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How to Get Super Visa Insurance in Canada

Posted on November 26, 2021June 11, 2024 by canadianlic

The Super Visa Program allows parents and grandparents of permanent residents of the country or Canadian citizens to come and visit their loved ones. They could stay for up to two years without renewing their Immigration visa status, including entering the country numerous times over a 10-year period. The visa is available all year round, and it is an excellent alternative to the Parents and Grandparents Program (PGP). Since there was a demand in the number of applications in the PGP program, the Super Visa offers a far better chance of parents and grandparents reuniting with their children or grandchildren.

This visa is ideal for those individuals from countries that require a Temporary Resident Visa (TRV) to travel to the country, as they do not need to reapply for a visitor’s visa constantly.

How does one apply for Super Visa insurance?

To apply for Super Visa insurance, the applicants need to be residing outside Canada. Additionally, documents like a signed letter from their child or grandchild living in Canada, including valid medical insurance with a minimum amount of $100,000 from a Canadian insurance company, must be submitted along with a few more necessary documentation. It is very similar to the Temporary Resident Visa (TRV) process; however, the Immigration, Refugees, and Citizenship Canada (IRCC) ensure that the grandparents and parents will be well-taken care of during their stay in the country. The letter must also state that the child or grandchild will promise to take care of their parents or grandparents during their stay in the country. The permanent resident must provide a copy of their permanent residency status, which will also include the members in their household. As mentioned above, the medical insurance should be valid for at least one year from the date of arrival. The IRCC will not accept a quotation of the insurance amount paid; the applicant has to provide substantial proof to convince the authorities at the IRCC.

The immigration authorities reserve the right to determine if the Super Visa applicant will leave the country at the end of their stay. They will do a detailed background check to ensure that the applicant has ties to the country, including their home country’s political stability and finances.

Eligibility criteria for a Super Visa insurance:

In order for the applicant to be eligible for a Super Visa, they must:

Additionally, the Super Visa must be applied from outside the country by the parent or grandparent. They will be subject to undergo an immigration medical exam, including meeting certain conditions of the Canadian immigration authorities. Please note – Dependants cannot be included in the Super Visa insurance application.

For more details on Super Visa insurance or further enquiries, reach out to Harpreet Puri 416 543 9000 at Canadian LIC today.

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

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 Contact@canadianlic.com or Info@canadianlic.com

Financial Planning Tips for Your Child’s Education

Posted on October 5, 2021June 11, 2024 by canadianlic

The easiest way to save money and grow your children’s education fund is through a Registered Education Savings Plan (RESP). It is a tax-free savings plan created to help you save for your child’s Post-secondary schooling. Additionally, the government matches 20% of your annual contributions up to $500 annually. When you withdraw the funds, an extra tax benefit comes into the picture where the withdrawal amount will be taxed to your children at a low rate instead of you.

Below-mentioned is a few financial planning tips for your children’s education:

You can ask your family members for RESP donations

Birthdays, graduations, and holidays are the best opportunities to ask your relatives, friends, and grandparents to contribute to your child’s RESP. It is an excellent financial option as it is way better than your child receiving a traditional gift. If you are concerned, your child will hate this idea? Don’t worry; for babies and toddlers, they won’t make a fuss, but for teenagers, you can ask your family members to maintain a portion of their gift budget towards their Registered Education Savings Plan (RESP).

They are tax shelters

RESPs are tax-free investment
accounts. You are not required to pay tax on capital gains and interest income if you don’t withdraw your investments early. If the RESP is used towards your child’s tuition, post-secondary education, books etc., the investment is subject to taxes, but the tax bracket is lower than the parent’s Tax bracket.

You get free money from the government!

Yes, that’s right! For every dollar that you contribute to your child’s Registered Education Savings Plan (RESP), the government will contribute 20 cents which adds up to a maximum of $500 annually. That is basically a 20% return on your investment. Additionally, if you reside in certain provinces, you may be eligible for additional grants.

Freedom to invest your money

A significant advantage of investing in RESPs is that you have the freedom to invest the money in mutual funds, GICs, stocks, bonds etc.

The funds can be used for retirement as well

If you are unsure that your child will pursue post-secondary education, there is no need to panic. A Registered Education Savings Plan (RESP) can be opened for 36 years. You can always transfer the funds to your other child without paying any additional taxes.

Various investment options

When you choose a Registered Education Savings Plan (RESP), you choose your various investment options until your child is ready to pursue post-secondary education goals.

Schedule an appointment with Canadian LIC today!

