claim Form: Submit the necessary claim forms, often requiring medical documentation and other supporting evidence.
  • Evaluation: The insurance company will evaluate your claim, reviewing medical records and other relevant information.
  • Approval and Benefits: If your claim is approved, you will begin receiving disability benefits according to the terms of your policy.
  • Ongoing Updates: Keep your insurer updated on your medical condition and any changes in your disability status.

Reasons Why Professionals Need Disability Insurance

Disability insurance is an often-overlooked part of financial planning, but it’s a crucial way for workers in Canada to protect their finances. Many people know how important life insurance is, but disability insurance is just as important, if not more so, especially for those who depend on their income to support themselves and their families. The following are some explanations for why Canadian professionals require disability insurance:

  • Protecting Your Most Valuable Asset: Income:

Professionals’ most significant asset is their capacity to work and generate income. Your income is necessary to support your family and maintain your standard of living, whether you work as a doctor, lawyer, engineer, or in any other field. Disability insurance acts as a safety net to guarantee that you will still be paid even if you become ill or injured and are unable to work.

If a covered disability prevents you from working in Canada, disability insurance deals with a portion of your salary, often between 60 and 70%. This financial assistance makes sure that even if you are unable to work, you can pay your bills, including your rent or mortgage, your utilities, and the cost of your education.

  • The High Risk of Disability:

Contrary to common belief, the risk of disability is significant. Statistics show that approximately 1 in 3 Canadians will experience a disability that lasts longer than 90 days at some point in their working lives. Disabilities can result from various causes, including accidents, illnesses, and chronic conditions. No one is immune, and professionals are not exempt from this risk.

Professionals often lead busy and demanding lives, which can increase their vulnerability to certain health issues. Long working hours, high-stress levels, and sedentary work can contribute to health problems that may lead to disability. Therefore, having disability insurance in place is essential for professionals to protect their financial stability in the event of unexpected health challenges.

  • Maintaining Your Lifestyle:

Disability insurance replaces lost income and helps you maintain your lifestyle. Without this coverage, a disability could force you to deplete your savings, sell assets, or rely on government assistance programs. This could significantly reduce your standard of living and disrupt your financial plans and long-term goals.

With disability insurance, you can continue to meet your financial commitments, including paying your mortgage or rent, funding your children’s education, and saving for retirement. It ensures that you can maintain the lifestyle you’ve worked hard to achieve, even in the face of a disability.

  • Group Coverage Might Not Be Enough:

Many professionals have access to group disability insurance coverage through their employers. While group plans can provide some level of protection, they often have limitations and may not offer sufficient coverage for high-income professionals. Group disability insurance typically covers only a portion of your income and may not consider bonuses or commissions.

Furthermore, group plans are often not portable, meaning you may lose your coverage if you change jobs or become self-employed. Relying solely on group coverage can leave you vulnerable to financial hardship in the event of a disability. To ensure comprehensive protection, professionals should consider supplementing their group coverage with an individual disability insurance policy tailored to their specific needs.

  • Tax Benefits of Individual Disability Insurance:

One significant advantage of individual disability insurance in Canada is the tax treatment of the benefits. Unlike group disability benefits, which are typically taxable, benefits received from an individual disability insurance policy are usually tax-free. This means that the money you receive from your disability policy can be used to cover your expenses without worrying about a significant tax burden.

By choosing individual disability insurance, professionals can maximize the financial support they receive during a disability and minimize the impact on their overall finances.

  • Peace of Mind for the Future:

Disability insurance provides more than just financial protection; it also offers peace of mind. Knowing that you have a safety net in place can reduce the stress and anxiety associated with the possibility of a disability. This peace of mind allows professionals to focus on their careers and personal lives without worrying about how they would cope financially if they were unable to work.

Furthermore, disability insurance can provide a sense of security for your loved ones. Suppose you have dependents, such as a spouse or children. In that case, disability insurance ensures that they are taken care of even if you cannot provide for them due to a disability.

Conclusion: Disability Insurance: Securing Your Financial Future

In conclusion, disability insurance is a vital tool for protecting your income and financial well-being. Understanding disability insurance’s various aspects, including the types of coverage, key features, and factors to consider, empowers you to make informed decisions about your financial future. Disability insurance ensures that, in the event of an unexpected disability, you have the financial support needed to maintain your lifestyle and work toward your long-term goals. Please don’t wait until it’s too late; take proactive steps to secure your financial future with disability insurance by getting in touch with the experts at Canadian LIC today!. 

If you’ve ever worried about how you’ll manage your finances if an accident or sickness keeps you out of work for a while, you shouldn’t. At Canadian LIC, we can assist you in protecting yourself and your loved ones by assisting you in selecting the best disability insurance plan. We are a Brampton-based company that provides services all around the nation. Call us at 416 543 9000 right away to make an appointment or to learn more. Additionally, we provide a full line of critical illness insurance products to help clients by easing their financial strain during difficult times. We can also help you choose the right mortgage insurance plan if you want to make sure your monthly mortgage payments are taken care of, even if you are having trouble making ends meet.

FAQ’s

Disability insurance in Canada is a financial protection product that provides income replacement if you become disabled due to illness or injury and are unable to work. It helps you maintain your standard of living during a disability.

Anyone who relies on their income to cover living expenses and support their family should consider disability insurance. This includes professionals, self-employed individuals, and employees without comprehensive workplace coverage.

