FAQ
Our certified insurance advisors understand your requirements and propose the suitable life insurance policy for you. To get in touch with our advisors click here or write to us at info@trika.ca
The cost of life insurance depends on three factors: your age, health and your income. We suggest that you not compromise on the level of protection you require. You could purchase a basic protection policy that gives you the opportunity to pay only the minimum premium. You can choose this affordable policy, without any riders.
Before buying an insurance policy, it is always important to find out the amount of life insurance cover you need. The following factors should be considered before buying a life insurance policy:
As a thumb rule, it is suggested that you should have an insurance cover of around 5 to 10 times of your annual income. A good financial advisor in your neighbourhood can help you ascertain your appropriate insurance cover.
Who will take care of my family if tomorrow something unfortunate happens to me?” If this question bothers you, then Life Insurance is the answer.
Of course, under any circumstances, the loss of a loved one is a traumatic experience. But, if your family is also left without sufficient money to meet basic living needs or prepare for future goals, they will have to cope with a financial crisis at the same time. A Life Insurance plan ensures that your family is financially secure even if tomorrow you are no longer around to care for them.
Life Insurance is an agreement that guarantees payment of a stated amount of monetary benefits at the end of a specified term or on the death of the life insured.
Life insurance ensures that your family will receive financial support in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It protects your family from financial crises.
In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which empowers you to accumulate wealth-to buy a new car, get your children married and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme.
A Beneficiary is the person designated by the policyholder to receive the proceeds of an insurance policy, upon the death of the insured.
The following details are necessary when filling in the life insurance application form: full name of the beneficiary, address, age, and the relationship between you and the beneficiary.
Provincial government health plans (OHIP), cover only the basic medical needs such as a visit to your physician or hospital care. Supplementary health coverage includes medical services and supplies NOT covered by your provincial health care plans. This includes coverage for prescription drugs, medical equipment and supplies, select services from registered medical practitioners, vision care, dental care and more.
The right time to purchase individual health coverage is when you and/or your family are healthy. You need to obtain coverage before any unforeseen future accident or sickness since most individual health plans don’t cover the costs for conditions you have or may have had for a period of time prior to purchase.
Many individuals still don’t have coverage through their employer. It’s good to know there are coverage options available to you when group coverage is either not available or you are not eligible for benefit coverage through your workplace. If you’re between jobs or looking for a job, an individual plan can be an affordable way to ensure you have the protection you need.
If you are preparing for retirement or if your employment is ending for another reason, you can continue to receive the health coverage you’ve become accustomed to. There are conversion options available that don’t require medical questionnaires and waive any pre-existing conditions, meaning the plan will cover prescriptions you’re already taking.
Prescription drug coverage can be purchased as an option to your Health Care plan.
If you own a business with 3 or fewer employees, you can benefit from individual coverage. Where employer benefit plans have minimum group size requirements, small business owners and entrepreneurs can purchase individual coverage If you are self-employed, your health plan premiums may be tax deductible as a business expense. That could mean sizeable savings for you — in some cases up to 40% off the premiums you pay.
Emergency Medical Travel insurance is the most affordable coverage for unforeseen expenses on your trip. Emergency Medical Travel Insurance provides coverage for medical emergencies only it does not cover routine visits to a family doctor, annual check-ups and prescription drugs. The current Super Visa requirement is $100,000 of emergency medical insurance coverage for a period of one year and must include repatriation. All the plans offered from Stone-Hedge Financial Group Inc. meet the requirements of the Super Visa. Save time and money by using Stone-Hedge Financial Group Inc. to get the best coverage at the best price.
Here’s the exact answer provided on the government of Canada website:
Parents and grandparents of Canadian citizens or permanent residents who have been found admissible to Canada and meet some other conditions are eligible for the Super Visa. Visa officers consider several factors before deciding if the person is admissible. This means they are a genuine visitor to Canada who will leave by choice at the end of their visit.
Among the things that could be considered are:
•the person’s ties to the home country,
•the purpose of the visit,
•the person’s family and financial situation,
•the overall economic and political stability of the home country, and
•invitations from Canadian hosts.
