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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 🙂

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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]

Get a Comfortable Retirement Through a Registered Retirement Savings Plan

Posted on by canadianlic

Get a Comfortable Retirement Through a Registered Retirement Savings Plan (RRSP)

By Canadian LIC, September 23, 2023, 8 Minutes

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Reaching your retirement age and worrying about how to make the best life after your retirement? A lot might be going on in your mind. But what if we tell you that there is a perfect solution that will instantly make everything easy for you, and that is a Registered Retirement Savings Plan with the help of which you can keep your pre-taxed income aside and invest in a lot of ways? Whatever growth you will achieve in your investments will not get taxed until you take it out when you retire or transfer it to RRIF (Registered Retirement Income Fund).

So an RRSP is an easy and quick saving solution that is great for building long-term wealth. A Canadian RRSP is a very smart option for smooth retirement planning. In this article, we will learn about the Canadian Registered Retirement Savings Plan, its working process, why one should have it who is eligible for it, etc.

What is an RRSP?

A Registered Retirement Savings Plan is mainly a plan for your retirement. This savings and investment plan will be an income source when you retire and will no longer work. This plan drops your taxable income by allowing you to keep your pre-tax income aside. You can invest the money in your RRSP in mutual funds, stocks, bonds, and GICs.

Till the time you are not withdrawing your money, the growth of your RRSP is protected from taxation. The best thing about RRSPs is they help you conveniently create long-term wealth compared to traditional savings accounts.

Types of RRSPs

You will find quite a number of Canadian Retirement Savings Plans in the market as per your decision of investment and risk tolerance levels; they can provide huge returns for your retirement savings. Mainly there are three types of RRSP’s. The most commonly known is an individual RRSP, but you might find spousal or group RRSPs interesting too. Let’s find out more about them.

Individual RRSP: An individual RRSP account is registered in your name, providing you with all the tax benefits. This is the most flexible and common type of plan, and its tax benefits are totally yours. It is up to you whether you want to build your RRSP by yourself or want to take the help of an advisor. 

Spousal RRSP: This type of RRSP is registered in your spouse’s name. Even though they own the investment, the contribution has to be yours. In the case of any contributions you make, you get tax deductions on it. Your own RRSP limit of deduction also gets reduced for about a year for any contributions you make. But the amount your spouse can contribute doesn’t get affected.

You and your spouse can evenly divide your income at the time of retirement with the help of a spousal RRSP. With a combined RRSP, you will have to pay less income tax which would have been higher in the case if you had a separate RRSP for yourself. Going for a combined Registered Retirement Income Fund is beneficial in the case of having a higher income than your spouse, as the amount of income tax to be paid by you individually will be reduced greatly.

The eligibility criteria for a spousal RRSP are as follows:

  • 12 months minimum as a couple together
  • One adopted or biological child
  • In the case of previous relationships, share custody and your partner’s children’s support.

In case your partner takes out the money you have contributed:

You will have to pay the tax on the amount withdrawn within three years of the contribution date. Your spouse will have to pay tax when the amount is withdrawn three years after the contribution date.

In the case, your relationship gets over:

  • The spouses must divide the assets equally in the case you are married.
  • Draft a joint agreement to cover the situation of living common law.

Spousal RRSPs are best to equalize income at the time of retirement and reduce the amount of tax to be paid. If you think your spouse’s income will be almost equal at retirement, then there is no point in going for a spousal RRSP.

Group RRSP: Group RRSPS are offered by some employers to make it easy for employees to save for their retirement. In the case of a group Canadian Retirement Savings Plan, you will have to open an individual RRSP, which you have to contribute to through your employer. In group RRSP all the employees’ RRSPs are in the same financial institution. 

Let’s find out how a Group RRSP works:

  • The contributions made are deducted automatically from your pay.
  • The opening and managing cost of the plan is taken care of by the employer. In case of investment costs, you are responsible for it.
  • Wherever your RRSP is held, the range of investment options is limited.
  • Also, the amount you can withdraw and when you can withdraw also depends on your employer.

