In recents years, Insurances played an important role in the Canadian economy, and securing family and personal belongings became a primary need.
Everyone hates to spend money on insurance, but what if your car got destroyed in a car accident or your home burned down?
What if your young child needed a dental brackets? What if your pet needed an unexpected medical treatments?
Of course, insurances need to be payed every month and it represents a big cost, but are you so sure that your life, your family, your business worth to be left to their fate without a parachute?
Insurance represents your parachute. In fact it is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. And be clear that nobody says that this payment has to be really expensive.
For example, Canadian people who need Life Insurance in Canada do not have to worry that it may be too expensive because they have options. They may purchase the less costly term life insurance policies or they may purchase one of the permanent policies that give them cash value.
The most affordable type of life insurance in Canada is term life insurance. These policies are active for five, 10 or 20 years, but sometime, people can convert these policies into permanent life insurance policies without having to undergo a medical examination.
In relation to Health Insurance, is better to know that Canada has a single payer healthcare system that is not like the private health care system in the U.S. The government pays for the services of doctors and hospitals which are private units. Citizens pay for these medical expenses through taxes. The system has benefits over the U.S. system in addition to disadvantages.
The main benefit of the Canadian medical system is it covers all citizens despite their income. Even though the government does not cover every medical expense, prescription price controls make treatments more affordable for patients.
The wait time is a major disadvantage of the system. Some services are restricted so patients may have to wait for long periods just to undergo elective surgeries, visit an emergency room or take a diagnostic test.
Canadians look to Dental Insurance in Canada because government health insurance does not cover most dental care possibilities. Regular check-ups are required to maintain healthy teeth and gums, but sometimes emergencies arise and the costs for treatment can be huge. Many people are fully covered by group dental plans, but not all, and there is dental insurance in Canada that will provide the required dental benefits.
Family dental plans are very popular, especially for new parents who want preventative care for their young child’s teeth.
Be aware, there are some types of insurance which are mandatory.
According to the Canadian Council of Motor Transport Administrators, 1,036.9 per every 100,000 licensed drivers are injured in an auto accident every year, so Car Insurance in Canada is something that everyone should have even if the law did not require it everywhere.
There are a few ways for drivers to save money on their car insurance, and those are to shop around at different agencies and to customize their policy. When people shop around for car insurance, they will find that there are several thousand insurance companies. Some of these companies conduct all of their business online, which is a major convenience since people will not have to leave their house to meet with an agent. People should also research insurance brokers. Brokers are setup like a traditional agency, but they are contracted to sell policies from numerous companies instead of just one.
In regard to Home Insurance, when people purchase a home, they are possibly making the largest financial decision of their lives. They need to protect it with home insurance in Canada because there are so many perils that can put the existence of the home in jeopardy.
Home insurance in Canada is purchased for a set amount of time, making it a term policy. The policy remains active because the policy holders pay what are called premiums that the insurance company has set. These policy holders will be required to pay their premiums at the beginning of each term, and the amount that people will pay is determined by how much of a chance a house has of being destroyed.
Home insurance is what will help people replace any of their belongings that have been stolen. If the house is damaged or destroyed by a fire, for example, the home insurance will pay to repair the damages. If the house needs to be rebuilt, the home insurance entitles the homeowners to payment for rebuilding the house and replacing the things that were destroyed in the home.
With regard to the Travel Insurance, when Canadians travel to other provinces, territories or countries, their government health care plan does not travel with them. It is very important to get travel insurance in Canada for protection from medical emergencies as well as other disasters that could happen while traveling.
Up to five million $CD in emergency medical and hospital coverage is the first among many benefits travelers get from travel insurance in Canada. Some policies also give 24/7 access to multi-lingual emergency assistance as well as help in the case of a stolen or lost pass port or other travel documents.
All inclusive travel insurance covers almost any emergency that can happen while traveling including: emergency medical, cancellation, interruption, baggage loss, baggage delay, accidental death or dismemberment, flight accident.
Pets play an important role in the lives of many, from companionship and security to friend and helper. Dogs and cats are the most common pets and may suffer illnesses or accidents that can be very costly to treat. It is not easy to plan for unexpected medical treatments for anyone, which is why medical insurance is so important. Pet Insurance in Canada can make the difference between curing and losing a beloved pet.
Since pet insurance is considered a form of property insurance, the policy holder needs to pay the veterinarian bill in the event of treatment for illness or accidents even if they are covered by the pet insurance in Canada. After the bill is paid, it can be submitted as a claim to the insurance company to be reimbursed. Business Insurance in Canada is just like all other types of basic insurance, but instead of covering the damage that occurs to a car, for example, it covers any damages that a business may experience. Many Canadian business owners do not really think about bad things that could happen to their business because they are so focused on attracting customers and selling their products or services. Business owners also do not want to believe that someone could possibly want to steal from them or damage their business, but it actually happens all of the time.