In addition to being found admissible to Canada, the parent/grandparent must also:
•provide a written commitment of financial support from their child or grandchild in Canada who meets a minimum income threshold,
•prove that they have bought Canadian medical insurance for at least one year to cover the period of time that they will be in Canada, and
•complete an Immigration Medical Examination (IME).
For more information please visit the Canadian government website concerning details about the new Super Visa
When you buy insurance for your parents and/or grandparents the name on the application is their name as the insured. It is important to use the exact name as it appears on their passport. The address in Canada is the address they will be staying in during their visit this is your address the person inviting them. If your policy contains other benefits such as flight accident or accidental death & dismemberment you will also need to name a beneficiary which is typically the person inviting them their child or grandchild. It is irrelevant who pays for the coverage, the credit card holder can be anyone and does not have to reside in Canada.
Insurance Brokers are unbiased insurance professional that provide advice and can shop with multiple insurance companies saving you time and money. When buying insurance directly from an insurance company you are only buying their policy without shopping for the best policy at the best price and the most suitable insurance coverage for your specific needs. Using a broker does not cost you a cent you will pay exactly the same rate regardless of the channel you use to purchase your insurance coverage. If you buy insurance from a unlicensed professional like a travel agent, mortgage broker, bank, credit union or a tour operator you are getting advice from a non licensed insurance professional. Stone-Hedge Financial Group Inc. is one of the first brokers in Canada to sell Super Visa Emergency Medical Travel Insurance. We have expertise to deliver superior service and have extensive product knowledge.
The Super Visa requirements are as follow:
i) Meet the income threshold requirement for the Super Visa and provide proof of income which can be your notice of assessment from Revenue Canada on your last tax return.
ii) A letter of invitation to invite your parents and/ or grandparents to visit you in Canada.
iii) Mandatory minimum of $100,000 emergency medical travel insurance for a period of one year for each parent and/or grandparent.
iv) Fill out and submit a Visitor’s to Canada application submitted with all of the above.
A Visitors Visa is a single entry visa valid for a visit of up to six month.
A Super Visa is a multiple entry visa valid for ten years valid for up to two years for each visit.
Yes you can apply for a Super Visa if your parents and/or grandparent are in Canada. The requirements are the same except the super visa application is submitted in Canada.
There are no age restrictions to apply for a Super Visa you can apply for your parents and/or grandparents up to any age. For Super Visa Emergency Medical Travel Insurance we offer insurance from companies that can insure up to any age. However many insurance companies do not offer coverage for visitors over the age of 80, therefor you will have fewer insurers and policies to choose from. A Medical Questionnaire is required from most Insurance Companies for ages 80 and older. Not all insurance policies for older ages can be purchased online please contact us directly if you require coverage for ages over 80.
Yes it is mandatory to purchase a minimum of $100,000 of emergency medical travel insurance for one year (365 days).
One of the Super Visa requirements is that emergency medical travel insurance has to be purchased from a Canadian Insurance company. The Canadian government requires that applicants must show proof of Canadian health insurance from a Canadian Insurance Company when submitting your Super Visa application and at time of entry into Canada, the policy can be either in English or French. There are also additional benefits, Canadian medical providers and hospitals work with Canadian Insurance Companies and there is direct billing between them. In the event you have to file a claim Canadian Insurance Companies can expedite your claim faster as they are able to verity Canadian medical expenses quickly, therefore you will avoid delays in getting your claim paid. Canada has one of the most stable financial services industries in the world and your benefits are re-insured by Assuris a Canadian government insurance agency that will cover up to $60,000 of medical expenses in the event the Insurance Company becomes insolvent.
Coverage options include: Emergency Medical Travel Insurance, Trip Interruption and Cancellation, Baggage Loss, Car Rental, Accidental Death & Dismemberment and Flight Accident. For Super Visa the only coverage that can be purchased to submit with a Super Visa application is Emergency Medical Travel Insurance which may include Accidental Death & Dismemberment. Additional benefits can be purchased once your Super Visa is approved. In order to purchase Trip Interruption and Cancellation the plane ticket for the flight has to be purchased in Canada for your parents and/or Grandparents.
