First of all, there are many different Personal Insurances that you can apply for, depending on what you want to insure yourself for when you live in Canada. These include:
This type of life insurance works by paying your beneficiaries (the person or persons who will receive your insurance payment) a lump sum of cash at the time of your death. This sum is tax-free.
If you are injured while you are employed, and you lose income as a result of your injury or illness caused by the incident, you can receive a monthly payout to help replace your lost income.
This type of insurance gives payments if you are temporarily or permanently unable to work for a certain period of time.
Examples of severe injuries are severe illness, the loss of a limb, or a heart attack.
You can receive a lump sum payout if you are diagnosed with a serious medical condition (note: your condition must occur after you applied for this policy. Certain policies will not pay if you have a ‘pre-existing health condition’)
Examples of serious medical conditions are cancer, heart attacks, Alzheimer’s, etc.
To receive a payment in the Critical Illness Insurance, you must survive your condition generally for a period of 15 to 30 days.
If you require private or government care due to illness or disability, you can receive a payout to cover these costs for your long term care in a medical facility like a nursing home.
Canadian health Insurance varies depending on where you choose live in Canada. Certain medical costs are covered by your public Canadian medical insurance like:
If you live in Canada, you may consider the Canadian Supplementary or Extended Insurance to cover the medical costs that are not covered by Canada’s public medical aid programs. This program covers medical insurance for services like:
When you buy extended or supplementary Canadian health insurance you must take the following into account: