What are the requirements for a Super Visa application?
- Covers healthcare, hospitalization and repatriation
- Provides a minimum coverage of $100,000
- Is valid for each entry to Canada and available for review by a port of entry officer
SUPERVISA MEDICAL INSURANCE PLANS
- You get to choose – start date for the plan and you can always change effective date before start of the coverage.
- Lowest Premiums Guaranteed
- 100% refund – If no Visa Granted for any reason before effective date.
- Partial Refunds – In case your parents decide to go back sooner than one year, prorated refund available, provided NO CLAIM on Policy.
- Monthly payments plans or Lumpsum payment plans.
INCOME REQUIRMENT FOR SUPERVISA
|Size of Family Unit||Minimum necessary income|
|1 person (your child or grandchild)||$24,328|
|More than 7 persons, for each additional person, add||
Super Visa Applications
Cheackout or download Parent and Grandparent Super Visa Insurance Application from listed below.
|Super Visa Application|
|Schedule 1 Application|
|Statutory Declaration of Common Law Union|
|Use of Representative|
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Why is life insurance important?
- It covers your financial commitments.
- It allows your family to maintain their standard of living.
- It covers death-related expenses.
- It allows you to leave a legacy.
- It ensures business continuity.
- It completes life insurance coverage offered through your employer.
ALLKIND INSURANCE offer 3 types of life insurance to meet your needs
Term Life Insurance
Affordable coverage to meet your temporary needs
Protects you and your loved ones for a pre-determined period of time while you get back on your feet.
- You have dependent children and are on a tight budget.
- You have short- and medium-term loans to repay.
Affordable protection that meets your needs
- Your choice of coverage term, from 10 to 40 years.
- Premiums that will never increase during the selected term.
- Protection for all of your loans and lines of credit under a single coverage.
- Renewal on the annual basis after the initial contract period for continued coverage, if needed.
- The opportunity to convert your insurance into permanent life insurance without a medical exam.
Permanent Life Insurance
Lifetime Insurance Coverage
- You would like to leave a legacy.
- You would like to be protected, even if your health changes.
- You would like to ensure the continuity of your business.
Universal life insurance.
- You would like to leave a significant inheritance.
- You have contributed the maximum amount to your RRSP and your TFSA.
- You would like to protect the value of your company.
Permanent LifeÂ Insurance
Whole Life PLANS
- Guaranteed cash values that can provide you with access to the funds through partial surrenders and policy loans
- Policy dividends (not guaranteed), which allow you to share profits based on the participating account performance and are payable after the first policy anniversary
- Automatic premium loans, where accumulated cash values can keep your policy in force if you are unable to pay premiums for a period of time
ARE YOU SAVING ENOUGH FOR YOUR CHILD’S FUTURE?
Who can open an RESP
RESPs and bank accounts
Period that an RESP can stay open
What happens to savings in an RESP when it closes/expires
- money received from either the Canada Education Savings Grant (CESG) or the Canada Learning Bond (CLB) will be returned to the Government of Canada; and
- any personal savings in the account will be returned to the person who opened the plan.
- all children named in the plan are at least 21 years old and are not eligible for an Educational Assistance Payment;
- the subscriber is a Canadian resident; and
- the RESP was opened at least 10 years ago.
When an beneficiary does not continue their education after high school
Yearly and lifetime RESP contribution limits
- no annual contribution limit;
- lifetime contribution limit: $50,000 (including all contributions made prior to 1998).
Frequency of contributions
- some types require specific monthly contributions;
- others let you put money into your RESP account whenever you want.
CESG grant room (carry forward)
Summary of limits for education savings
|Period||Contribution required for basic CESG (maximum annual limit)||Annual maximum CESG|
|1998 to 2006||$2,000 ($4,000 with carry forward room)||$800 (20% of $4,000)|
|2007 or later||$2,500 ($5,000 with carry forward room)||$1,000 (20% of $5,000)|
|Net family income of primary caregiver (2016 levels)||Maximum amount of Additional CESG|
|$45,282 or less||$100 (20% of the first $500 contributed)|
|More than $45,282, but not more than $90,563||$50 (10% of the first $500 contributed)|
|More than $90,563||$0|
Number of RESPs you can have
Naming a replacement beneficiary
Adding another child to an RESP family plan
- be under 21 years old at the time you add him or her to the plan; or
- have been a beneficiary of another family RESP immediately before being added to this one.
If youâ€™re heading to a tropical beach, cross-border shopping or visiting family or friends in another province or countryâ€”your full provincial healthcare plan wonâ€™t go with you. That means, if you experience a medical emergency away from home, youâ€™ll be left to arrange for care and pay for it too.
- Emergency Medical Expenses: Covers medical costs incurred due to illness or accident including medically necessary and prescribed emergency evacuation. aid, therapies and diagnostic tests .
