What types of insurance can I get in Canada?
An insurance policy is a type of financial product that aims to protect you in the event of loss, grow your assets, or help you save for the future. There are different types of insurance that protect you, your property or your family in different situations.
Disability Insurance
Should you ever be unable to work due to illness, injury or permanent disability, disability insurance guarantees you income and / or home medical care.
General insurance
General insurance covers a wide range of risks that cannot be covered by life insurance, disability insurance or supplemental health insurance. This type of insurance covers unforeseeable losses, natural disasters, negligence and legal liability, among others. Individuals and businesses who are concerned about these possible risks pay a premium to an insurance company which reimburses them when they suffer a loss or are sued in court and have to pay damages.
Life insurance
The purpose of life insurance is to guarantee income or provide a one-time payment to your survivors - children, spouse, other family members - in the event of your death. There are several types of life insurance that meet different needs, but there are generally two types:
Term insurance: this insurance provides protection for a fixed period (eg, 1, 5, 10, 20 years). At the end of this time, you cease to be insured. If you renew the insurance, your premiums will be increased over time and over your age, taking into account that the likelihood of your death has increased. This insurance is popular because it is relatively less expensive.
Permanent insurance: this type of insurance protects you for the duration of your life. This insurance is generally more expensive.
Travel insurance
This insurance covers the portion of medical expenses incurred outside of Canada that exceeds the amount reimbursed by provincial health plans. Travel insurance can also cover expenses such as those resulting from the cancellation of a trip or the loss of tickets.
You can buy an insurance policy from an insurance company or from an intermediary such as an agent (which represents a single company) or a broker (which seeks, in the insurance market, the product which best suit his client). Insurance plans are sometimes part of the benefits offered to employees. All insurance policies differ from each other because insurers apply different conditions to them. Read the insurance policy you buy carefully and make sure you understand it.
You will have to pay a premium for all these insurances. This premium gives you some protection expressed in dollars, which will depend on the coverage provided by the insurance policy. In the case of life insurance or private health insurance, premiums are set based on criteria such as your state of health and age, as well as the amount and length of coverage. The premiums for property insurance are calculated according to the value of the property and the possible risks.
Car insurance
If you drive a vehicle in Ontario, you are required by law to have auto insurance.
Understanding Auto Insurance - information made available to you by the Financial Services Commission of Ontario, the body responsible for regulating auto insurance in Ontario.
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