Insurance Basics

Personal Insurance

Protect yourself, your family and your personal assets with help from a reputable insurance company. You should always do your research into the different policies available to make sure that you are getting the best coverage and value.

Car Insurance

It is illegal to drive your car in Canada without vehicle insurance. If you have your own car, you will need to insure the car under your own name, but if you are driving a friend or relative’s car often, you should be listed on their insurance plan.

There are different plans and costs involved in choosing an insurance plan that suits your individual needs. The cost of car insurance depends on the insurance plan you choose and the company that you select, but is also evaluated according to your age, driving experience, driving record and where you live.

Employment Insurance

This type of insurance is run by the government and provides temporary financial assistance to people who have lost their jobs, are sick, pregnant or caring for a terminally ill family member.

You can apply for Employment Insurance online or at the closest Service Canada Centre.

There are many benefits and programs associated with Employment Insurance. For more information on each type of benefit, you can visit the Canadian government website: Service Canada

Health Insurance

All Canadians and permanent residents can apply for health insurance. This means that you will not have to pay for medical expenses as this cost is covered by public tax and the government. Each province and territory has its own health insurance plan, so you will need to consult the different ministries of health for more information. You can find this information on the Canadian government website here: Canadian Government

Not all medical costs are covered by the government, so you will need to take an extra health policy to pay for other procedures including prescription medication, dental care, physiotherapy, ambulance services and prescription eyeglasses.

Waiting Period

Residents can take up to 3 months to receive their government health insurance card. It is therefore recommended that you take out a private health policy in the interim.

Travel Insurance

While most medical expenses are covered in Canada, if you travel outside of the country, you will be limited in your medical claims. That is why you need travel insurance which is designed to pay for any emergency and unexpected costs that may occur when you are travelling. This includes hospital bills, but also includes lost baggage and accidental death insurance.

Disability Insurance

If you have to stop working because of an illness, injury or disability, this type of insurance will help cover living expenses and medical bills.

Life Insurance

Life insurance provides income benefits or a one-time payment to your survivors (for example, your children, spouse or other family members) when you die.

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