Expenses incurred due to a medical emergency only. Each policy has its own definition of benefits provided please refer to the insurance policy of each insurance company.
Right of entry is a benefit that is only available for Super Visa Emergency Travel Insurance and is not available for the majority of other Visitors to Canada Emergency Medical Travel Insurance Policies. It allows one to travel back and forth between Canada and their country of origin within the policy period without having to apply for partial refunds and having to purchase a new policy for each visit. This valuable benefit ensures that you are complying with the Super Visa requirements regardless of the number of times you need to enter Canada within the policy period.
Yes all Insurance Companies we deal with will offer a full refund if your Super Visa application is denied. The approval rate has been approximately 80% and the majority of applications denied are due to not meeting the income requirements, not purchasing mandatory emergency medical travel insurance or purchasing from a non-Canadian insurance company and applications not being completed in good order
The majority of Insurance Companies offer partial refunds for any unused coverage once your parents and/or grandparents return to their country of origin. Partial refunds are subject to the terms and condition of the insurance policy of each insurance company. Please refer to the insurance policy for exact terms and condition for partial refunds.
Proof of emergency medical travel insurance for Super Visa is a mandatory requirement and proof of coverage must be purchased and submitted as part of the Super Visa application.
Since the date of departure and arrival in Canada is not known at the time of application, which is the date of purchase of the emergency medical travel insurance policy we recommend you select an effective date of 90 days or longer. Once the actual departure date is know, you will need to change the effective date to coincide with the departure date. If for whatever reason you still do not know the actual departure date prior to the effective date of the policy, you will need to notify the insurance company and extend the effective date until the actual arrival date is known. Your policy is on hold and you only pay for insurance coverage you use when traveling not waiting for your Super Visa to be approved and issued.
Yes all of the insurance companies we deal with will renew your policy for an additional one year term depending on age. Some restrictions and limitations apply see insurance policy for exact terms and conditions.
Yes, provided that the majority of time of your parents/grandparents visit is spent in Canada. Some insurance plans have a limit for the time spend outside of Canada and/or destinations that are included in the insurance coverage. Expenses incurred in your country of origin will not be covered. Please refer to policy terms and conditions as not all insurers offer insurance coverage to all countries outside Canada
The majority of polices have added right of entry, allowing your parents and/or grandparents to travel back and forth between Canada and their country of origin within the policy period. No coverage is provided while your parents and/or grandparents are in their country of origin. In addition if there is a change in health while your parents and/or grandparents are in their country of origin the insurance company has to be notified and the policy need to be approved prior to your parents and/or grandparents returning to Canada, otherwise the insurance policy becomes null and void.
All travel insurance policies contain exclusions and limitations of coverage. An exclusion is what the travel insurance policy does not cover, hence is excluded from insurance coverage on the travel insurance policy. The most common exclusions are as follows:
(i) Pre-existing medical conditions that are not stable
(ii) High risk activities such as sports, stunt activities
(iii) Traveling to dangerous countries – including acts of war, terrorism, kidnapping, strike, riot or unlawful visit to any country. For list of dangerous countries please see Department of Foreign Affairs and International Trade of the Canadian Government where a warning has been issued to avoid all travel and non-essential travel to that city, region, or country.
(iv) Losses while sane or insane – depression, self-inflicted injury, suicide attempt, emotional, mental or nervous disorder
(v) Pregnancy , childbirth or complication thereof, including high risk pregnancy
(vi) Death or injury while under the influence of alcohol, prohibited drugs or any other intoxicant, non-compliance with prescribed treatment or misuse of drugs
(vii) Air travel other than a passenger on a commercial aircraft.
In most cases you can buy insurance coverage for exclusions depending on the exclusion.