To find out more details about Registered Education Savings Plan (RESP) or see how we can help plan for a child’s post-secondary education, give the Canadian L.I.C team a call today to schedule an appointment. We are based in Brampton, Ont and offer our services all over the country. Our professional & friendly team will be more than happy to assist you with whatever queries you may have.

Best Ways To Save For Your Child’s Education

Have you started saving for your child’s post-secondary education yet? If not, you should! Education costs in Canada are not cheap, and the best way to save money on a tight budget to ensure they get the best education is through a Registered Education Savings Plan (RESP). With unexpected expenses that may arise in the future, putting aside a small amount of money in an RESP will do a world of good in the future for your children.

Below are some of the best ways to give your children the education they deserve:

Open a Registered Education Savings Plan (RESP)

It is one of the easiest ways to save and grow your child’s education fund. A Registered Education savings plan created to save money for your children’s post-secondary education. Additionally, the government matches 20% of annual contributions, which amounts to around $500 annually, and a maximum lifetime contribution of $7,200 for one child.

Govt Grant $7,200 is free money from the government in addition to your contributions that are growing tax-free in the RESP. Another benefit is when you decide to withdraw the funds, your child will be taxed, and since they earn little to no income, it is practically tax-free. Most parents’ concern is that they fear contributing a sizeable amount each month to the RESP. That is not the case; contributions in the region of $25 – $50 a month are more than enough. The whole concept of an RESP is to encourage parents to save for their children’s education, not make large contributions. Once you sort out your finances, you can increase the contribution. All you need to know is that an RESP can be flexible.

Make the contributions automatic

If you cannot devote yourself to making regular RESP contributions, you can request your bank to transfer the contribution amount automatically from your savings account into your RESP. The companies also set up monthly automatic PAC for scheduled contributions.

Reduce your spending habits

Try to make some lifestyle changes that ensure you make a decent enough contribution for your children’s RESP. Reduce the number of social gatherings and throw less elaborate birthday parties for your children, yes they might not like it, but in the long run, they will be certainly thank you for it. You can even encourage your relatives that instead of purchasing an expensive gift for your child, they can contribute to your child’s RESP money.

Encourage your family to make RESP donations

As mentioned above about your relatives contributing money for your children’s birthday instead of buying an expensive gift, you can even encourage them to make contributions on other special occasions of your child like their graduation or during the holiday period.

If you require more information on RESPs or need expert help in getting started, please do not hesitate to reach out to our advisors at Canadian LIC. They will discuss all the necessary options and help you build a sustainable RESP plan for your children. Contact us today to set up an initial consultation.

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

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

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to Contact@canadianlic.com or Info@canadianlic.com

Do you need Permanent Life Insurance?

Posted on September 27, 2021June 11, 2024 by canadianlic

Are you in search of financial protection for your dependents even after your last breath? Permanent Life insurance is the answer to your quest.

When you look back on your life’s memories or dream about your future, certain milestone moments cross your thoughts, like graduation from school, buying your dream home, raising your kids and more. Whatever be the memory, you generally look forward to planning your future. Your studies & graduation may leave you with an education loan that your parents would have co-signed. Your dream comes with a mortgage package that you need to repay. And your children will depend on you for numerous living expenses- for a certain period.

Many responsibilities come with these milestones. This is when life insurance extends a helping hand.

Importance of life insurance in your life-

Life insurance helps in protecting your family on financial grounds. It promises financial assistance for the family even after the insured is no more. The death benefit – that’s the lump sum paid or due to be paid on the death of the insured person can help a family cover various expenses including funeral costs, child care, education, estate and legal charges, and any bill payments due or outstanding debts.

There are three basic kinds of life insurance: Term, Permanent, otherwise called Whole Life, and Universal Life Insurance.

Click here to understand what permanent life insurance is, in simple terms

What is the purpose of permanent life insurance?

Are you looking for lifelong protection? Then, this is the right insurance for you. Wondering why? Because permanent life insurance is applicable all through your life irrespective of your Term. All you have to do is pay your monthly and annual premium regularly, and those are the payments you spend to own that life insurance policy.

Sounds like an exciting deal, but how do you whether it is suitable for you? Here are some of the criteria you need to understand before you close a life insurance purchase-

Do you like to plan for your future? Do you want to stay assured that your coverage will be applicable as long as you live? Or do you have queries about how much you need to contribute towards insurance every year? Then permanent life insurance is the perfect pick for you.

Here are few things you can expect in permanent life insurance-

How can permanent life insurance help you multiply your money?

Many permanent insurance policies come with a feature known as cash value. It is similar to equity in your home. It grew with time, and you can also borrow against it directly or use it as collateral to apply for a loan. You also have a choice to withdraw cash value, but this may bring down the death benefit.

