When you buy parent super visa insurance, the insurance advisor will quote you a price valid for a certain period. This amount and your insurance details will remain the same throughout the term unless you request a change. After this period, your policy will be renewed and your premium may increase or decrease. During this time, you will also have the option to change your coverage or cancel the policy entirely. It is important to review your policy carefully during your policy renewal period to ensure you are making the best insurance decision.
Just like going to the doctor every year to check your health, renewing your health insurance allows you to consider what’s working and what’s not. You want to look back over the past year at
- Your benefits – Did you go to the doctor as expected in Canada? Did you take advantage of any unexpected benefits? Didn’t use the benefits you thought of? Do you think you may need additional coverage next year, such as for future dental services or medical devices?
- Your costs – How much does it cost to go to the doctor in Canada? More or less than you think? What about annual or monthly premiums? Are they high, low o the same as last year?
- Your network – can you reach the doctors, clinics, and hospitals you need? Are they close and comfortable? Do you think you can go somewhere new in the future?
You’ll be ready to move on to the upgrade and better know if the plan is still right for your parents and your grandparents by taking a few minutes to review your parent’s super visa insurance.
What Are the Best Practices for the Insurance Policy Renewal Process?
The best time to start work on policy renewal is 60-90 days before the renewal date. Starting this early will give the broker plenty of time to get the insurance and finances right. Some general parent super visa insurance best practices can help you get the strongest, most comprehensive coverage on the market at the most affordable price in Canada. These tips include:
- Parent super visa insurance does not renew automatically instead you have to renew it yourself.
- Your insurance advisor should tell you which policies require an information update only and which require a renewal
- Insurers are not obliged to send a notification of non-renewal; the insurance will just expire.
- In addition, some states or certain types of insurance policies may not be legally required to notify the insurer of changes in coverage, increases in premiums, or the implementation of amendments.
- Did you wait too long to apply? Insurers do not necessarily offer extensions to extend the term of the policy to give you more time to deal with the renewal. So your policy may expire, and if there is a gap between the expiration date and the new policy coming into effect, your insurance may not have coverage at that time.
- Also, the expiry date is important, once the parent super visa insurance expires, insurers can decline to issue a new quote (in some special cases only).
Things to Consider Before You Renew
Once you have gotten the best practices above, you can make an informed decision about renewing your policy. In most cases, however, you will want to consider many different questions before making a final decision. Before making the final decision on whether or not to renew your policy, take the time to consider:
Coverage
Whether you have your current insurance advisor or not, parent super visa insurance is an important consideration. Your analysis should provide the information you need to decide whether you should or want to change your policy. Before making these changes, consider all the consequences.
Cost
Based on what you learned during this research, do you think the cost of renewal is fair? Can you find other insurers that offer the same coverage at a lower price?
Renew Your Policy before the Due Date
A parent super visa insurance policy must be renewed before it expires. If you do not renew your health insurance before the deadline, we will give you a grace period of up to 60-90 days, depending on the contract or different insurance companies. If you do not pay for the contract renewal even during the grace period, the policy will expire.
Report any new medical conditions
When renewing your parent super visa insurance policy, you must report any new illness or medical condition that has arisen during the policy’s validity. Your health condition can affect your insurance premium, so you must inform your insurer about this. Covering any medical condition or illness can lead to the rejection of a claim later.
Quality of service
Cost is not the most important factor when choosing the right insurance company. While low insurance prices with equal coverage are good, the quality of service you receive should take precedence over price. Before you decide to renew your current policy or switch to another company, make sure you get excellent customer service.
Importance of Renewing Parent Super Visa Insurance Policy
Renewal of parent super visa insurance means that the policy must be renewed before the expiration date to obtain continued coverage. If the person does not renew the health insurance within the deadline, the insurer gives a 15-day grace period to pay the insurance. Parent super visa insurance renewal is important for insured individuals for the following reasons:
- If the insured does not renew the health plan, all health plan benefits will be lost.
- If the policy is not updated and the premium is not paid on time, the policy will not be valid. This means that claims filed after the policy has expired will be rejected.
- If you do not renew your existing policy, you will have to purchase a new policy that may be more expensive or may not cover the services you already had in your policy.
Get help renewing your parent’s super visa insurance
Should you renew your parent’s super visa insurance or look elsewhere? At Parent Super Visa we help people in Canada to find the right plan and the right coverage. We specialize in making it easier to choose the super visa insurance plan that’s best for you and your family. This way, everyone will be able to start the new year on the right foot.
