The cons of leaving things to chance outweigh the pros. Getting the right insurance is the key to creating a robust financial plan and achieving financial security. It can also serve as a tool for mitigating financial loss.
However, many people don’t prioritize insurance because of one reason or the other. You are expected to pay a premium for the protection that comes with it. The easiest way to get the right insurance product recommendation is to discuss your needs and current situation with your insurer.
- Auto Insurance
- Home Insurance
Home insurance remains one of the top coverage that experts often recommend to immigrants. It will come in handy even if you’re not planning to buy a house yet. This is because it’s now a basic requirement for some renters.
Opting for the best home insurance package won’t only protect your property but it will also cover civil liability if the unexpected happens.
Some of the damages that home insurance can cover include vandalism, fire, theft, and damages which occur as a result of overflowing water, hail, an explosion and the likes.
Credit Card Balance Insurance
Credit cards are among the widely accepted payment options in Canada. You can get credit card payment protection plan from financial firms that provide credit cards. This plan will serve as an additional form of coverage and will protect your credit card in the event of a debilitating illness or death.
Moreover, the insurance will reimburse around 5 -10% of your monthly balance if you lose your job through no fault of your own or can’t work anymore. The duration for payment can span from 10 – 24 months. Calculating the balance for this type of insurance involves considering your credit card balance. A higher balance will attract a higher premium.
Life Insurance
Your loved ones will have access to your life insurance benefit after your death. The payment will be made to only those you name as beneficiaries in your policy. Term and permanent are the two main types of life insurance.
The main difference between both options is that the former offers coverage for a limited while the latter is for a lifetime.
Health Insurance
Many immigrants and citizens rely on health insurance to cover the services that are not included in their provincial health care plan. Certain types can sustain you if you are dealing with a serious injury or illness.
The common types of health insurance include long term care insurance, disability insurance, trauma insurance, and travel medical insurance.
Property and Casualty (General) Insurance
This type of insurance can protect you in case you experience the damage or loss of property such as a home or car. On the other hand, casualty insurance will cover you from legal issues if the damage causes injury or damage to other people or their belongings.
The other types of general insurance are listed below:
- Comprehensive insurance
- Business insurance
- Collision insurance
- Liability insurance
- Errors and omission insurance
- Accident benefits/bodily injury insurance.
Some of the criteria that insurers will consider before issuing a policy include the age, amount of coverage, and medical history. You will need to undergo a medical exam if you want a life insurance plan.
It’s important to wait until the assessment is over to have an idea of the premiums to pay and coverage you will enjoy. Try to answer every question correctly when applying for any insurance plan. This will increase your chances of approving your policy and getting your claim.