While the price of permanent life insurance is comparatively more than Term Life Insurance, Permanent Life Insurance gives you the best returns in the long run. Term life insurance is usually not costly if you are young and healthy, but it only offers temporary coverage. Its cost may go up drastically as you renew it in future, and also, you don’t have any cash value to borrow over it or cash in.

Understand more about how life insurance works here – Read more.

Learn how life insurance benefits through your employer-

Have you checked whether your employer gives life insurance as part of your benefits plan? That’s a great start, but here are certain aspects you need to check about workplace life insurance-

You can’t carry it with you when you change from one workplace to another. You will have to enroll for it again at your new employer’s office, and you will lose coverage between jobs. You may choose to change your group coverage into individual insurance protection.
This policy comes to an end as you retire.
It gets expensive as you grow older.

Yes, purchasing life insurance in a group plan is generally cheaper than buying it individually. But check if your group coverage is sufficient to cover your family’s expenses along with significant expenditures such as mortgage or education fees for your kids. For such specific reasons, you may choose to buy individual life insurance that you may enjoy regardless of your employer’s office and top it up using group coverage available at your workplace.

Discuss with our insurance advisor about various life insurance options-

After you have finalized a permanent life insurance policy, you may understand various permanent insurance policies in the market. Few demand payments for a limited period but protect you lifelong- Such as 20 Pay Plans, Etc. To check which life insurance policy suits your budget, it will be right if you understand the various types of coverage available and their specialties & benefits. Your needs could be simple, and you may require only single life insurance to cover both your partner and kids. Or your lifestyle could be different with a joint family or business to safeguard; in such a circumstance, you may need more than one life insurance to meet your requirements.

When purchasing particular life insurance, it is better to check all the choices with an insurance advisor. Because an expert in the field Advisors from Canadian LIC will help you formulate life insurance according to your requirement and budget. An advisor’s expertise and experience in the insurance field can support you in passing a sizeable asset to your heirs.

Want to buy Life Insurance immediately? We offer the best life insurance quotes in Canada. Talk to your advisor today at Canadian L.I.C. Inc. at 416 543 9000 & get your personalized life insurance quote.

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

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

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to Contact@canadianlic.com or Info@canadianlic.com

Travel Insurance for Visitors to Canada

Posted on September 16, 2021June 11, 2024 by canadianlic

We understand that an international trip to Canada during a pandemic could be challenging as you have to comply with the travel requirements of your home country but also fulfill the needs of the Government of Canada for travellers and tourists. Keep an eye on Canada’s travel restrictions regularly to comply with mandatory measures like testing and quarantine, which are ever-changing with the prevailing situation.

Canadian Visitor Visa & Permits –

Are you planning to visit Canada using a visitor visa called the temporary resident visa or a parent or grandparent looking for a Super Visa? You must keep your paperwork in order. Don’t keep probing on this till the last moment. The pandemic has brought many changes in travel policies, so it is advised to check the requirements for visitor insurance for work, study, or visit Canada based on your situation. Read more about the visitor insurance here.

10 Reasons why you should choose Canadian L.I.C. Inc’s Visitors to Canada Insurance:

Even beyond the pandemic, visitors like you must understand that the medical insurance of your home country may not cover the emergency medical expenses. Moreover, the Government of Canada recommends that you take suitable travel insurance coverage throughout your stay in Canada. Canadian medical care could be expensive if you aren’t a resident of the country.

Canadian L.I.C. Inc’s visitor insurance for medical emergencies is a comprehensive choice that covers hospital care, emergency medical treatment for any illness or injury, doctor visit, ambulance, scan,/x-ray, diagnostic lab services and prescription medicines, and more. It also includes 24/7 emergency medical assistance.

Read further to know few best benefits to protect yourself during your stay in Canada with Canadian L.I.C. Inc.’s visitor’s insurance:

You will be covered for any medical emergencies due to COVID-19 under this insurance. If you have any signs of COVID-19 and test positive or diagnose COVID 19 during your stay in Canada, you can claim the medical expenses for the same under this insurance. Don’t forget to follow the below two points before purchasing this insurance:

Purchasing this insurance is relatively easy with the processing of documents for visitors of age 59 or below. Visitors of age 60 and above must fill out an easy medical questionnaire.

Do you have a stable pre-existing medical problem, we cover your expenses as long as you satisfy the policy’s stability norms.

If you purchase your travel insurance before reaching Canada, you don’t have to go through the waiting period while you are sick. However, if you haven’t bought the insurance before reaching Canada, you may still buy it once you arrive here:

You can avail coverage for worldwide travel as long as you have spent most of your travel period in Canada. The side-trips outside Canada will be covered if you have arrived in Canada first.

