Insurance protects you financially by providing an agreed upon sum of money in case of damage, Illness or death. There are various types of insurance that protect you in case the unfortunate events unfold. The Insured gets into an agreement with an insurer and pays his premiums as agreed to be eligible for the coverage. There are various types of insurances in Canada which cover you against different types of risk as described below
- Life Insurance – Helps protect a family by providing the beneficiary a lump sum amount when an insured dies.
- Critical Illness – In case of diagnosis with covered Illness e.g. Life Threatening Cancer, Heart Attack, Stroke to name a few, a lump sum amount of money is provided to alleviate some of the financial burden.
- Disability – Usually provides a monthly income in case the insured becomes physically disabled. This amount is dependent upon the income of the insured individual and can never exceed the income that the individual earned through his regular work.
- Travel – Whenever you travel to an outside country or even between provinces in Canada, your health coverage does not cover you for the expenses in case an accident happens. Travel Insurance covers you for your travel periods.
- Super Visa – Super Visa Insurance is for a special program from the Canadian Government. It covers the Parents and Grandparents who visit Canada on a Super Visa. This visa is only available to Parents and Grandparents. This visa allows them to stay in Canada for up to two years at a time. This Insurance covers the medical expenses and required minimum required coverage is set at CAD 100,000 per person.