It is very important to understand RRSP well. To learn more about it, you can read – What Should You Know About RRSP?

RRSP Working Process

If you want to open your RRSP in Canada, then:

  • You must be a Canadian Resident
  • Eighteen years of age or above.
  • Must be earning through employment or self-employment.

The CRA (Canada Revenue Agency) sets the amount of contribution you can make to an RRSP each year as per your previous year’s income. You can learn more about the amount you can contribute and the deduction limits on the CRA website.

One thing to keep in mind is that there is an age limit to contribute to an RRSP. The year when you will turn 71 years of age, you can contribute only till December 31st of that year. The rules will be different if you plan to leave Canada permanently.

Reasons to get an RRSP

A Registered Retirement Income Fund is not only a great way to save for retirement, but it offers many other benefits. Let’s get to know them one by one:

  • Reduced taxable income which helps you to have better savings
  • Investments compound faster because the money grows with a tax deferral.
  • Funds can be withdrawn at a lower rate as withdrawals from RRSP are taxed as income when you receive them.
  • You can directly transfer to beneficiaries upon death if you have named them on your account. This way, you will not have to pay any taxes on the account’s value at that time.

Hence having an RRSP is not only beneficial for tax savings but reduces your taxable income and also helps in estate planning by transferring money directly to your heirs.

The Right Way to Setup an RRSP

Contact any of the below-mentioned institutions to set up your Registered Retirement Savings Plan:

  • Credit Unions
  • Life Insurance Companies
  • Banks
  • Trust Companies

Each institution has its own portfolio to offer, with an investment gain of a different interest rate.

The Right Time to Withdraw an RRSP

One of the best ways to have access to money when you retire is withdrawing from an RRSP only thing is you have to take care of certain restrictions like:

  • Avoid paying any taxes or penalties if you start to withdraw at the age of 59 1/2.
  • If you withdraw before the age of 59 1/2, then you will have to pay penalties or taxes, and the amount withdrawn will also be taxed as income.
  • There may be tax implications also in the case when you regularly withdraw from your RRSP as the government considers it as income.

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Coming to the End

So after reading all this, you might now have a better idea about how to go about it, and you will definitely be able to make a wiser decision on whether to start your RRSP contributions or not.

It would be an even smarter decision if you also take the advice of an investment professional as they will guide you in detail as per your requirements and financial conditions, and thus you will end up having the maximum tax benefits.

You can contact us today, and our experts will do their best to guide you through everything you need to know.

Faq's

The rates of return offered by different financial institutions differ from each other. Some financial institutions offer up to 5% of interest rate, but on average, the return on a Canadian Registered Retirement Savings Plan is between 3-4%. So the important thing is to find an interest rate that suits you as per your requirements, fulfilling your objectives.

A lot of factors need to be considered before you make a decision to invest in an RRSP(Registered Retirement Savings Plan).

These factors are your:

  • Your present income
  • The goal for your retirement and
  • Financial Obligations

Generally, it is best advised to contribute between 10-20% of your income. But it is important not to forget your current financial situation and the amount of previous investments made, if any. The right way to go about making the best decision for yourself is to seek the help of an experienced financial advisor to secure your future with the best you can.

The best time to start your contributions is as early as you can for the best results. The sooner you start, the more your tax-free investments will have time to grow. It is best to start in your early twenties as you will have sufficient time to save until you retire. But don’t get disheartened if you haven’t started yet, as it is never too late to begin anything. Whatever age you start, even if you are in your fifties, you will still enjoy great benefits from an RRSP. The main thing to focus on is making regular contributions and increasing your savings by utilizing the full benefits of tax breaks and compound interest.

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]

How to Save Money on Mortgage Insurance?

Posted on by canadianlic

How to Save Money on Mortgage Insurance?

By Canadian LIC, September 13, 2023, 8 Minutes

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A dream home is the biggest investment of one’s life. Owning a home is the topmost priority for most Canadians, but not everyone is able to do that in their lifetime. That is the reason why it is so important to possess good knowledge about mortgage insurance and how it works so that you can make smarter decisions while saving for your dream home.

What is a mortgage insurance policy?

Mortgage Insurance is a type of insurance policy that a mortgage lender typically offers. This insurance plan pays off your outstanding mortgage debt if you cannot pay your scheduled monthly mortgage payments due to sickness, injury, or untimely death. It is imperative that, as the insured, you protect your most valuable asset, i.e., your home, if you suffer from any unfortunate financial situation. 

For further details or inquiries on our mortgage insurance plans, please do not hesitate to reach out to our team at Canadian LIC; we will be more than happy to help you.

Benefits of Buying Mortgage Insurance from Canadian LIC

If you choose to go for mortgage insurance through Canadian LIC, then your beneficiaries will be able to receive a specific amount of money if you die. If your policy is active, then your family and beneficiaries would get a tax-free amount of money( the amount they will receive depends on the amount of your coverage), known as the death benefit.

You will be enjoying the following benefits with the mortgage insurance policy through Canadian LIC:

  • Even after paying off your mortgage, you will get to keep your coverage.
  • Even if you move still, you will get to keep your coverage
  • You can choose your beneficiary who will receive the death benefit.

The most amazing part is that your beneficiaries can use the death benefit they will receive in any way they want and for whatever they need. They can use the death benefit amount they will receive to cover the following:

  • debts
  • Mortgage Payments
  • Childcare cost or
  • Other living expenses cost

It is essential to ensure that you have a good amount of coverage to meet your family’s financial needs for making mortgage payments, debts or any other requirements.

However, the mortgage insurance through a bank or lender that you might be aware of is something different.

You can only use it to pay off some or all the amount remaining on your mortgage at the time of your death. But your beneficiary or family doesn’t receive any money, and it goes straight away to your lender or the bank. A part or all of your mortgage debt is paid off, but no money remains for your family or beneficiaries. Hence, your family’s other financial needs won’t be taken care of in this situation. That is why it would be a smarter choice to go for mortgage insurance through Canadian LIC.

How is Canadian LIC’s mortgage insurance better than mortgage insurance through a lender or bank?

Canadian LIC Mortgage Insurance Mortgage Insurance through a lender or bank
Will my mortgage get covered? Yes Yes
Will expenses apart from mortgage be covered? Yes No, the lender or the bank receives the money
Will I be able to choose who gets the death benefit? Yes No, the lender or the bank receives the money
Will my coverage be lost after I pay off my mortgage? No, it will remain the same Yes, it will start reducing
Will my coverage be lost if I change my mortgage lenders? No, as the insurance is separate to your mortgage There are chances to lose the coverage and you will have to reapply
How can I apply? Consult an insurance advisor or get quote online Get in touch with your lender or bank

Mortgage Insurance- Pros

Did you know that insured mortgages get better rates than uninsured ones? If you want to own your dream house as soon as possible, then you must go for mortgage insurance. You will start to build your equity along with getting ownership of your home. 

Save Money on Mortgage Insurance

Buying your dream property in today’s real estate market is quite expensive. This is where Canadian LIC comes into the picture. At Canadian LIC, we can help you save money on your mortgage Insurance with a reasonably priced mortgage insurance policy. The best way is to evaluate your options online, or you can choose from the best at Canadian LIC to save you time and hassle. When house hunting, you must also make sure that you are looking at ways to save money on mortgage insurance to protect your home.

Incentives like the “First Time Homebuyer Incentive” can help individuals potentially get a top-up on their property down payment. If saving money on your mortgage insurance interests you, then get in touch with the team at Canadian LIC to help you explain the various mortgage insurance plans.

How can an individual save money on a mortgage insurance plan?