Some Conditions applies, during your coverage, but medical expenses incurred during your stay in the home country will not be covered.

If you need to visit your physician after emergency medical care, you are eligible for five follow-up visits, which must be within 14days of your original emergency medical care. Also Depending on the Company & Insurance Plan you chose.

You are entitled to $25,000 coverage in case of loss of life or dismemberment due to an accident.

You can enjoy any one of the following per licensed practitioner-

Podiatrists
Chiropodists
Acupuncturists
Physiotherapists
Chiropractors
Optometrists
Osteopaths

Upto $6,000 is covered for prenatal care and delivery expenses. This insurance covers any complications arising out of delivery too.

Have you cancelled your trip in the last minute due to unavoidable reasons? Don’t worry! Submit the proof of cancellation and get your full premium refund. This depends upon if you paid for Trip Cancelation Insurance.

Connect with Canadian L.I.C. Inc.

Don’t miss getting yourself insured before you plan your trip to Canada. At Canadian L.I.C. our expert insurance advisors can assist you with the right visitor insurance policy to avoid your strain in choosing the best insurance policy for your tour to Canada. Our insurance policies are easy to purchase at affordable prices.

For more details, call us at +1 416 543 9000 today.

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

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

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to Contact@canadianlic.com or Info@canadianlic.com

Are you planning to visit Canada? Here’s what you need to know about visitor’s insurance

Posted on August 18, 2021June 11, 2024 by canadianlic

The health coverage of the country is only Canadian citizens and their lawful residents. Whether you are planning to visit the country for work, study, or migration, it is essential to have private insurance coverage to protect yourself in any unforeseen circumstance such as an accident or illness.

Regardless of caste, creed, religion, and race, Canada welcomes individuals from all countries and walks of life. The country is home to the iconic Niagara Falls, the infamous Jasper National Park, and many other stunning destinations you can visit with your friends or family and create lasting memories. But before you pack your bags and get all excited, you must apply for visitor’s insurance to ensure your visit to Canada is not only safe but, most importantly, a secure one as well. Visitor’s insurance comes with various benefits such as dental expenses and emergency health expenses, to name a few.

Kickstart the application process by getting in touch with our professional and friendly team members at Canadian LIC. For further information or to schedule an initial consultation, do not hesitate to call us today. Our polite team will be happy to help you with your visitor insurance queries.

The importance of purchasing visitor`s insurance

Whether traveling with your family or friends for a holiday or traveling for studies or work, it is always an exciting experience. The idea of traveling to a different country is one that many look forward to, and you definitely don’t want your holiday or visit to be ruined because of some travel or health-related issues. This is where you can rely on Canadian LIC to help you with your visitor’s insurance.

Choosing this coverage ensures that you have access to a range of benefits such as:

For your peace of mind, all pre-existing conditions in visitor insurance coverage are covered. Give our team a call to find out more details.

Who is eligible to apply for visitor’s insurance?

Any individual that plans to visit Canada is eligible to apply for visitor’s insurance, including:

Tourists are visiting from a different country.
International students and foreign workers.
People are applying for a Super Visa.
Canadian citizens are heading back to the country, including newcomers waiting for admissibility to provincial health coverage.

Schedule your appointment with Canadian LIC today!

Make sure that you are insured before you decide to visit Canada. At Canadian LIC, our experienced team can help you with your visitor insurance policy, ensuring that you do not stress in finding the best insurance policy. We provide you with the best insurance policy at unbeatable prices. For more information or to schedule an appointment, call us at 416 543 9000 or +1 416 543 9000 today.

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

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

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to Contact@canadianlic.com or Info@canadianlic.com

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How to Get Super Visa Insurance in Canada

How does one apply for Super Visa insurance?

Eligibility criteria for a Super Visa insurance:

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

Financial Planning Tips for Your Child’s Education

Schedule an appointment with Canadian LIC today!

Best Ways To Save For Your Child’s Education

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

Do you need Permanent Life Insurance?

Importance of life insurance in your life-

What is the purpose of permanent life insurance?

How can permanent life insurance help you multiply your money?

Learn how life insurance benefits through your employer-

Discuss with our insurance advisor about various life insurance options-

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

Travel Insurance for Visitors to Canada

Canadian Visitor Visa & Permits –

Connect with Canadian L.I.C. Inc.

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

Are you planning to visit Canada? Here’s what you need to know about visitor’s insurance

The importance of purchasing visitor`s insurance

Who is eligible to apply for visitor’s insurance?

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Schedule your appointment with Canadian LIC today!

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