Can I pay monthly for visitor insurance to Canada?
Paying monthly for visitor insurance in Canada offers flexibility and budget management by breaking down costs into smaller, manageable payments. While this option avoids large upfront fees, it may come with higher overall costs and additional fees. Monthly payment for visitor insurance is beneficial for students, foreign workers, and returning Canadians, but ensure to compare providers and understand the terms. Some companies offer monthly plans, each with specific conditions.
- How can I pay for visitors’ insurance in Canada?
- Can I pay for Super Visa insurance monthly?
- What factors can impact monthly premiums for visitor insurance?
- How much does health insurance for visitors to Canada cost per month?
- Which companies offer monthly payment plans for visitors to Canada insurance?
- What happens when I cancel my monthly plan?
- Benefits of paying monthly for visitors to Canada insurance
- Potential risks of choosing monthly payments for visitors' health insurance
- Get the most affordable monthly visitor’s insurance quotes in Canada
- Frequently asked questions
Some insurance companies will allow monthly payment options for your visitor health insurance plan. Visitor insurance, also known as visitor to Canada insurance, provides essential medical coverage for those who are not covered by Canada’s provincial healthcare.
Monthly visitor insurance payments can be a game-changer for non-residents, especially students, foreign workers, and returning Canadians. The monthly payment option helps manage budgets better by avoiding significant upfront costs and ensuring coverage during the waiting periods for provincial healthcare or university plans.
This blog will give you insights into how monthly payment plans work, which companies offer it, the factors that influence premiums, and tips for finding the best insurance coverage to suit your needs while staying in Canada.
How can I pay for visitors’ insurance in Canada?
When purchasing visitor insurance in Canada, you have two primary payment options: lump-sum and monthly payment plans.
A lump-sum payment plan, as the name suggests, is when you pay the entire premium at the time of purchasing your visitor insurance policy. A monthly payment plan is a more flexible option where you pay the insurance premium in affordable monthly installments.
Can I pay monthly for medical health insurance in Canada?
Monthly payment plans for visitor medical insurance allow you to spread the cost of the insurance over several months. This option can be more manageable for those on a budget or with a limited cash flow, as it breaks down the total premium into smaller, more affordable installments.
It also provides flexibility for travellers who may not know the exact length of their stay in Canada, allowing them to adjust their coverage period as needed. However, due to the extended payment period, monthly plans might include additional fees or slightly higher premiums.
Can I pay for Super Visa insurance monthly?
Generally, Super Visa insurance requires a lump-sum payment upfront for the entire coverage period, typically one year, to meet the visa requirements. This is because Super Visa insurance must provide a minimum of $100,000 in emergency medical coverage for at least one year.
Recent updates from the Canadian government allow for Super Visa insurance to be paid in monthly installments, although this option is currently limited to certain insurance providers.
The insurance premium must be fully paid by the time the individual arrives in Canada, either through a full annual payment or a deposit for a monthly payment plan.
How much does health insurance for visitors to Canada cost per month?
Visitors to Canada monthly payment plans can cost between $70 to $500, depending on the age and health condition of the applicant. Here is a table with some of the monthly premium costs for individuals aged between 25 and 85 years, with and without pre-existing health conditions:
Cost of medical insurance for visitors to Canada
Visitor’s age | Premiums with pre-existing condition |
25 years | $92.70/mo. |
35 years | $100.20/mo. |
45 years | $115.50/mo. |
55 years | $129.60/mo. |
65 years | $168.60/mo. |
75 years | $328.80/mo. |
85 years | $453.92/mo. |
*Cost of $100k in coverage for a non-resident in Canada for a 30-day period
Which companies offer monthly payment plans for visitors to Canada insurance?
Travelance, 21st Century, Secure Travel, and Destination are the four Canadian insurance providers that offer monthly payment plans for health insurance for visitors in Canada. Here are the details about each of them:
1. Monthly plans offered by Travelance
Travelance offers multiple payment plans for non-residents in Canada provided they meet these criteria:
- Their trip duration is a minimum of 90 days
- The coverage value is at least $100,000
- Have a valid credit card on file
- The setup fee is $60
The two months’ refundable premium that is collected at the time of the application, is applied only to the last two scheduled payments. If you miss two consecutive months’ payment for your Travelance visitor to Canada insurance premium, your coverage will end.
2. Monthly plans offered by 21st Century
21st Century offers a monthly payment plan for visitor insurance in Canada on fulfilling the following criteria:
- Available for Super Visa, Visitor, and work/student visa types.
- Minimum coverage limits of $100,000
- Coverage period of 365 days or 730 days
- Non-refundable set-up fee: $50
21st Century provides refunds for any unused full months of coverage, but partial months are non-refundable. All refund requests must be approved, and a $25 processing fee applies to each refund.
3. Monthly plans offered by Secure Travel (RIMI)
Secure Travel, previously known as RIMI, also allows users to pay their visitor insurance premiums on a monthly basis. If you have selected the Monthly Payment Option monthly payment amounts will be calculated as 1/12 of the total premium due.
The criteria for Secure Travel’s monthly plan are as follows:
- Minimum coverage limit of $100,000
- Minimum coverage period of 365 days
- Non-refundable setup fee: $120
- Upfront security deposit: 2 months
Once the policy becomes effective, the individuals can pay the remaining 10 months’ premiums monthly.
4. Monthly plans offered by Destination Canada
Destination Canada offers monthly payment plans to non-residents of Canada who:
- Has a minimum coverage of $50,000
- Has a minimum coverage period of 180 days
- Must pay a 10% surcharge
- Must pay an upfront security deposit for 2 months
Once the policy becomes effective, the rest of the premiums can be paid monthly.
How does the monthly payment option impact the overall cost of the insurance?
Choosing monthly payments can increase the overall cost of insurance due to higher total premiums, administrative fees, and potential interest charges. Monthly plans often come with slightly higher rates as insurers charge for the convenience provided and account for the added risk and cost of managing ongoing payments.
Additionally, missed or late payments might lead to coverage lapses or penalties, which can further add to the total expense if coverage needs to be reinstated.
Comparing the total cost of monthly payments with the cost of paying the premium in a lump sum can help you determine the most economical option.
What happens when I cancel my monthly plan?
When you cancel your monthly visitor insurance plan, you may be subjected to cancellation fees, partial refunds, and a complete loss of coverage. Find out more:
- Cancellation fees: Some insurance providers may charge a cancellation fee if you end your plan early. This fee can vary depending on the provider and the time remaining on your policy
- Refunds: Depending on the provider’s policy, you might be eligible for a partial refund of unused premiums. However, this refund is usually prorated and may exclude any administrative or cancellation fees
- Loss of coverage: Once you cancel your plan, your coverage will end immediately or on the last day of the paid month. This means you will no longer be protected from any medical emergencies or covered incidents after the cancellation date
Benefits of paying monthly for visitors to Canada insurance
Monthly payment plans for visitors to Canada insurance offer flexibility and help manage those who are on a tight budget. Some of the key benefits of monthly payment plans for health insurance for visitors to Canada are:
- No large upfront costs: One of the most significant advantages of opting for a monthly payment plan is avoiding a large upfront payment. This can be especially beneficial for visitors who have already incurred considerable travel expenses or are trying to conserve their savings for other purposes
- Flexibility: Monthly payments provide greater flexibility, especially for visitors who are uncertain about the exact length of their stay in Canada. With a monthly plan, visitors can pay only for the period that they spend in Canada
- Affordability and budget management: Spreading the insurance cost over several months can make the expenses more manageable, especially for those on a tight budget. Paying a smaller amount each month allows visitors to allocate their funds more effectively across other travel expenses, such as accommodation, food, and transportation
What are the potential risks of choosing monthly payments for visitors’ health insurance?
While monthly payment plans are a great option for tourists in Canada, it does have some potential drawbacks such as higher overall costs, coverage gaps, and limited availability. Find out more:
- Higher overall costs: Monthly plans often come with slightly higher overall costs than paying the entire premium upfront. Insurance providers may charge additional fees or offer less favorable rates for the convenience of spreading payments
- Limited availability: Not all insurance providers offer monthly payment options. This can limit your choices and might require additional research to find a provider that meets your needs with this payment structure
- Cancellation policies and fees: If you need to cancel your policy, you may encounter cancellation fees or policies that make it challenging to obtain a refund for unused coverage
Get the most affordable monthly visitor’s insurance quotes in Canada
Finding the most affordable monthly visitor insurance quotes in Canada starts with understanding your specific needs and thoroughly researching different policies.
For those looking to simplify the search, turning to insurance experts like those at PolicyAdvisor can make the process seamless and easy. PolicyAdvisor offers personalized guidance, comparing a wide range of options to find the best match for your requirements and budget.
Our expert team can help you navigate the fine print, ensuring you understand all policy details and avoid any expensive surprises. Let PolicyAdvisor take the guesswork out of finding the right visitor insurance, so you can focus on enjoying your stay in Canada.
Frequently Asked Questions
Will I get a refund on my monthly payment plan in case of early departure?
Refunds for monthly payment plans for visitor insurance in Canada depend on the terms and conditions of your specific policy. Some insurance providers may offer a partial refund for the unused portion of your coverage if you leave Canada earlier than expected.
However, this refund is often prorated and may be subject to certain conditions, such as providing proof of early departure and submitting a refund request within a specific time frame. Additionally, cancellation fees or administrative charges may reduce the refund amount.
What happens if I miss a monthly payment?
If you miss a monthly payment on your visitor insurance plan, your coverage may be at risk. Most providers offer a grace period to make the payment without losing coverage. Your policy could lapse if payment is not made within this period, leaving you unprotected.
Can I switch from a monthly payment plan to a lump-sum payment?
Yes, many insurance providers allow you to switch from a monthly payment plan to a lump-sum payment. However, this may depend on the terms of your policy and the provider’s rules.
You may need to pay the remaining balance in full, and some providers might charge a fee for changing payment plans. It’s best to contact your insurer directly to discuss the options and any potential fees.
Which insurance providers offer monthly payment plans for Super Visa insurance?
Insurance providers that offer monthly payment plans for Super Visa insurance include Secure Travel, 21st Century, Destination Canada and Travelance.
These companies allow individuals to spread out the cost of their insurance, making it more manageable for visiting parents and grandparents who require long-term coverage under the Super Visa program.
- Monthly payment plans for visitor insurance in Canada allow for more manageable budgeting and flexibility
- These plans can be especially useful for those who might not know their exact stay length or prefer to avoid large upfront costs
- Monthly premiums can be higher than lump-sum payments due to additional fees or slightly increased rates
- Companies like Travelance, 21st Century, and RIMI-Secure Travel offer monthly payment plans for visitor insurance, each with specific terms and potential setup fees