Traditional big banks and lenders are taking an unreasonable amount of your hard-earned money. Do you want to end up paying more money to these lenders for a mortgage insurance product when there are affordable alternatives out there? Like, from Canadian LIC! This sounds great, and we will explain why. The best way mortgage insurance is served is through a term life insurance plan. If you want to ensure your mortgage for $500,000 for 25 years, we can help you with Term Life Insurance, ensuring your needs are well looked after. Instead of visiting bank after bank searching for the best rates, you can save a significant amount of money for 25 years with mortgage insurance plans from private lenders like Canadian LIC, and the money saved can be better utilized on furniture, appliances, and most importantly, create memories for your new house.

Choose the right mortgage insurance plan with Canadian LIC

When you choose a mortgage plan, you must also be aware of the rising mortgage insurance premium every time you renew your mortgage rates. If you have a clean bill of health, you can be eligible for even lower mortgage rates. Luckily, we know where to get the best mortgage insurance in Canada at competitive rates. Canadian LIC is a perfect place to guide you through each insurance plan and explain the benefits to help you make an informed decision; our team of experienced insurance advisors does it all.

Please do not hesitate to discuss your insurance needs with us today. We are based in Brampton and serve people all over the country. Call the Canadian LIC team today at 416 543 9000 to request a free quote or to book an appointment. 

We also offer expert advice and support to clients who require critical illness insurance and disability insurance at affordable prices.

If you have more questions on Mortgage Insurance you can visit the Canadian government website to get more information in detail related to your specific queries…

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Faq's

If your down payment is more than 20%, then in those cases, you don’t need to have mortgage insurance, but if your down payment is less than 20%, you will have to pay the mortgage insurance.

You will have to wait for a few more months in order to avoid paying the mortgage insurance so that you can save some extra money; you can borrow through the home buyers plan from your RRSP in case you are eligible. It is advised to lower your home cost so that your down payment becomes a greater percentage.

If required, the lender is the one who enjoys the advantages of the insurance, so he is the one who chooses the mortgage insurance provider. But you can compare the cost of your mortgage with different lenders. There are chances that a different lender will opt for an insurance provider at a lower cost.

The lender will do something while preparing the documents of the mortgage. This occurs between the date your offer is formally accepted and the day the closing papers are signed. You don’t have to do anything, especially except for arranging if anything is required for the mortgage application and paying it to the lender.

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]

Mistakes to Avoid While Buying Super Visa Insurance

Posted on by canadianlic

Mistakes to Avoid While Buying Super Visa Insurance

By Canadian LIC, September 11, 2023, 8 Minutes

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Have you ever thought about how important it is to have Super Visa insurance if your plan is for your Parents or Grandparents to travel to Canada? Protecting yourself financially, emotionally, and physically with insurance, be it life, travel, medical, or any other kind of insurance plan, is vital. At Canadian L.I.C., we will share information with you on why Super Visa insurance is essential and should be kept in mind by the visitor when travelling.

Super Visa Insurance provides financial protection during a medical emergency or hospital care for the Parents or Grandparents in the country. A permanent resident or a Canadian citizen can help apply for a Super Visa for their parents or grandparents so that their medical needs are taken care of in the event of an unfortunate medical situation. To qualify for a Super Visa, they must purchase an insurance plan from a Canadian Insurance Company with the plan’s minimum validity of one year. 

When it comes to parents and grandparents of Canadian citizens and permanent residents visiting Canada, then they often wish for a long stay with their loved ones. The Canadian government introduced the Super Visa program to make their visit smooth. The Super Visa Program makes it possible for eligible individuals to remain in Canada for up to five years without the need to renew their visas frequently. It is very important if you want to have a Super Visa to obtain adequate Super Visa Insurance. Here, we will delve deeply into Super Visa Insurance Canada and what mistakes you might make while buying Super Visa Insurance Canada. So let’s begin.

What is Super Visa Insurance Canada?