In Canada, there are two primary types of disability insurance: Short-Term Disability (STD) insurance and Long-Term Disability (LTD) insurance. STD covers temporary disabilities, while LTD provides coverage for more extended periods, often until age 65.

Anyone who relies on their income to cover living expenses and support their family should consider disability insurance. This includes professionals, self-employed individuals, and employees without comprehensive workplace coverage.

When you purchase a disability insurance policy, you pay premiums to the insurance provider. If you become disabled and meet the policy’s criteria, you can file a claim to receive disability benefits, which typically replace a portion of your lost income.

Benefits received from individual disability insurance policies in Canada are generally tax-free. However, benefits from group disability plans may be taxable, depending on how the premiums were paid.

Many Canadian employers offer group disability insurance as part of their employee benefits package. However, these plans may have limitations, and coverage may not be sufficient for high-income individuals.

Key factors to consider are the benefit amount, waiting period, benefit period, definition of disability, premiums, and any exclusions or limitations within the policy.

Yes, self-employed individuals in Canada can purchase individual disability insurance to protect their income in case of a disability.

To initiate a disability insurance claim, you should notify your insurer, complete the necessary claim forms, provide medical documentation, and cooperate with the insurer’s evaluation process. Details can vary by policy and insurer.

Several reputable insurance providers offer disability insurance in Canada, including Canada Life, Sun Life Financial, Manulife, Desjardins Insurance, and others. The choice of provider depends on your individual needs and preferences.

Yes, you can often customize disability insurance policies to align with your specific needs and budget by adjusting factors such as benefit amount, waiting period, and benefit period.

The cost of disability insurance in Canada can vary widely based on factors like your age, health, occupation, coverage options, and the insurance provider. It’s important to obtain quotes and compare policies to find one that fits your budget.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Benefits of Super Visa Insurance

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Benefits of Super Visa Insurance

By Canadian LIC, October 4, 2023, 8 Minutes

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Many people want to move to Canada because of its beautiful landscapes, rich culture, and strong economy. The Super Visa programme is a special chance for those who have family ties to Canada. Through this programme, parents and grandparents of Canadian citizens and permanent residents are permitted to travel to and spend a considerable amount of time in Canada. Super Visa Insurance, on the other hand, is one of the essential conditions for receiving a Super Visa.

What is a Super Visa?

A Super Visa is a temporary resident visa specifically designed for parents and grandparents of Canadian citizens or permanent residents. Unlike regular visitor visas, which typically allow individuals to stay in Canada for up to six months at a time, Super Visas enable eligible family members to stay in Canada for up to five years at a time without the need to renew their status. Moreover, Super Visas are usually valid for ten years, making them a convenient and cost-effective option for extended visits to Canada.

Why is Super Visa Insurance Required?

One of the fundamental requirements for obtaining a Super Visa is having Super Visa Insurance. This requirement serves several important purposes:

  • Financial Protection: Super Visa Insurance ensures that visitors are financially prepared to cover unexpected medical expenses during their stay in Canada. Canadian healthcare is highly regarded but can be costly for non-residents, making insurance essential for peace of mind.
  • Public Health Protection: Super Visa Insurance helps safeguard the Canadian healthcare system and taxpayers by ensuring that visitors have their own financial resources to cover medical expenses.
  • Family Sponsor’s Obligation: As Super Visa applicants are typically sponsored by their Canadian family members; the insurance requirement ensures that sponsors are not burdened with the significant medical costs that could arise from a visitor’s illness or injury.
  • Emergency Assistance: In the event of a medical emergency, Super Visa Insurance provides visitors with access to quality healthcare, which is crucial for seniors who may require regular medical check-ups or treatment for pre-existing conditions.
  • Compliance with Regulations: Super Visa Insurance is a legal requirement set by the Canadian government. Please comply with this requirement to avoid the rejection of the Super Visa application.

Go here- ‘Everything You need to Know About the Canadian Super Visa Insurance’ for a better understanding on Super Visa Insurance

How Much Does Super Visa Insurance Cost?

The cost of Super Visa Insurance can vary significantly based on various factors, including the visitor’s age, the deductible, the policy length, the coverage amount, and the insurance provider. Typically, the older the visitor, the higher the premium. Super visa insurance for each parent or grandparent travelling to Canada can cost between $100 and $200 a month. It’s advisable to obtain quotes from multiple insurance providers to compare prices and coverage options to find the best fit for your needs and budget.

Super visa insurance used to require full payment at the time of purchase. But as of December 2022, choices to pay in monthly installments were introduced. Someone can also buy Super Visa Insurance for their parents or grandparents and sponsor them.

Choosing the Right Insurance Provider

Selecting the right insurance provider is a critical step in obtaining Super Visa Insurance. Here are some tips to help you make an informed choice:

  • Reputation: Look into the insurance companies’ reputations, including how they handle scenarios and how stable their finances are. To determine client satisfaction, look at customer reviews and ratings.
  • Coverage Options: Compare the coverage options offered by different providers. Ensure that your selected policy aligns with your specific needs and provides adequate coverage.
  • Cost: Obtain quotes from multiple providers to compare costs. Keep in mind that the cheapest policy may not always be the best option if it doesn’t provide sufficient coverage.
  • Customer Service: Evaluate the quality of customer service provided by the insurance company. Prompt and efficient customer support can be crucial during emergencies.
  • Claims Process: Understand the claims process of the insurance provider. A straightforward and transparent claims process can significantly ease the burden during a medical emergency.
  • Network of Healthcare Providers: Check if the insurance provider has a network of healthcare providers in Canada. Having access to a network can streamline the process of seeking medical care.

