P is for protection

Insurance

Types of insurance

• Life
• Disability
• Critical illness
• Accident
• Home
• Automobile
• Mortgage
• Balance protection
• Travel
• Etc.

Mortgage life insurance

This type of insurance pays off any outstanding mortgage balance in case of death.

Life insurance

When a person dies, his or her heirs (should they accept an inheritance) may be held liable for the entirety of the person’s debt if no savings exist to pay it off.

Adequate insurance helps relieve heirs of this financial burden.

Life insurance enables loved ones to cover any expenses related to a death and pay off any uninsured debt. For people with children, this amount may also include replacement income to help maintain the family’s quality of life.

Disability insurance

An accident or illness can render you unable to work.

Adequate insurance provides enough replacement income to cover basic monthly expenses such as groceries, rent, children’s tuition fees, etc.

Critical illness insurance

Illnesses such as cancer can generate additional expenses such as transportation fees for going to and from appointments, lost income resulting from time off work to assist a person with an illness, fees for medication not covered by public and private plans, etc.

Critical illness insurance pays out a lump-sum benefit upon diagnosis of a life-threatening illness such as cancer to allow you to focus on recovery and relieve financial stress. The benefit can be spent in any way you see fit so you can concentrate on getting better.

Complementary health insurance

Individuals not covered by a group insurance policy for medical and dental fees can purchase individual health insurance to pay for medical fees not covered by the public plan.

Travel insurance

Travel insurance provides coverage for medical fees and emergency expenses incurred while travelling outside your province of residence. It pays for expenses not covered by your provincial plan. It may also include baggage, cancellation and/or interruption coverage.

Many credit cards offer free travel insurance coverage for a certain number of days.

Personal insurance advisor

Personal insurance advisors are experts who assist in selecting the best types of insurance for your needs.