A special type of medical insurance designed for parents and grandparents applying for the Super Visa is known as Super Visa Insurance. This insurance plan is important to show the Canadian government that the visitors will have proper health coverage during their stay in Canada. It is a must for Super Visa Insurance to meet specific requirements like coverage for health care, hospitalization, and repatriation.

Read more about Super Visa Insurance Canada.

Significance of Super Visa Insurance

  • It is Mandatory: To have a Super Visa Insurance is mandatory to obtain the Super Visa. In the absence of proper Super Visa Insurance coverage, the application is likely to be denied.
  • It covers Healthcare Costs: Canada’s healthcare system is very well known for its quality, but it can be expensive, so maybe all non-residents cannot easily afford it. Hence, Super Visa Insurance comes to your rescue when there is a need to cover the costs of unexpected medical emergencies so that the visitors can be worry-free of facing any financial burdens.
  • Provides Peace of Mind: Super Visa Insurance provides peace of mind to both the visitors and the ones sponsoring their family members in Canada as it protects the visitors in the case of illness or injury, thus bringing immense comfort.
  • Allows Extended Stays: With Super Visa Insurance, visitors can stay in Canada for up to two years, making it a perfect option for family reunions and prolonged visits.

Coverage Benefits of Super Visa Insurance

  • Takes Care of Emergency Medical Care: Super Visa Insurance covers emergency medical expenses, including prescription medication, hospitalization and surgery.
  • Covers Doctor’s Visits: The Super Visa Insurance plan also takes care of the costs associated with seeing a doctor, like the consultation fees and diagnostic tests.
  • Looks After Ambulance Services Costs: Emergency ambulance services can be expensive. Super Visa Insurance often covers the costs of emergency transportation as well.
  • Handles Repatriation Expenses: In the case of the unfortunate event of a visitor’s death, Super Visa Insurance may include coverage for repatriating the remains back to their home country.
  • Benefits for Accidental Death & Dismemberment: Some insurance plans offer additional benefits for accidental death or permanent disability resulting from an accident.

Click here to get a better idea of ‘What is Super Visa Insurance and What does it cover?’

Choosing the Right Super Visa Insurance Plan

The requirements for the Super Visa Canada are a vital aspect of the application process for parents and grandparents planning to visit their families in Canada. In order to become eligible for the Super Visa, there should be proof provided by the applicants of private medical insurance that meets specific criteria.

The primary requirements for Super Visa Insurance in Canada are as follows:

  • Coverage Duration: The Super Visa Insurance must be at least valid for one year from the date of entry into Canada. It should cover the entire time period of the intended stay.
  • Medical Coverage: Super Visa Insurance must take care of health care, hospitalization, and repatriation coverage. It should have a minimum coverage limit of CAD $100,000.
  • Valid from a Canadian Insurance Provider: Ensure to purchase the Super Visa insurance policy from a Canadian insurance company authorized to sell such coverage.
  • Pre-existing Conditions: Some insurance plans cover pre-existing medical conditions, while others may not. Hence, it is very important to understand the policy’s stance on pre-existing conditions.
  • Proof of Payment: It is necessary for the applicants to provide evidence of paid premiums, indicating that the insurance is active and valid.
  • Compliance with Canadian Regulations: Super Visa Insurance should also comply with the requirements set forth by the Canadian government for the Super Visa program.

It is vital to meet these above-mentioned insurance requirements for the success of the Super Visa application. Sufficient medical insurance coverage ensures that parents and grandparents are protected during their visit to Canada, and also, there is no burden on the sponsoring family members to take care of unexpected healthcare costs. If one gets the right insurance policy, then one can confidently embark on a worry-free and enjoyable journey in Canada.

If you want to gather information for Super Visa Insurance eligibility, you can go to Canada.Ca

How Much Does Super Visa Insurance Cost?

Typically, Super Visa Insurance costs for parents or grandparents visiting Canada can range between $100 to $200 every month for each parent or grandparent coming to Canada. However, it’s essential not to forget that these figures are approximate and can change with time. 