The Application Process

Obtaining Super Visa Insurance involves a simple application process. Here are the typical steps involved:

  • Determine Coverage Needs: Decide on the type and amount of coverage you need based on your age, health, and travel plans.
  • Obtain Quotes: Request quotes from various insurance providers to compare costs and coverage.
  • Complete Application: Fill out the application form provided by the chosen insurance company. Provide accurate information about your health and travel plans.
  • Submit Required Documents: Along with the application form, you may need to submit documents such as proof of relationship with your Canadian sponsor, proof of financial support, and a copy of your Super Visa application.
  • Pay Premium: Pay the insurance premium, which can usually be done online or through other convenient methods.
  • Receive Policy: Once your application is approved and the premium is paid, you will receive your Super Visa Insurance policy, which outlines the terms and conditions of your coverage.
  • Travel with Proof: Make sure to carry proof of your Super Visa Insurance with you when you travel to Canada. You may be asked to provide this proof when you arrive in Canada.

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Super Visa Insurance-Common Misconceptions

  • Misconception 1: It’s Optional: Some individuals mistakenly believe that Super Visa Insurance is optional. In reality, it is a mandatory requirement for obtaining a Super Visa.
  • Misconception 2: Canadian Healthcare Covers Visitors: While Canada has an excellent healthcare system, it does not provide free healthcare to visitors. Visitors are responsible for their own medical expenses, making insurance crucial.
  • Misconception 3: All Super Visa Insurance Policies Are the Same: Super Visa Insurance policies can vary significantly in terms of coverage, cost, and terms. It’s essential to compare policies and select one that meets your specific needs.
  • Misconception 4: Coverage Is Instant: Some individuals assume that coverage begins immediately upon purchasing Super Visa Insurance. In reality, policies may have waiting periods before coverage takes effect, so it’s crucial to understand the terms.

Super Visa Insurance- Benefits

Now, finally, the time has come to explore the myriad benefits of Super Visa Insurance, highlighting its importance in ensuring the well-being and security of visitors to Canada.

  • Mandatory Requirement for Super Visa Approval: The foremost benefit of Super Visa Insurance is its compulsory status of obtaining a Super Visa. Your Super Visa application won’t be accepted if it doesn’t have enough insurance coverage. This strict criterion is in place to make sure that tourists have the resources to pay for unanticipated medical costs while they are in Canada.
  • Coverage for Emergency Medical Expenses: Super Visa Insurance provides comprehensive coverage for emergency medical expenses, including hospitalization, surgeries, prescription drugs, and more. This coverage ensures that visitors and their sponsors are shielded from the financial burden of unexpected health issues while in Canada. The cost of healthcare can be extraordinarily high in Canada; therefore, having insurance is essential to avoiding financial hardship.
  • Peace of Mind for Both Visitors and Sponsors: Super Visa Insurance offers invaluable peace of mind for visitors and their Canadian sponsors. Visitors can enjoy their time in Canada without worrying about potential medical expenses. At the same time, sponsors can rest assured that their loved ones are protected in case of any health-related emergencies.
  • Access to World-Class Healthcare: Canada boasts a world-class healthcare system. Super Visa Insurance ensures visitors have access to this system, which is especially vital for seniors requiring regular medical check-ups or treatment for pre-existing conditions.
  • Coverage for Pre-Existing Medical Conditions: One of the significant advantages of Super Visa Insurance is that it often covers pre-existing medical conditions. While coverage may vary depending on the insurance provider and the specific policy, having coverage for pre-existing conditions can be a lifesaver for older visitors who may have ongoing health issues.
  • Financial Protection: Medical emergencies can be financially devastating. Super Visa Insurance protects visitors from the huge costs of unplanned medical bills, like hospital stays, surgeries, ambulance services, and more. This financial protection makes sure that tourists can focus on getting healthier instead of worrying about money.
  • Coverage for Repatriation: In unfortunate circumstances where a visitor passes away while in Canada, Super Visa Insurance can cover the cost of repatriation – transporting the deceased back to their home country. This coverage relieves the family of the deceased from the emotional and financial burden of arranging transportation during a difficult time.
  • Flexible Coverage Options: Super Visa Insurance offers a wide range of coverage options to cater to different needs and budgets. Visitors can choose policies with varying coverage limits and deductibles, allowing them to tailor their insurance to their specific requirements.
  • Simple Application Process: Applying for Super Visa Insurance is a very simple process. Many insurance providers offer online application options, making it convenient for visitors to secure the required coverage before their trip. This ease of application ensures that visitors can obtain insurance without unnecessary hassle.
  • Compliance with Canadian Regulations: Visitors can demonstrate their commitment to complying with Canadian regulations and requirements by purchasing Super Visa Insurance. This adherence to rules and regulations reflects positively on the Super Visa application and increases the likelihood of approval.
  • Coverage for Travel-Related Issues: Super Visa Insurance often includes coverage for travel-related issues such as trip cancellations, lost baggage, and flight delays. This additional coverage ensures that visitors are protected not only for medical emergencies but also for other travel-related inconveniences.
  • Emergency Dental Coverage: Dental emergencies can be as financially burdensome as medical ones. Super Visa Insurance can provide tourists with complete health protection by covering emergency dental procedures.
  • Coverage for Accidental Death and Dismemberment: Super Visa Insurance can include coverage for accidental death and dismemberment in addition to medical coverage. This coverage provides a lump sum payment to beneficiaries in case of accidental death or severe injury.
  • Coverage for Childbirth and Complications: Super Visa Insurance may cover childbirth and complications related to pregnancy. This is particularly important for expectant grandparents who may want to be present for the birth of their grandchild in Canada.
  • Flexibility to Choose Insurance Providers: Visitors have the flexibility to choose their Super Visa Insurance provider, allowing them to compare policies and select the one that best suits their needs and budget. This competition in the insurance market benefits consumers by offering a variety of options.
  • Options for Refund or Cancellation: Some Super Visa Insurance policies offer options for refunds or cancellations. This can be helpful if plans change and visitors need to return home earlier than expected.

