Insurance in Canada

A Guide to Insurance in Canada

If you plan to visit, work, study or live in Canada, make sure to have a good insurance plan that has got you covered in case you get into trouble. There are various insurances in Canada, including health insurance, dental insurance, unemployment insurance, disability insurance, home insurance, life insurance and travel insurance. It’s important to know that each Canadian province has different rules regarding insurance.

Automobile Insurance

Car insurance is mandatory in Canada if you drive! Car insurance covers the drive, the car, passengers and pedestrians involved. If you get into an accident, your insurer will pay the legal fees and handle your defence at court.

Home Insurance

In some scenarios, tenants and homeowners are required to purchase property insurance. Home insurance is a good investment because it usually covers fire, theft, vandalism, and property damages.

Health Insurance

Canada is one of the few countries in the world that offers universal healthcare. However, healthcare is not free in Canada. Canadians pay for their healthcare indirectly through their taxes. If you are a Canadian citizen or permanent resident (a foreign national in some cases), you can enjoy most healthcare services for free. Each province has different healthcare plans, but you need a provincial health card to access the services.

Automobile Insurance 

Life Insurance

Life insurance is extremely popular in Canada because it protects both your family in case you pass away. No matter your income, life insurance should be part of your financial plan to protect your loved ones.

Did you know about %60 of Canadians have life insurance?

Some of Canada’s best health and life insurance companies include Manulife Financial, Sun Life Financial, RBC Insurance, Green Shield Canada, Aviva Canada and Empire Life.

Disability Insurance

Disability insurance helps to protect you and your family members in case of a sudden illness and disability. Usually, disability insurances cover up to %85 of your income for a certain period of time if you have stopped working due to your disability.

Disability Insurance 

Employment Insurance

Employment insurance provides temporary support for Canadians who have lost their income due to unemployment. Employment insurance helps you out until you find a new job or upgrade your job and return to work. However, you should apply for jobs while you are on EI and show that you are looking for employment.

Travel Insurance

Travel insurance covers visitors who are travelling to Canada and Canadian residents who are travelling abroad. If you are a visitor, it is best to purchase a travel insurance plan that covers you and your family for your visit. You can purchase your travel insurance directly from Canadian companies, or you could get your coverage from a foreign company outside Canada.



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