Life Insurance
Why?
Life insurancecovers costs related to dying, that is,funeral expenses. Life insurance can also help pay off any mortgage and loans debts. If you are the main breadwinner of the family, life insurance can help your family compensate for the lost income. This is the main reason why people buy life insurance. It isimperative to keep in mind that life insurance ends.
Do you need it?
Life insurance is the type of insurance that most people do notwant to thinkabout. However, it iscritical. If you have a family, you also have a duty to make sure they are provided for in the event of your untimely death especially if you have children or if you have a spouse that’s not working. Life insurance will help your family cope and move on financially when you are gone.
Disability Insurance
Why?
Disability insurance is like life insurance because it provides financial coverage if something happens to you. If you get injured and are not able to work, disability insurance will compensate you for lost income. Disability insurance can cover permanent, temporary, partial, or total disability. However, it does not include medical care and services for long-term care.
Do you need it?
Stats Canada highlighted that in 2017, one in five (22%) of the Canadian population aged 15 years and over – or about 6.2 million individuals – had one or more disabilities, which makes this type of insurance sensible for everyone, even if you’re young and single.
Disability insurance is relatively affordable, but it could provide tremendous financial help if you become disabled for any length of time.
Health Insurance
Why?
This will have you covered for medical emergencies, hospital care, dental care or needed medication.
Do you need it?
Health insurance is arguably the most important type of insurance.
Health insurance plans help protect you and your family by reducing your out-of-pocket medical expenses. Furthermore, with proper coverage, you can have peace of mind knowing you will be able to afford the care you need, when you need it. Investing in health insurance can help you prevent a significant financial hardship.
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Homeowners or Renters Insurance
Why?
Homeowners insurance covers your home against damage and theft, as well as other perils such as damage to a visitor’s property, or any costs if someone was injured on your property. It also covers your home’s foundation, roof, and walls, as well as personal property. However, you may need additional insurance to cover natural disasters, like flooding, earthquakes, and wildfires.
Renters insurance covers you against damage or theft of personal belongings in aresidence/apartment, and in some cases, your car. It also covers liability costs if someone was hurt in your residence or if their belongings were damaged or stolen from your residence. However, renter’s insurance typically does not cover exceptionally valuable items, damage from pests, and damage from natural disasters.
Do you need it?
Homeowners insurance is essential because a home is usually one’s most valuable asset and is frequently required by your mortgage lender. Not only is your home covered, but most of your valuables and personal items are covered, as well.
Renters insurance is not as crucial, unless you have a large residence that has plenty of valuables. But even if you do not, know that renter’s insurance is usually very low-cost, so it might be well worth the peace of mind it provides.
Car Insurance
Why?
There are several different types of car insurance that cover different scenarios.
Always be on the lookout for car insurance discounts when you are shopping for a plan. There are plenty of discounts you may be eligible for to lower your monthly bill, including safe driver, married driver, and multi-car discounts.
Do you need it?
If you own a car all provinces and territories in Canada requires you to have car insurance.