There are a number of ways that insurance policies are classified. The two general categories are life insurance and property + casualty insurance. Within those categories, there are several subcategories, some of which are described below.
This is insurance that protects individuals, or those depending on them, against financial loss as a result of injury, sickness, or death. Depending on your needs, you can choose from many different types of life insurance.
Term insurance is purchased for a set coverage period. At the end of the term, you decide whether you would like to renew it or let the coverage end.
Whole life or permanent insurance runs continuously for your whole life, and usually combines a death benefit with a savings portion. The savings portion can build a cash value, against which you can borrow funds.
Sickness or disability insurance covers your usual expenses in the event you are sick or disabled, and cannot work.
Travel insurance protects you when you’re travelling outside of your home province.
Your provincial medical plan pays a portion of some losses, and travel insurance picks up the balance. It also covers many types of loss that may not be covered at all by your provincial plan. This type of coverage should be purchased whenever you’re leaving your home province, whether you’re going to Europe for a month, the US for the weekend, or even to another province to visit family.
Across Canada, each province approaches auto insurance differently. Policies may be underwritten by government insurance providers, private insurance companies, or a combination of both.
For more information on auto insurance in your province, we recommend you speak with a local insurance agent.
If you own or operate a business, having the right commercial insurance is critical. There are many options available to you, including insurance for: business interruption, commercial property, liability, and marine.
For commercial insurance, we recommend you speak with a local insurance agent.
Whether you’re a home owner or a renter, you’ll want to make sure your home insurance covers what you think it does. Make sure you understand the types of home insurance available to you.
Even when you take precautions, accidents can happen. Home insurance is one way to protect your family against financial losses from accidents. And, home insurance can start from as little as $12/month.