The Bottom Line

Super Visa Insurance is not just a legal requirement for obtaining a Super Visa; it is a vital asset that provides financial security and peace of mind during your visit to Canada. It safeguards both visitors and their Canadian sponsors from the financial burden of unexpected medical expenses and ensures access to quality healthcare. As a visitor, obtaining the right Super Visa Insurance policy tailored to your needs is a crucial step in preparing for your journey to Canada. Experts at Canadian LIC can make all this super easy for you by helping you understand the coverage options, costs, and the application process. So that you can make an informed decision and start your Canadian adventure with confidence. Please don’t underestimate the importance of Super Visa Insurance; it’s your key to a safe and enjoyable visit to Canada.

Schedule an appointment with Canadian LIC today!

Make your knowledge of Super Visa Insurance better by reading our blog- ‘What to look for in Super Visa Insurance?’

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Faq's

No, you must obtain Super Visa Insurance before you arrive in Canada. It is a requirement for obtaining a Super Visa, and you must carry proof of insurance with you when you arrive in Canada.

You can apply to extend your Super Visa while in Canada. However, your Super Visa Insurance must also be extended to cover the entire duration of your stay.

You need to have Super Visa Insurance to ensure your Super Visa application is allowed. It is a mandatory requirement, and you need it to obtain a Super Visa.

Some Super Visa Insurance policies offer partial or partial refunds if you leave Canada before the policy expires. However, refund terms and conditions can vary among insurance providers and policies.

While you may have travel insurance or private health insurance coverage, Super Visa Insurance is a specific requirement for the Super Visa program. It must meet the government’s criteria, so obtaining a policy that complies with these requirements is essential.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Importance of Kids Insurance

Posted on by canadianlic

Importance of Kids Insurance

By Canadian LIC, October 3, 2023, 8 Minutes

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Making sure that our loved ones are safe and secure has become our top priority in today’s unpredictable world. This concern extends to Canadian parents’ decisions regarding the future and the welfare of their kids. Kids insurance is a crucial approach to offer that security. While the relevance of life and health insurance for adults is widely understood in Canada, the significance of insurance for children is frequently disregarded. In this blog post, we’ll examine the significance of children’s insurance in Canada and look at the benefits that parents should get from making this wise investment.

Understanding Kids Insurance

Let’s first clarify what Kids Insurance covers before we get into the specific reasons why it is crucial. Children’s insurance, commonly referred to as kid insurance or juvenile insurance, is a specific type of insurance made to protect and support children financially. Usually, it consists of a number of different parts, including life insurance, critical illness insurance, and education savings plans. These laws assist parents in securing their children’s futures since they are designed to accommodate the special requirements of kids.

Why do you need Kid’s Insurance?

A cash-value life insurance is a policy that holds monetary value. This monetary value can be cashed out, and the policy can even be used as collateral while getting a loan.

There are two types of cash-value life insurance: Whole Life and Universal insurance.

Your child will own these insurances once they are of age and can be used as collateral in a loan or to finance their dreams.

What are the benefits of getting a kid’s insurance?

The Kid’s Insurance you purchase will help finance your baby’s future, and if they do not end up using their cash value life insurance plan, it could even help them in their retirement.

A Kid’s Insurance can be used to finance post-secondary education, help them finance their first car or other dreams and alternatively, even be used for their retirement income or even financing your grandchildren’s dreams.

Reasons for the Importance of Kids Insurance in Canada

Let’s understand them one by one:

  • Financial Protection in the Face of Unforeseen Events

Life is unpredictable, and no one can predict when tragedy might strike. Kids Insurance ensures that your child’s financial future is secure, even if the worst were to happen. If a child were to pass away prematurely, the policy would provide the parents or guardians a death benefit. While no one wants to think about such a scenario, the financial support provided by Kids Insurance can help cover funeral expenses and alleviate the burden of additional costs during a difficult time.

  • Providing for Your Child’s Education

Education is a top priority for Canadian parents. Kids Insurance can play a vital role in ensuring that your child has access to quality education, regardless of your financial circumstances. Many child insurance policies come with education savings plans, allowing parents to accumulate funds that can be used for tuition fees, books, and other educational expenses. This helps parents safeguard their child’s future and provide them with the best possible opportunities for success.

  • Protecting Against Critical Illness

Childhood illnesses can be devastating, and the medical expenses associated with treating critical illnesses can be astronomical. Kids Insurance often includes critical illness coverage, which provides a lump-sum payout if a child is diagnosed with a covered critical illness. This financial support can help parents cover medical bills, seek specialized treatments, and take time off work to care for their child during a challenging period.

