Basic Insurance Policies That Every Canadian Must Have

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Insurance is a must when it comes to efficient risk management. In fact, every individual must be educated well to invest in insurance to protect himself from the uncertainties of life. Ironically, people across Canada do not really know much about the types of insurance that exist as well as the insurance that they would need someday or the other. Hence, this article emphasizes the main types of insurance that every Canadian must have.

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#1 Health Insurance

Health insurance is basically a type of insurance that promises to cover certain medical expenses that may arise during an illness. Expenses like the cost of physical examinations, diagnosis, surgeries, or medical procedures are generally covered by these. 

Canada has divided health insurance and its subtypes according to the provinces that people live in. Commonly, all across Canada, these are segregated into 2 types:

  1. Public: The one that is provided by the Government of Canada at discounted prices. Through this, you are able to get standard health services. In some provinces, certain additional services like physiotherapy may also be included. 

Common services that are not included are dental care, prescribed medications as well as optometrists. 

  1. Private: This is the one that you buy from the best insurance company Calgary that you may know. These cover far more medical procedures and expenses than the standard public health insurance and reduce the disbursement time, making things much easier for you. 

#2 Car Insurance

Auto/ car insurance is essential for those who possess a car or automobile. This type of insurance basically protects you from having to pay for the repairs of your vehicle if it’s damaged in an accident or otherwise.

#3 Homeowners’ Insurance Or Renter’s Insurance

Homeowners insurance is a kind of property insurance that covers the losses caused by the damages to an individual’s residence. It includes all the major assets and furnishings. Similar is the case in renter’s insurance. In it also, the personal assets of a tenant are covered. 

#4 Life Insurance

From the name itself, it is clear that this insurance covers the life of an individual. In simpler words, in case of the insurer’s demise, a set amount is given to his family so as to compensate for the loss of life of that individual. It is a very important financial support that every family needs when they lose the one who the responsibility for the house was.

Well, life insurance policies to are of different types. The most common ones are term life insurance and permanent life insurance.

#5 Disability insurance

In the event of a miserable mishap like a deadly accident that leaves you disabled, this type of insurance ensures you a fixed income, promising easy survival and a decent lifestyle.

Conclusion: If you ask any of the well-established citizens, he/she would definitely recommend you to get yourself and your assets insured. In fact, according to experts, it is the wisest investment decision that any person would make. So, why wait? Get absolutely free consultation on the type of insurance you need from Calgary Insurance Quotes®, the best insurance company Calgary and secure your future today.

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