Annual is cheaper by the set-up fee and any instalment loading, typically $10 to about $150 a year on the October 2026 examples. Monthly wins on cash flow: a two-month deposit instead of the full year, and less money committed while the visa is pending. Both satisfy IRCC, whose officer instructions accept a policy “paid in full or in installments with a deposit.” The real cost of monthly is the lapse risk.
The decision is rarely about the small price difference. It is about how much cash the family has in hand before a visa decision that takes 44 to 265 days, per immigration.ca, and about whether twelve payments will be made without a miss.
What do the worked examples show?
Monthly costs about the same as annual before the set-up fee and slightly more after it. Examples from the PolicyAdvisor and BestQuote tables, $100,000 coverage, rates seen Oct 2026 — verify at quote time. The set-up fee range reflects the four insurers that publish instalment terms.
| Profile | Monthly instalment | 12 instalments | Set-up fee | Monthly total | Annual premium | Difference |
|---|---|---|---|---|---|---|
| Age 58 | $111 | $1,332 | $10 to $120 | $1,342 to $1,452 | $1,329 | $13 to $123 more |
| Age 68 | $135 | $1,620 | $10 to $120 | $1,630 to $1,740 | $1,621 | $9 to $119 more |
| Couple 60 and 61 | $221 | $2,652 | $10 to $120 | $2,662 to $2,772 | $2,657 | $5 to $115 more |
The twelve-instalment figure is the monthly rate multiplied by twelve; some insurers structure the year as a deposit plus ten instalments, which gives the same total. The published examples do not name the insurer for each row, so treat them as the shape of the comparison rather than a quote.
What are the instalment terms by insurer?
Four insurers publish them; three sell annual only. Terms seen October 2026 — verify at quote time.
| Insurer (underwriter) | Instalments offered | Deposit | Set-up fee | Schedule |
|---|---|---|---|---|
| 21st Century (Manulife) | Yes | 2 months | $50 | Monthly |
| Travelance (Old Republic Insurance Company of Canada) | Yes | 2 months | $60 to $100 | Monthly |
| Secure Travel/RIMI (iA Financial Group; claims by MSH) | Yes | 2 months | $120 | 10 instalments after the deposit |
| Destination (Zurich Insurance Company Ltd, Canadian Branch) | Yes | 2 months | $10 | Monthly |
| Manulife CoverMe (Manufacturers Life) | No | — | — | Annual only |
| GMS (Group Medical Services) | No | — | — | Annual only |
| Allianz Global Assistance (CUMIS General Insurance) | No | — | — | Annual only |
| TuGo (iA Financial Group) | Unverified at review | — | — | Confirm at quote time |
The monthly page has the full detail on each plan, including what the certificate shows for IRCC.
How does cash at risk compare before the visa decision?
Monthly commits roughly one-sixth of the year’s premium; annual commits all of it. Both come back on a refusal before the effective date, less the set-up fee on monthly and less an administration fee at GMS and Secure Travel on annual.
| Scenario, age 65, Secure Travel annual rate $2,051 | Annual | Monthly (estimated as $2,051 ÷ 12 ≈ $171) |
|---|---|---|
| Cash out at purchase | $2,051 | About $342 deposit plus $120 fee = about $462 |
| Visa refused before effective date | $2,051 less administration fee | About $342 back; $120 fee kept |
| Visa delayed 4 months | $2,051 committed; move the date free | About $462 committed; move the date free |
| Visa approved; parent arrives | Nothing more to pay | 10 instalments of about $171 |
| Parent leaves after 6 months, no claims | Pro-rata refund less administration fee | Stop after cancellation confirmed; pro-rata of the deposit less fee |
The monthly column divides the annual rate by twelve for illustration; the insurer’s actual instalment may differ. The refunds page covers the refusal terms at each insurer.
What is the lapse risk and how do you manage it?
A missed instalment ends the cover. There is no grace period you should rely on, no refund, and reinstatement may mean a new policy with a new stability test and a waiting period. Over twelve months the common causes are an expired card, a card replaced after fraud, and a bank block on a foreign-looking transaction.
| Cause of a missed payment | Prevention |
|---|---|
| Card expires mid-term | Use a card that runs past the policy expiry; update the insurer when a new card arrives |
| Card replaced after fraud | Tell the insurer the same day; most will take the new number before the next instalment |
| Bank declines the charge | Add the insurer as a known payee; check the statement the day after each instalment date |
| Family forgets | Calendar reminders on two phones; the parent’s and the host’s |
| Dispute over an unrelated charge | Never charge back an instalment; cancel in writing instead per the cancellation page |
Which should you choose?
Annual if the premium is affordable and a refusal refund matters, because four insurers return it in full. Monthly if cash is tight during a long processing wait or the parent’s plans are uncertain. Neither choice affects the medical underwriting, the stability period or the IRCC outcome.
| Family situation | Lean | Why |
|---|---|---|
| Can pay the year; refusal risk is the worry | Annual | Full refund at Manulife, 21st Century, Travelance, Destination |
| Processing expected over 6 months; cash needed elsewhere | Monthly | Deposit only until the policy starts; see processing delays |
| Parent may leave early | Either | Both refund pro-rata with no claims; monthly simply stops after cancellation |
| Parent over 79 or with conditions needing GMS, Manulife or Allianz | Annual | Those insurers do not offer instalments |
| Two parents | Either | Couple example shows the same small difference |
| Host travels often or changes cards | Annual | Removes the lapse risk entirely |
The cost page has the annual grid for every age band and insurer, which is the starting point for either payment choice.
Questions people ask
Does IRCC accept monthly super visa insurance?
Yes. The officer instructions say the policy must be paid in full or in instalments with a deposit, and quotes are not accepted. A monthly plan certificate that shows the deposit paid meets the requirement. Four of the insurers we compare offer instalments; Manulife, GMS and Allianz are annual only, and TuGo's monthly option was unverified at review.
How much more does monthly cost?
On the published October 2026 examples, between almost nothing and about $150 a year once the set-up fee is added. At age 58, about $111 a month plus a fee against $1,329 a year works out to roughly $50 to $100 more. At 68, $135 a month against $1,621 a year is about even before the fee.
What is the deposit?
Two months' premium at the four insurers that publish instalment terms, plus a set-up fee: 21st Century $50, Travelance $60 to $100, Secure Travel $120 then 10 instalments, Destination $10. The deposit is refundable on a visa refusal before the effective date, less the set-up fee.
What happens if a monthly payment is missed?
The policy lapses. The parent is uninsured from the missed date, no refund is paid, and reinstatement is at the insurer's discretion, often as a new policy with a fresh stability test and a waiting period. Use a card that will not expire mid-term and keep a calendar reminder for each instalment.
Which is better if the visa might be refused?
Monthly puts less cash at risk, but annual gets more of it back. On a refusal before the effective date, Manulife, 21st Century, Travelance and Destination refund the annual premium in full; the monthly deposit comes back less the set-up fee. If you can afford the annual premium, the refund terms favour it.
Can I switch from monthly to annual mid-term?
Some insurers allow paying off the balance; others require the instalment schedule to run. Ask at quote time. Switching at renewal is always possible: buy year two as an annual policy with the effective date set to the day after the monthly plan expires.
Get the policy IRCC requires, in minutes
Three questions, one price, one button. The certificate your parent needs is emailed the same day.