The exact Super Visa Insurance cost varies depending on a number of factors:

  • Age
  • Health & medical history
  • The coverage amount
  • The policy length
  • The deductibles

All younger applicants who are in good health have access to more affordable insurance rates in comparison to the older applicants who have any pre-existing medical conditions. Also, going for higher coverage limits and longer coverage durations may result in higher premiums being paid.

It’s advised to obtain quotes from various insurance providers to find the most accurate and up-to-date Super Visa Insurance cost. If you compare different plans in the market, then you will be able to figure out the best coverage options that align with the requirements of your loved one and your budget.

You can also learn about the advantages of Super Visa Insurance here- ‘Benefits of Super Visa Insurance’

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

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Mistakes to Avoid

Now we finally come to the part for which you came to this article, the ‘Mistakes to Avoid while Buying the Super Visa Insurance.’ Before you apply for Super Visa, you must avoid the following mistakes mentioned below:

Is the plan covered for any pre-existing medical conditions?

Do not assume that a Super Visa insurance plan already covers pre-existing medical conditions.

Is the claim upfront or reimbursed?

You must know whom and where you are getting your super visa insurance policy from and whether the policy you plan on purchasing can be reimbursed. If you choose a reimbursement plan, you will have to spend from your own pocket initially and then, later on, submit your claim to the insurance company. For instance, in the unfortunate event, the insurer meets with an accident and needs to be immediately rushed to the hospital, and on reaching, you find out that you have to shell out the money or use your credit card to pay for the bill, then submit a claim to the insurance company. The mistake the policyholder assumed here was that the plan would take care of the medical expenses upfront.

Contact the hotline immediately if you are sick or hurt

In today’s day and age, insurance companies make it a point that you contact the 24-hour emergency hotline to determine the best course of action to cater to your medical situation. Many policyholders make the mistake of not calling the emergency assistance hotline and informing them of the situation.

Is your plan covered on your credit card?

Many credit card companies sell travel accident insurance as opposed to emergency medical travel insurance. Travel medical insurance covers hospital, emergency, prescription drugs and other related travel expenses. The mistake that many policyholders make is that they rely on their credit cards for travel medical insurance.

Make a well-informed decision

Your insurance advisor must guide and educate you on the best Super Visa insurance plan, including assisting you in the event of a claim. Most individuals make the mistake that they purchase the wrong Super Visa insurance plan based on poor recommendation. Additionally, the applicants must be completely truthful and disclose their medical history entirely. The mistake that happens here is they do not reveal every detail to buy a cheaper insurance plan.

Canadian L.I.C. has been assisting and serving clients all over Ontario with their insurance needs, including Super Visa insurance. For further enquiries or to schedule an appointment, call us today at 416 543 9000. We are based in Brampton.

Conclusion

Super Visa Insurance Canada is an essential aspect of the Super Visa application process. It provides important health coverage to parents and grandparents who are visiting their children and grandchildren in Canada, ensuring their well-being during their extended stay. Once the significance of Super Visa Insurance and choosing the right plan is completely clear, families can enjoy a worry-free visit, cherishing moments with their family in the welcoming and beautiful land of Canada. Don’t forget to research insurance providers and policy terms thoroughly and comply with the Canadian government’s requirements for a successful Super Visa application.

Hence, reaching the end by now, you must have been completely clear on the mistakes you have to avoid while buying your Super Visa Insurance. Understanding the Super Visa Insurance requirements, comparing insurance plans, disclosing pre-existing conditions, and reading the fine print are vital steps to ensure a tension-free visit for your family in Canada. You can rest assured that your family’s health and well-being will be well protected and taken care of during their stay if you properly take out the time to research, choose a reputable insurance provider, and pick the best coverage options. So be proactive, plan ahead and make the perfect choices for a memorable and enjoyable time with your loved ones in Canada!

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]