Means a sickness, injury or medical condition, whether or not diagnosed by a physician
(i) for which you exhibited signs or symptoms; or
(ii) for which you required or received medical consultation; and
(iii) which existed prior to the effective date of your coverage
We deal with insurance companies that offer emergency medical travel insurance that includes coverage for pre-existing conditions. In order to be eligible to purchase coverage for pre-existing conditions Insurance Companies require a stability period as per insurance policy terms and conditions. Depending on the insurance policy selected the stability period can range anywhere from 90, 180 days or 365 days . Not all pre-existing conditions can be insured however you can still purchase a travel policy. The majority of claims being denied are due to pre-existing conditions. We are insurance broker’s not medical practitioners, we would advise you to consult your doctor to determine if the policy covers your specific pre-existing medical condition and to determine if your health permits travel. Traveling against the advice of your doctor automatically makes you ineligible to purchase travel medical insurance.
Emergency medical travel insurance does not cover everything all policies contain a list of exclusions and limitations in their policy wording, please read your policy including the fine print. Insurance companies have a great track record of paying claims, 95% of all claims submitted are paid. The number one reason why claims are denied is due to an error or omission when providing medical information on the travel insurance application and/or purchasing a policy that doesn’t provide the coverage required for your specific pre-existing medical condition. If you are fortunate not to have any pre-existing medical conditions this is not an issue and you can save money by purchasing travel insurance that excludes pre-existing conditions. However if you do have a pre-existing condition provide all the information on the insurance application and/or read the policy to make sure you are buying the coverage you need.
The majority of Insurance Companies do not require any medical questions to be filled out on their application and it is up to you to determine if you are eligible to purchase the insurance policy and meet the terms and conditions to have any pre-existing conditions covered If you are unsure get your family doctor to assist you to fill out the application and/or to determine if the policy meets your needs. It is important to note that insurance companies will deny non-medical claims if the medical questions were not answered truthfully. If your health has changed between the application date and the effective date which is typically your departure date you must notify the insurance company and have the policy approved for the new medical condition, this may be a new prescribed medication or just a consultation with a doctor, otherwise your coverage is null and void. It is also recommended that you ask your parents and/or grandparents to bring with them their medical history and ask them to get a letter from their doctor stating they have been stable for a specific period of time if they have a pre-existing medical condition and are not traveling against the advice of their doctor. This will go a long way if a claim is ever denied as the majority of emergency medical insurance policies are underwritten at time of claim not when you purchase the emergency medical insurance policy.
Not all pre-existing conditions can be insured however you can still purchase a travel policy.
There is no medical examination required for purchasing a Super Visa Emergency Medical
Travel Insurance. If a medical questionnaire is required it is a form you will need to fill out online, the majority of Insurance Companies do not require a medical questionnaire to be filled out. You can buy the policies online and get the policy issued to you the same day delivered to you by email.
The deductible is the amount that your policy requires you to pay before the insurance company will begin to pay for expenses. Deductible amount can be per policy or per claim you can select a policy with no deductible or with a deductible option on vacationtravelinsurance.ca website.
The same way you have to fill out the Super Visa application on behalf of your parents and/or grandparents you will also need to purchase mandatory emergency medical travel insurance. When completing the application for insurance on behalf of your parents and/or grandparents you must ensure that you are aware of your parents and/or grandparents medical history in order to determine the best policy for their specific needs and to accurately complete the online application form. Any incorrect statements on the application will make the policy null and void. An online application is the same as a paper application you fill out when purchasing travel insurance from a bank, trust company, credit union or travel agent. The only difference with Stone-Hedge Financial Group Inc. is that you can shop multiple insurance companies, compare policies and save time and money.
Contact me directly and I will guide you through the process. The entire process for most policies is done online.
The payment option available for online purchase of travel insurance is credit cards, some companies will also accept a cheque.
After we complete your online purchase your policy is instantly issued and delivered to your email address you provided. You can save your policy on your computer or smart phone and print it.
Please review your insurance documentation carefully to ensure you know and understand the coverage you have purchased. If you made an error contact us or the insurance company to correct the information. Keep a record of your policy in more than one place, you can print it and leave a copy at home and take one with you and/or email it to someone who can be contacted in case of emergency.
Please carry it with you at all times. If you require medical attention, please call the Emergency Assistance Hotline number on your wallet card.