Guide to Canada’s International Student Insurance in 2023
If you are an international student looking for a guide on what insurance is important to have while studying in Canada, look no further. In this article, we will cover the basics of international student insurance in Canada, as well as some tips on finding the right policy.
What is International Student Insurance?
International Student Insurance is a type of insurance coverage designed to protect international students studying in Canada from personal financial loss in the event of an unforeseen event. The most common types of covered events include medical expenses, death, and disability.
Each student is responsible for purchasing their own insurance policy, although some Canadian insurers may offer special rates for international students. Some basic requirements for international student insurance include proof of citizenship or residency status in the country you are studying in, as well as evidence that you are attending school full time.
In the unfortunate event that a covered event does occur, insurance policies usually offer a range of benefits including reimbursement for medical expenses, travel costs related to treatment, and lost income while away from home. Policies also often include provisions for property damage and loss, legal representation, and repatriation assistance.
Types of Coverage Available
There are a few types of coverage available for international students in Canada. Some of the most common coverage options include medical, travel, and property insurance.
Medical Coverage: Most universities offer some form of medical insurance for their students. This coverage typically includes coverage for medical expenses including hospitalization and prescription drugs. Make sure to ask about the specific terms and conditions of the insurance before enrolling.
Travel Coverage: Many universities also offer travel insurance for their students. This type of coverage can cover your costs if you need to be treated in a foreign country or if something happens while you are traveling. Make sure to read the policies carefully to understand all the coverage that is included.
Property Insurance: It is also important to have property insurance while studying in Canada. This type of insurance protects you if something happens to your residence or belongings while you are away. Speak with an agent about what type of policy is best for you and your situation.
How Much Does International Student Insurance Cost?
As an international student in Canada, you might be wondering how much international student insurance costs. Here’s a breakdown of the different types of insurance coverage available to international students and how much they typically cost.
Health Insurance for International Students in Canada
The most common type of health insurance that international students in Canada need is medical coverage. This type of coverage typically coversmedical expenses that occur while studying in Canada, such as hospitalization and doctor visits. The premiums for medical coverage vary depending on the policy, but they can run anywhere from $50 to $200 per month.
Travel Insurance for International Students in Canada
International students also need travel insurance to cover any unexpected expenses that may happen while travelling in Canada. This type of coverage usually includes things like loss of luggage, trip cancellation, and emergency medical evacuation. The premiums for travel insurance vary depending on the plan, but they can range from $30 to $100 per year.
Home Insurance for International Students in Canada
Finally, international students in Canada may also want to purchase home insurance to cover any potential damages that may occur while they’re studying here. This type of coverage usually covers things like theft or damage caused by natural disasters. The premiums for home insurance vary depending on the policy, but they can generally cost between $40 and $120 per year.
What are the Requirements for Coverage?
The International Student Insurance guide in Canada outlines the types of coverage and requirements for students studying in Canada. Some of the most common types of coverage include medical, dental, travel, lost or stolen property, and accident insurance. Students are advised to consult with a representative from their chosen insurance provider to determine the best coverage for them.
Students should also be aware that some policies may not cover pre-existing conditions or student activities while in Canada. In addition, residency status is also important to consider when purchasing an insurance policy. Canadian residents are typically covered under provincial health insurance plans while international students are not always covered. Students should ensure that their policy includes coverage for both Canadian and international events.
In addition to insurance, students should be prepared to cover costs associated with moving to Canada such as visa applications and application fees, transportation expenses, and accommodation during the transition period. A full list of suggested items can be found on the Immigration Department website.
How do I Apply for International Student Insurance?
If you are an international student in Canada, you may want to consider getting insurance. There are a few different types of insurance that international students may want to consider, including medical insurance, travel insurance, and accidental death and dismemberment insurance.
Medical insurance is a vital part of any international student’s protection in Canada. Not only can it cover costs related to hospital visits and medical procedures, but it can also protect you from expensive out-of-pocket expenses. Some of the most common types of medical insurance for international students include general health insurance and hospitalization insurance.
Travel insurance is another important item for international students in Canada. This type of coverage helps to cover unforeseen costs when travelling outside your home country, such as lost baggage or flight delays. Some affordable options for travel insurance for international students include World Nomads and Travel Guard Canada.
Accidental Death & Dismemberment Insurance:
Accidental death & dismemberment (AD&D) coverage can help to provide financial assistance if something happens that leads to the death of someone else or if you become disabled due to an accident. Some popular AD&D policies for international students include Globe Life Assurance Company International and Canadian AssurANCE Health Benefits Limited Partnership (CAHB).