  • Ensuring Insurability for the Future

Another significant advantage of Kids Insurance is that it guarantees insurability for your child’s future. When you purchase a child insurance policy, you are essentially locking in your child’s eligibility for insurance coverage at a young age. As children grow, they may develop health conditions that could make it challenging to secure affordable insurance in the future. By investing in Kids Insurance early on, you ensure that your child has access to the protection they need throughout their life, regardless of their health status.

  • Building a Financial Foundation

Kids Insurance policies often come with cash value or savings components, such as a cash accumulation feature. This means that over time, the policy can grow in value, providing a financial foundation for your child’s future. This cash value can be used for various purposes, including helping your child with major life expenses such as buying a car, starting a business, or making a down payment on a home. It can also serve as an emergency fund if needed.

  • Tax Benefits

In Canada, Kid’s Insurance policies can offer tax advantages. The cash value within these policies typically grows tax-deferred, meaning you won’t have to pay taxes on the investment gains until you withdraw them. Additionally, when appropriately structured, the death benefit paid out to beneficiaries is typically tax-free. These tax benefits can make Kids Insurance an attractive financial tool for Canadian parents.

  • Peace of Mind for Parents

One of the most important reasons for parents to consider Kids Insurance is the peace of mind it provides. Knowing that your child is financially protected and that their future is secure can alleviate stress and anxiety. Parents can focus on raising their children without the constant worry about what might happen in the future, knowing that they have taken proactive steps to protect their family’s financial well-being.

Read More about ‘The Best Insurance Plan for your Kids Education’

Final Thoughts

In Canada, the importance of Kids Insurance cannot be overstated. It provides essential financial protection for your child, ensures access to quality education, and safeguards against the uncertainties of life. Moreover, it offers parents peace of mind, knowing they have taken steps to secure their child’s future. While the hope is always for a bright and healthy future, being prepared for the unexpected is a responsible and caring choice. So, if you haven’t already, consider discussing Kids Insurance options with a qualified insurance professional to find the right policy for your child and your family’s needs. After all, there is no better investment than securing your child’s future.

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How do you get Kid’s Insurance?

Now that we’ve established that getting a kid’s life insurance plan is a sound choice, we need to understand how we can get it.

Just like with any other life insurance policy, bringing in the experts for your Kid’s Insurance plan is always a good idea. They can help you put together the way your plan is going to work and negotiate easily with providers.

There are many providers whom you can connect with to get an overview of the plans available. While you can get child insurance in other ways, a cash value life insurance for your child is still considered one of the smartest investments.

Get in touch with an expert like Canadian LIC today. Secure your child’s future with a Kid’s insurance plan!

Faq's

Kids Insurance, also known as child insurance, is a specialized form of insurance designed to protect the financial well-being and future of children. It is important in Canada because it offers financial protection, education savings, and critical illness coverage for children, ensuring their security in case of unexpected events.

The key benefits of Kids Insurance in Canada include financial protection in case of a child’s passing, education savings for future academic expenses, critical illness coverage for medical expenses, guaranteed insurability for the child’s future, and the potential to accumulate cash value over time.

Parents can consider getting Kids Insurance as soon as their child is born. If they start early, they will have to pay lower premiums, and they will get guaranteed child’s insurability, even if they develop health conditions later in life.

There are several types of kids insurance policies in Canada, including child life insurance, critical illness insurance for children, and child education insurance. These policies offer various benefits tailored to the child’s and family’s needs.

Child education insurance combines life insurance with an investment component, allowing parents to save for their child’s future educational needs. It is important because it ensures that parents have funds available to cover tuition fees and related educational expenses when the child reaches college or university age.

Premiums for Kids Insurance are generally not tax-deductible in Canada. However, the death benefit paid out to beneficiaries is typically tax-free, providing a financial advantage to the family.

Yes, Kid’s Insurance policies in Canada can often be customized to suit the specific needs and budget of the family. You can adjust coverage amounts, policy duration, and add optional riders for additional coverage.

The cash value of a Kid’s Insurance policy may grow over time, depending on the policy’s design and investment options. This cash value can be used for various purposes, such as making a down payment on a home or funding other financial goals.

Yes, grandparents or other relatives can purchase Kids Insurance for a child in Canada. Having the child’s legal guardians’ consent and cooperation is essential during the application process.

To find the right kids insurance policy in Canada, consider working with a qualified insurance professional like Canadian LIC, as they can assess your family’s specific needs and help you choose the most suitable policy from reputable insurance providers.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Want Your Parents and Grandparents in Canada? Here is What to Do

Posted on by canadianlic

Want Your Parents and Grandparents in Canada? Here is What to Do

By Canadian LIC, October 2, 2023, 8 Minutes

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Canada is an attractive place for all those looking for a high-quality life as it offers world world-class education and a flourishing job market. It is an exceptionally beautiful country with a multicultural population. The good news is that the government of Canada always welcomes millions of immigrants with open arms. So if you are new to Canada and have been missing your family and want to invite them over for long periods, then Canadian Super Visa Insurance might be your perfect solution.

In this article, you will learn everything about Canadian Super Visa. 

If you are new to Canada, inviting your parents or grandparents wouldn’t be that easy for you. In the case of foreign national parents, there is a need for a visitor visa to be in Canada, whose time limitations are not enough to fulfill your needs. Hence, the Canadian government’s Super Visa program solves all your problems.

