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Accidents, illnesses, and loss of personal assets can occur when we least expect it, resulting in financial devastation that wipes out our life savings or severs our ability to earn income. To protect yourself and your loved ones against these rare but costly events, it’s necessary to obtain insurance.
Insurance is a legal agreement between you and an insurance company. In this type of contract, you make regular payments (called premiums) to an insurance company in exchange for their promise to compensate you for losses associated with a particular unforeseen event. You’re essentially transferring your financial risk to the insurer.
Insurance is vital because it provides financial security for you and your family. It provides you with the financial resources to help you navigate unexpected events more easily than if you were on your own.
There are many types of insurance available, and each exists to serve a particular purpose. Given that you don’t have the foresight of every scenario that can occur, it may seem the ideal solution is to purchase as much coverage as possible. However, obtaining every type of insurance contract imaginable is impractical and expensive, so you should only seek insurance that caters specifically to your needs and lifestyle.
The four most common types of insurance products are home insurance, car insurance, disability insurance, and life insurance.
Home insurance protects your home against damage, theft, and liability resulting from an injury on your property. Home insurance policies are available for renters as well, who wish to protect their personal belongings.
Home insurance covers your home’s replacement cost, additional structures attached to your home, the contents inside your home, and temporary living expenses incurred should you be unable to reside in your home following a disaster. Legal costs resulting from persons injured on your property are also covered.
Car insurance protects you from damage done to your vehicle and liability resulting from collisions.
Car insurance covers damage done to your vehicle in a collision, bodily injury and property damage inflicted on pedestrians, injury costs for you and your passengers, and damage to your vehicle resulting from falling trees, vandalism, etc.
Disability insurance reimburses you for lost income resulting from an injury that prevents you from being able to work. It typically replaces between 60% and 85% of your income for a specific time. Short-term disability insurance provides coverage for about 6 – 12 months, while long-term insurance can provide benefits anywhere from 2 to 5 years, although certain policies will cover you until age 65.
Your policy may also pay for costs associated with your rehabilitation or provide reimbursement for retraining should you wish to go back to school or upgrade your skills.
Do you qualify for the disability tax credit?
Life insurance provides coverage for your family’s debts and expenses, ensuring they are taken care of financially in the event of your death.
Life insurance can be used to cover funeral and burial costs, settle debts, or pay for everyday expenses. In general, your beneficiaries have discretion in how the paid-out funds are spent.
The most popular types of life insurance are term life insurance and permanent life insurance.
Term life insurance remains active for a specific time until it comes up for renewal. If you die while the policy is in effect, your beneficiaries receive a tax-free payment. Premiums are fixed during the time frame of the policy.
Permanent life insurance provides coverage for your whole life, with no need for renewal. Some policies have a tax-deferred investment component, allowing you to grow cash over time. As with term insurance, your beneficiaries are entitled to a tax-free payout in the event of your death. The premiums generally don’t increase over time.
Type of Life Insurance | Availability | Number of Partners | |
![]() | - Term life insurance - Permanent life insurance | - | - |
![]() | - Term life insurance - Critical illness insurance | BC, AB, SK, MB, ON, NS, PEI, YT, NWT, NT | - |
![]() | - Term life insurance - Whole life insurance - Disability life insurance - Critical illness life insurance - No medical life insurance | ON | 16 |
![]() | - Term life insurance - Permanent life insurance - Critical illness life insurance | BC, AB, SK, MB, ON, NB, NS | 50+ |
![]() | - Term life insurance - Permanent life insurance | All of Canada | 30+ |
Various factors affect the cost of insurance. Some of the most common are:
Below is an overview of the specific factors insurers consider when setting your premiums based on the insurance policy you’re applying for.
Insurance is a valuable tool that can help protect your assets and your family should disaster strike, causing undue hardship. Having the right types of insurance policies as part of your financial plan will provide you with financial security and peace of mind, allowing you to live your life with a little less stress and worry.
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Loans Canada is pleased to announce it placed No. 131 on the 2022 Report on Business ranking of Canada’s Top Growing Companies.
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