Insurances in Canada are of many types. However, the following are the top 6 insurances that are important in the year 2021.
Canada offers a lot more than regular insurance policies than available in other countries. There are federal level and provincial/territorial level insurance regulators in place and they make sure that every level of the process from beginning to applying for a policy to finally claiming it, goes seamless for its citizens.
Like in every country, there are a lot of private insurance companies in play in the country and regulating them is what the above agencies do.
Each company offers a unique set of plans with their benefit attached with them and it is up to us to carefully go through the policies before investing in them.
Whether you’re starting a business or buying a home or a vehicle or if you are concerned about your health, there are various policies and services available for you.
Let’s see the different types of insurance options available here.
There is permanent life insurance and term life insurance. With permanent life insurance you can cover for your entire lifetime and your nominees or survivors will get the benefits of your plan after you peacefully pass away, knowing your loved ones are secure from then on. Term insurance on the other hand is more of a savings plan if we ignore the uncertainty of death. You’ll be paid a lump sum after the said period and you have money to invest from then on.
Among these two types there are further classifications too, like for permanent life insurance, there is whole life insurance and universal life insurance and for term insurance, there are single life insurances or joint life insurances.
All you need to do is choose from the options available after getting a thorough idea about them.
Usually provincial and territorial health plans cover your medical needs. Say thanks to Canada’s public funded health care system. However, if you need additional health insurance plans to help you pay for services that are not covered by your regular health care plans, services like nursing services, ambulance services or wheelchairs, you can apply for a policy that best suits your needs.
Also, there are health insurance covers available for most employees in the various private organizations. If you are planning to get an additional health insurance plan, check your employer’s benefits plan to make sure that you don't buy coverage you already have. You can always contact me, a certified insurance advisor Scarborough.
You can avail a specific health insurance plan for your travel. The travel insurance policies are an added benefit when you go on a trip or a vacation. Again, there are options available here. If you are traveling within Canada, your provincial insurance policies can cover you with most expenses, since there are agreements between the provinces on this regard.
If you plan to travel outside Canada, you need an extensive travel insurance plan to cover both your medical expenses and your properties while you are abroad. You can contact a certified financial advisor Scarborough to know more about these insurances.
Canada offers this special insurance plan for the kin of its citizens and permanent residents. The parents and grandparents of Canadian citizens can avail this visa to visit their children who stay and work here in Canada.
The best part of this is that it offers a multiple entry visa along with insurance benefits that cover emergency medical treatment for sickness or injury, services of physician, surgeon, anesthetist, private nurse, labs services, etc.
It can help protect you and your family from an unexpected accident or illness that leaves you unable to work and earn an income. Usually disability insurance covers from 60 to 85% of your income up to a specified time, at least until you can work again.
Usually employers offer this insurance but if need be you can apply for a separate plan through a life insurance or health insurance company.
Home, vehicle and small business insurance plans are available with most insurance providers. You have a variety of options available when you decide to protect your assets and properties. You can make a claim through these policies when unforeseen circumstances come up.
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