|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
The numbers of immigrants in Canada are at all time high and sustained immigration efforts means that this number will continue to grow. The data from the recent census show that about 1 in every 5 Canadian residents were born outside Canada. With so many foreign born residents there is no surprise that family based immigration programs are very popular. Many immigrants are very eager to find new ways to bring their loved ones to live with them in Canada.
Fortunately in December 2011 a new program was launched to help parents and grandparents of Canadian residents and permanent residents come to Canada. This program is known as Parent and Grandparent Super Visa or Canadian Super visa. It has been a great success since the launch of this program over 5,000 visas is issued to qualified parents.
This super visa program is a path for applicants to gain long term visitor status in Canada, under normal circumstances visitors are admitted to Canada for only six months.
The Canadian Super Visa provides an alternative, as it allows parents and /or grandparents of Canadian citizens or permanent residents to stay in Canada for up to two years at a time without the need to renew the status of visit every time. The visa is valid for up to ten years with multiple entries allowed during the entire time period.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
Citizenship and Immigration Canada has minimized the processing time for this visa. The processing time is 8 weeks of receiving the application. The approval rate of this application is 83% so the chances of success are high.
Canadian Super Visa can benefit any foreign parent/grandparent of Canadian citizen or Permanent resident. It is most useful for parents or grandparents who are citizens of a country that requires a temporary resident visa (TRV) to enter Canada, the super visa will help them to travel freely between Canada and their home country without the worry and hassle of regularly re-applying for a TRV.Individuals of visa exempt countries can also benefit from this super visa, they can receive a letter from Canadian government which authorizes their stay for a period of two years.
Canadian Super Visa application process is simple and straightforward. The form and required documents are similar to that as of TRV application. Some additional items are required to demonstrate that applicant will be supported while in Canada.
- A letter from the child or grandchild inviting the parent/grandparent to Canada.
- Prove that the child or grandchild meets the minimum low income cut-off.
- Proof of relationship between the child and grandchild with the parent or grandparent.
- Should have bought medical insurance valid for one year from Canadian insurance company.
- Medical insurance should provide coverage of $100,000 for health care, hospitalization and repatriation.
Medical insurance is the main criteria for Canadian Super Visa and it is required because the visitors or individuals sponsored through this program are not eligible to receive Canadian healthcare. The health care in Canada is very expensive for visitors so the medical insurance will help.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|