- Emergency Medical Evacuation: Evacuation to the home country is covered up to the medical sum insured.
- Repatriation of remains: Covers the funeral expenses or expenses of repatriating the remains back to your home country, in case of death of the insured overseas.
- Emergency Dental Expenses: Covers acute anesthetic treatment of natural teeth.
- Hospital Expenses: Pays a daily allowance as stated in the policy in the event of hospitalisation either due to sickness or accidents.
- Accidental Death: The company will pay the sum insured specified in the schedule in addition to the sum insured specified under the Personal Accident section, If the insured sustains Accidental bodily injury during the course of the journey .
- Flight delay: Compensation if the aircraft is delayed for more than 12 hours than the original scheduled departure time
Trip Cancellation & Interruption Insurance
Trips get cancelled, plans get changed and luggage can go missing. Taking a trip is all about planning and preparation â€“ but too often, plans can unexpectedly change. Trip cancellation and interruption insurance can help you protect your investment by helping cover pre-paid expenses, re-organizing travel plans, and recovering lost, damaged or stolen luggage.
Coverage & Services
Should you have to cancel your trip due to unexpected or unforeseen events you can protect the investment you’ve made on non-refundable pre-paid travel expenses.
If you experience unexpected travel interruptions due to a covered risk.
This coverage help cover the costs of re-booking and re-scheduling your itinerary to get you home when covered situations prevent you from returning home on your scheduled return date.
Lost, Damaged & Stolen Luggage
If your luggage or important travel documents are lost, damaged, or stolen while on your trip, this coverage can help you to find or replace them.
Why are critical illness and disability insurance important?
- Covers your financial obligations.
- Allows you to maintain your standard of living.
- Covers various expenses relating to critical illness or disability.
- Allows you to take the time you need to get back on your feet or to adapt to your new situation.
- Guarantees practical financial assistance, especially for the self-employed, small business owners and employees without a group insurance plan.
Why do you need critical illness insurance?
- One in three Canadians will develop a life-threatening cancer
- One in two heart attack victims are under 65 years old.
- Each year, 50,000 Canadians suffer a stroke. Of all stroke victims, 75% will be left with a disability.
- Critical illness insurance provides a lump-sum benefit to help support you financially, if you are diagnosed with and survive a covered critical illness. You can use this benefit payment to supplement your health insurance plan and any group disability coverage you may have:
- Reduce your financial burden: Pay off or reduce your mortgage, credit cards or other debts. Help keep your business running.
- Maintain your independence: Modify your home or vehicle to improve your mobility. Hire domestic help for your recovery. Fund a leave of absence for yourself or your spouse.
- Access cutting-edge medical services: In Canada, pay for medications and treatment not covered by provincial health plans. Outside Canada, pay for treatment that may not be available at home, in addition to your familyâ€™s travel and lodging expenses.
- Assist in your recovery any way you choose: Spend more time with your family or use the benefit.
Different Forms Of Critical Illness Insurance
MONER BACK PLANS———
What conditions are covered?
Mortgage protection insurance is a life insurance policy designed to pay off your mortgage if you die during the term. A It runs for the same length of time as your mortgage. A So, if you take out a mortgage over 20 years, your mortgage protection insurance must also be in place for 20 years. A If you die, your insurance company pays the policy benefit directly to your mortgage lender. Your lender uses the amount needed to pay off the mortgage and, if there is any left over, they will pass it to your estate. You can change a insurer during the term of your mortgage if you find better value elsewhere.
Personal Mortgage Insurance VS. Bank Mortgage Insurance
Bank Mortgage Insurance
- The bank is the owner of the policy and you have no control over it
- Lender is the beneficiary
- The group policy can be terminated by the insurer at any time
- Your insurance ends with the mortgage
- Premiums can change if the group experiences change
- Insurance terminates if you change lenders, you must re-qualify all over again
- Cannot be more than the amount of the mortgage
- Coverage decreases with your mortgage
UNDERWRITTEN AT TIME OF CLAIM
Personal Mortgage Insurance
- You own the policy
- Beneficiary of your choice which can be changed anytime
- Your coverage is guaranteed
- Your policy is guaranteed renewable and convertible
- Premiums are Guaranteed
- The insurance remains if you change lenders, change the mortgage, or buy another home
- Can also include other needs outside of the mortgage i.e., income replacement, kidÃ¢â‚¬â„¢s education, final expenses etc.
- Coverage stays the same regardless of mortgage
UNDERWRITTEN AT TIME OF APPLICATION
When purchasing your new home, take the time to shop and compare lowest quotes for life insurance. Compare the cost of a term life insurance policy to a mortgage insurance policy. Chances are you’ll find a term life insurance policy will have lower yearly premiums and offer more coverage and flexibility than a mortgage insurance policy.