The cost for both alternatives will remain the same, in other words there will be no price differential.
The main disadvantages are:

  • (a) You have to pay two renewal fees should you renew the policies.
  • (b) It can get cumbersome to deal with different companies should you choose to buy from different insurance providers.

There are however many advantages of having separate policies. They are:

  • (a) This gives you the flexibility to buy different policies for each of them depending of the specific needs of each of your parents. You might want to have different maximum coverage’s, different deductible or different coverage period’s, all of these can only be achieved through separate insurance policies.
  • (b) One of your parents might want to return earlier, you can claim a refund for this individual policy which you cannot do if it is a combined policy.
  • (c) Likewise one of your parents might extend their stay. It will not be possible to extend the policy for only one person if it is a combined policy.