Super Visa Insurance

A Super Visa is an answer to the problems of foreign nationals who want to call their parents or grandparents to Canada to live with them. The Parent Super Visa Insurance allows parents and grandparents to visit Canada for 5 years without needing renewal.

On a Super Visa, the legal status of your parents or grandparents coming to meet you will be that of a visitor. They will not have those legal rights and responsibilities that you have as a permanent resident, like working in Canada.

Difference between Parent Super Visa Insurance and Visitor Visa

Parents Super Visa Insurance and Visitor Visa

Both visas grant a visitor status but still have a few differences. Let’s find them out.

  • The duration of stay: A super visa is for five years; on the other hand, a visitor visa is for just six months.
  • Validity: A super visa has 10 years of validity or until the expiry of your passport. On the other side, the visitor visa validity is shorter.
  • Eligibility: Anyone can apply for a visitor visa to Canada, whereas only parents or grandparents of Canadian citizens or permanent residents can apply for a Parent Super Visa Insurance.
  • Type of entry: Parents and grandparents can have multiple entries into Canada through a Super Visa Insurance. This means that the visa holder can exit and re-enter the country as often as required. On the other side, a visitor visa can be a single or multiple entry, the decision of which lies in the hands of the visa officer.

Super Visa Insurance Eligibility Criteria

Whoever applies for the Super Visa must:

  • Have a child or grandchild as a permanent resident or citizen of Canada.
  • Applying from outside Canada.
  • Possesses medical insurance of at least $100,000 CAD with at least a one-year validity from an insurance provider in Canada.
  • Possess a signed invitation letter from the child or grandchild they will meet in Canada.
  • Fulfill other permissible requirements like clearing a medical exam. Some other factors like the purpose of the visit, the economic and political stability of the applicant’s home country, and more might also be looked into by the Canadian government while reviewing the applications for a Super Visa.

Writing a letter of invitation for a Super Visa

Suppose you’re inviting your parents or grandparents to stay with you in Canada for an extended period. In that case, they will require your written invitation letter for their super visa application.

This invitation letter has a written commitment that you’ll be taking all the financial responsibility for the parent or grandparent you invite for their stay in Canada. It must have the following below-mentioned information:

About the ones visiting:

  • Their full name and birth date.
  • Their home countries’ addresses and telephone numbers.
  • What is their relationship with you?
  • Their trip’s purpose and the duration they plan to stay in Canada (Include dates).
  • The place they will stay and the way they will pay for their expenses.

About the invitee(i.e you):

  • Your full name, along with your date of birth.
  • Your complete address and Canada phone number.
  • Your legal status and a copy of your PR card, Canadian citizenship card, or Canadian birth certificate.
  • Your job.
  • Number of people in your household, including your family and any other people you’ve sponsored.
  • Family details, along with names and dates of birth of your spouse, children, and other dependents, if any.
  • Your income proof should equal or exceed the low-income cut-off (LICO) for the total number of people present in your family, along with the parent or grandparent being invited.
  • A signed commitment to financially support your parent/grandparent for their duration of stay in Canada.

Process of Applying for a Canadian Super Visa Insurance

Super Visa applications are accepted all throughout the year. So if all the document proofs required have been submitted to provide evidence of the eligibility of both the invitee and the one visiting, then most likely, the application will get approved.

Now let’s go through the application process step by step.

Step 1: Decide between an online or paper application.

Firstly, the Parent Super Visa Insurance applicant must be outside of Canada. Online applications are a better option as it helps eliminate courier charges and processing delays. They can submit their application online or on paper; however, online applications are recommended. You can also track the status of your application if you go through the online process.

Step 2: Collect all essential documents.

Tell your parents or grandparents to collect all the essential documents after going through the document checklist. These documents include the following:

  • Passports
  • Birth and Marriage Certificates
  • Travel dates
  • Medical Insurance Proof
  • Their letter of invitation, along with your status proof in Canada and financial documents.
  • Copies of your parents and grandparents’ financial documents will also be needed (like their tax returns, property documents, bank statements, investments, and more.)

Step 3: Fill out and apply.

Fill in the super visa insurance application after gathering all the necessary documents. Before applying, make sure that the processing and biometrics fees must be paid online using a debit or credit card. Please keep a copy of the receipt for paper applications, as it must be submitted along with the filled-out application. If biometrics is needed for your country, then in that case, paper applications must be submitted at the local visa application center in person.

Step 4: Submit additional documents as needed.

Your parents’ or grandparents’ can also be asked for some additional documents as per the country they are applying from. There can be a requirement for them to submit their biometrics (like fingerprints and photographs), provide a police certificate and appear for a medical exam. The applicants can also be interviewed at their local visa office.

Step 5: Take your Super Visa and get ready to travel.

Finally, your parents/grandparents must submit their passports and get their visas once their super visa insurance applications have been processed and approved. There will be an expiry date present, and your parents/grandparents will now be able to travel to Canada as many times as they wish throughout the validity of the super visa.

They will only be required to show their passport, visa, and medical insurance to the border officer while travelling.

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Can one apply for Super Visa Insurance from a visa-exempt country?

This can be done in the case of individuals who want to stay in Canada for more than six months at a time. The application process is a bit different for visa-exempt travellers. They don’t receive visa stickers on their passport; instead, they get an approval letter to present to the border officer when they arrive.

