What Types of Canada Insurance Are There?
There Are many types of insurance out there. The types of insurance will differ based on your insurance company. However, some popular types are found in most insurance companies catalogues, which are:
Life insurance is one of the most popular types of insurance, much like Home insurance. It’s a legally binding contract between the policyholder and insurance company where the issuer guarantees a death benefit payment to pre-instated beneficiaries.
The premiums of this type of insurance vary but are usually not that expensive. On the other hand, eligibility for this type of insurance is tricky, as the insurance company will assess your policy and price based on your current health, high-risk activities, and medical history.
This type of insurance can pay out all at once or over time, depending on the contract. Since the policyholder pays this type of insurance until his eventual death, it can be voided if the policyholder stops paying.
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Auto insurance is the only insurance policy that’s mandatory. Auto insurance is necessary if you want to drive a vehicle in the USA and most places in the world. It’s a type of insurance that protects you and your vehicle in a myriad of ways.
Auto insurance protects you from three main things, and that’s liability protection, medical protection, and property protection. Liability protection helps you cover the costs for legal fees that occur due to your responsibility to others for injury, property damage, or death.
Medical protection does the same but to you. If you get injured in a car accident, this type of insurance will help you cover the medical bills and costs. Property protection will finance any damage that’s caused to your car – or against theft. Just like most other types of insurance, there is no general, fixed premium. It’s going to depend on your insurance company and unique policy.
Home insurance is a type of property insurance that covers losses and damages related to an individual’s property. This insurance often extends to assets in the home rather than just the home itself. It’s one of the most popular types of insurance out there and protects homeowners from having to worry about a tragedy that might leave them without a roof over their heads.
The premiums on this type of insurance are based around what it covers. Home insurance is a broad term, and individual policies can include different insurance types for your home. In layman’s terms, this means that different types of home insurance financially protect your home and its assets.
Risks are always out there, and a risk to your home could leave you in financial ruin. Most home insurance policies include disaster, accident, and theft protection – but depending on your insurance company and premium, you might be eligible for more.
Health insurance is a type of insurance policy that covers medical bills, surgery, and prescription drugs. It’s almost essential, as medical costs can rack up to quite a high degree. Most people who have experienced an accident wish they had purchased health insurance beforehand. Being proactive about your health by buying health/medical insurance is a fantastic way to protect yourself from financial ruin in times of poor health.
Sometimes, health insurance includes dental plans, but that’s an insurance company dependent factor. It’s used to pay medical experts or employees for their services. Health insurance is usually offered by companies that insure their employees in the form of benefit packages, but you can get health insurance for yourself.
The premiums on this type of insurance are going to vary wildly. That is the most expensive type of insurance premium wise, as your monthly payments depend on your age, current health, medical history, and many other factors.
Business insurance is a policy purchase by businesses rather than individuals. It’s a type of coverage that covers losses from events that might happen due to standard business operations. Insurance is based on potential risks, business operations, and the industry of the company that is purchasing it. The premiums for this type of insurance are usually higher than other types of insurance.
This insurance refers to several coverage options that are policy-specific. Aside from this, this insurance can cover damage to company property, liability protection, or dispute protection.
Most of these insurance types are bundled within something known as commercial lines, which are insurance packages that fit the needs of most companies – including property and casualty insurance for corporations.
Travel insurance is an insurance option that’s not usually offered by insurance companies – rather, it’s offered by travelling and ticket companies. Places that sell tickets give their customers the option to buy travel insurance, which protects them against different things.
Most often, travel insurance protects your plane tickets, luggage, personal property, rented property, and booking. Travel insurance policies are usually pretty cheap and may differ wildly based on the company selling them.
More elaborate travel insurance includes medical expenses, accidental death, flight accident, or liability insurance. Another appealing aspect of this insurance is that it usually includes 24/7 coverage, customer support, and emergency services.