What are the different types of insurance policies?

Different types of insurance policies

Throughout your life, you are going to need different types of insurance to protect you and your loved ones from unforeseen circumstances. The following infographic will give you an idea of the different types of insurance you can purchase.

Health

  • Supplements your provincial coverage
  • Can be an employee benefit through work or purchased privately

Life

  • Helps your loved ones deal with the financial impact of your death
  • Can help pay for your funeral, provide for your children, pay off your debt, or give to charity

Property/​tenant

  • Tenant insurance: Covers theft or damage of your belongings and liability claims from accidental injury on the property.
  • Homeowners insurance: Covers your house/​condo and its contents. It can also cover any detached structures on the property, additional living expenses you may incur if the house is uninhabitable, and personal liability exposures you may face.

Disability

  • Will pay out a monthly income if you can’t work because of an illness or an accident
  • Might be party of your employee benefits or you can purchase on your own

Critical illness

  • Provides financial coverage in the event you are diagnosed with a critical illness
  • Will be paid out regardless of your ability to work and will be paid out as a single lump sum
  • You have to survive this illness for a determined amount of time before receiving the payout (usually 30 days)

Travel

  • Covers unforeseen losses during travel like medical expenses, lost luggage, flight delays and trip cancellations
  • This might be part of your employee benefits or included in the benefits of the credit card that you use to book your trip

Car

  • You must have car insurance if you own a car or other motor vehicle
  • Protects you from liability claims in the event of an accident as well as covering the costs of repairs for the vehicles involved.

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