The processing fee for a parent or grandparent Super Visa.

A parent or grandparent super visa insurance cost is about $100 CAD. The applicants might also be required to pay additionally around $85 CAD for biometric processing. Then they might also have to pay between around $200 CAD and $300 CAD for a medical exam if there is a need for one. All these super visa insurance costs exclude travel costs, compulsory health insurance, courier charges, or the amount that will be spent during their stay in Canada.

Parent Super Visa Insurance processing time

The Super Visa Insurance processing time is different in the case of different countries while applying from India takes around 135 days.

Other factors also affect the processing time for your application, like the number of applications the government receives, the status of your application, and the time taken to verify the information you provided.

Stay updated with the government website for the processing time.

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Can one work in Canada with a Super Visa?

No, they can’t, as the super visa only provides a visitor status. So your parents or grandparents will not be able to work on super visa insurance. However, if they want, they can apply for a work permit as they will be eligible for that. But it will be first required to find a job in Canada depending on the type of work permit they qualify for. After this, their status will change to that of a temporary worker if their work permit application gets approved, and their Super Visa validity will expire after that.

Is it allowed to stay permanently in Canada with a Super Visa?

The answer to this is “No” again. Your parents can only stay in Canada till the validity of their Super Visa. Super Visa only offers a temporary residence.

Suppose you are considering inviting your parents or grandparents to stay with you permanently. In that case, you will have to make sure that you are eligible to sponsor their permanent residence as per the family sponsorship program. After getting permanent residence, your parents or grandparents can both work and stay in Canada permanently. However only a limited number of PRs are given under the family sponsorship program, and the application takes around two or more years to process. However, your parents or grandparents can continue living with you on a valid super visa during their PR application processing period.

Wrapping it Up

So if you are interested in applying for a Canadian Super Visa, you do not have to worry as the application approval rate is really high, and you will definitely achieve success in it. Canada ensures that you don’t have to be away from your loved ones and offers plenty of support options to bring your parents and grandparents to the country. It is advised to take the help of the best immigration professional, who will help you with the entire application process step by step.

Learn more:  Benefits Of Using An Insurance Broker.

So find a good immigration professional today, as he will make the process a hundred times easier for you and ensure you qualify and succeed in the end.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]

Here are 10 Tips Which Will Help You While Buying Canadian Travel Insurance

Posted on by canadianlic

Here are 10 Tips Which Will Help You While Buying Canadian Travel Insurance

By Canadian LIC, September 27, 2023, 8 Minutes

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Canada is an exceptionally gorgeous country with beautiful views and wildlife. It is the second-largest nation and the 10th-largest economy in the world. So if you are planning a vacation in Canada, you need to save a good amount of off days from work to cover the entire country properly. If you are someone who loves travelling all over the world, then keep Canada as your top priority. This country can offer everything you can dream of, from incredible wildlife to gorgeous national parks and lakes.

So while planning your trip here, it would be best to keep the most famous places on your list, and it would be wise to find your accommodation near them to utilize your time fully.

But the most important thing to remember is to invest in a good travel insurance plan for your safety and security.

You don’t have to worry about your trip-related issues, as Canada’s International Travel Policy for travelling from India is very well designed, keeping your protection in mind. 

It is best to do thorough research online and compare all travel insurance plans in Canada to find a perfect one from India to Canada. Our budget-friendly travel insurance plans will give you the best financial support and coverage.

What are the Benefits of Buying a Canada Travel Insurance?

You will have a wonderful trip to Canada, one that you will remember all through your life if you travel here for the first time. But many times, international trips make many people nervous because of the uncertainty of the situations you might face during your stay in the country. Suppose any such difficult situation arises where you get sick or have any kind of accident, then you would not know whom to contact in a completely new place. That is the reason why a Canada travel insurance plan is so important. It will be your rescue during those times. Here we have listed a few of the benefits you will get after having a Canadian LIC Travel Insurance Policy.

  • Journey assistance all throughout while travelling locally
  • Loss or delay of luggage coverage.
  • Accidents, illness, and Covid-19 care coverage.
  • Personal Liabilities Coverage
  • In case of any hospitalization near the insurance plan’s expiry date, there will be an automatic extension for around 60 days.
  • Complete coverage of $6,000 for prenatal care and delivery expenses.
  • In case of an accident, you can have five follow-up visits with your practitioner.
  • Avail worldwide travel coverage if you have mostly spent your travel period in Canada.
  • Full Refund in the case of last-minute cancellation.

Canadian Travel Insurance

Before planning any trip, you must be very well aware of the place and what it offers. God forbid if there is any mishap during your visit, you should be prepared for it beforehand. It is best that you are fully prepared for even the worst situations from before. The best option is to choose Travel Health Insurance Canada, which will save you from any unforeseen situations that might arise. But don’t worry; this is not sure that a problem will occur; we are just preparing ourselves for the worst-case scenarios.

Online Canada travel insurance will provide you with safety whenever you are among unknown people or strangers. If you have the best Canadian travel insurance policy, then you can enjoy your holiday without any worries. You can be tension-free and can fully focus on enjoying your holidays. Canadian LIC’s travel insurance policy deals with a lot of treatment costs and medical emergencies. You can also be tension-free if your luggage or passport is lost, as all these issues are well taken care of with Canadian LIC’s travel insurance plan. 

Hence you can research properly online and pick up the best travel insurance policy for Canada if you have already booked your tickets to visit Canada.

What is the need for Travel Insurance?

It would help if you prepared properly before planning any trip to any place. Going to a different part of the world might bring you some challenges for which it is best to prepare yourself in advance. It is best to check everything thoroughly before you begin your journey to avoid any unforeseen problems that might arise after reaching there.

You can read more about the need for travel insurance here – Answers to why you need travel insurance in Canada.

Even after being very well prepared in advance for everything, you still cannot avoid certain unforeseen accidents and illnesses no matter what you do. There are chances that you might lose your bags or any important documents. The people traveling with you might fall sick or face any kind of accident.

Also, since COVID-19, taking all the necessary precautions possible has become even more important. Travel medical insurance Canada will be your perfect solution to protect you from the abovementioned issues. But the only thing to ensure is to choose a promising one so that you can fully enjoy and have a memorable experience in Canada.

Don’t forget to check the travel advisories from the government of Canada before you book your tickets for Canada. 

Choosing a good Canadian travel insurance policy will keep you relaxed while travelling as you will know that there is support on your back even if something unexpected happens. Medical treatments in Canada can be quite expensive for you, so investing in the best travel insurance plan is a wise option.

In order to pick the best policy, it is advised first to compare them. This way, you can choose the one that will work best for you from all the available options. There are a lot of policies available in the market at different prices, but make sure you properly research and pick the affordable option that also provides all the required facilities. A good travel insurance policy will cover trip cancellation or extension, luggage loss, medical, passport loss, and repatriation.

You can gain good knowledge about travel insurance to Canada here- Travel Insurance for Visitors To Canada.

Canadian LIC’s travel insurance plan is budget-friendly, provides good financial protection, and offers all the benefits mentioned above, and much more.

10 tips that will help you while buying Canadian Travel Insurance

Here we have put together some tips to make your insurance selection process easy in case you are confused about picking a good travel insurance policy for Canada. If you are confused about which policy to go for, these 10 tips will help you greatly. They will help you to choose the one which is best for your situation.

Tip 1: Focus On Coverage More Than Price

Firstly ensure that the policy coverage is fulfilling all your specific needs before looking at the price. There is no point in going for a cheaper option if your travel needs will remain unfulfilled at the time of travel.

Tip 2: Know Everything

Try to find out everything as much as you can and ask questions about what is being covered and what is not. Whatever you are not able to understand, ask specific questions for them and write down their answers. If it is possible, get a written copy of the policy before paying your premium. In the beginning, it might get difficult for you to understand the insurance language, but eventually, it will get easier.

Tip 3: Dont Hide Anything

This step is equally important, just as asking questions. The insurance agent should be aware of all the trip details. Then only he can help you to the best of his potential. If you want the best travel insurance Canada package for yourself, then your insurance agent should know when and where you are going and what you will do after reaching. If you are planning to go for any risky, adventurous activities like bungy jumping or scuba diving, then your policy might get nullified.

Tip 4: Do a Thorough Investigation Both Online And on the Phone

The easiest way to compare travel insurance coverages and prices is online. Nowadays, there are specific websites especially dedicated to comparing Canadian travel insurance costs. You can very conveniently compare options and then discuss them with a trusted travel agent to make the best decision for yourself. You can even visit your bank to find out their travel insurance coverage quote and then pick the best option for yourself.

Tip 5: Take The Help Of Regular Travellers

People who travel out of the country on a regular basis can be your best advisors as they hold actual experience. They have a good knowledge of companies that provide the best coverage at the best price and have a smooth policy. Hence, with a personal recommendation and a knowledge of what to expect from which company, you will be able to make the best decision for yourself.

Tip 6: Extend Your Policy Duration And Save Time

After finding a good quality coverage fitting your budget, you can now think of sticking to it. Most of the time, insurance companies extend policy durations for some amount of time which is mostly annual renewal or allows you to have more than one trip. This will save you a lot of time as you will not have to shop again for a new policy the next time you visit Canada, and you will also be able to save money.

Tip 7: Collect All Knowledge on Your Current Coverage

Take all the information about your bank’s agreements, credit card holder agreements, and employee group benefits. Some amount of coverage will be already available, and in that case, it would just have to be supplemented. All those who already pay some amount of money for their travel insurance hold a great benefit as they save a lot of their money.

Tip 8: Buy Insurance For The Entire Family Together

The entire family travels together, so it is better to invest in an inclusive travel insurance Canada policy rather than investing in every member’s policy separately. This will not only save money but also a lot of your time in paperwork because of the same coverage and contacts.

Tip 9: Carry All of the Policy Information While Travelling

This is extremely crucial as what will be the point of investing in insurance when you don’t have it in hand at the time of an emergency? You can find all the necessary information and a toll-free number to contact at the time of any mishappening.

Tip 10: Experiment With the Deductible

Try to find out whether changing the deductible will affect the price of the policy or not. Most of the time lower premium has to be paid for a higher deductible. Raising the deductible is a better option as it gives you better results with the least risk.

To Sum Up

The Canadian travel insurance industry has a policy for everyone to cater to their specific needs, be it a working professional, a student, a family, or a snowbird. You just have to do proper research, get in touch with the best travel agent, and make the best decision as per your requirements. If you have any questions, you can reach out to us.

We would love to hear from you.

Happy Travelling 🙂

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Get Quote Now

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to [email protected] or [email protected]