What is Insurance?

Insurance is a way to reduce your potential financial loss or difficulty. It helps to give Such theft, illness, or property damage as urgent. Insurance can provide your loved ones.The death of your finance charge.

How does insurance ?
Are you a premium for a payment , and you insured against is the event covered if the exchange , the insurance company money certain amount agrees to pay such fine and such insurance protection term of the policy.The details , when the events covered how your insurance policy are defined, too . Insurance is a contract between you insurance company .

Why do I need insurance ?
If something unexpected happens, your loved ones can protect you from financial loss insurance .
For example :

• Auto insurance could pay the cost of repairs to your vehicle if you have an accident.

• Life insurance could provide your family with money to support themselves when you die.

• Home or tenant insurance could pay for the cost to repair your home if there is a fire in your
house, condominium or apartment.

Auto insurance

Auto insurance is mandatory if you own a vehicle. All Canadian provinces and territories require
drivers to have at least liability and accident benefits/bodily injury coverage. Some provinces may
require additional coverage.

Liability insurance covers losses (such as injury or death) that your vehicle causes to other people or
damage to their property. It does not cover the cost of repairs to your own vehicle.

Accident benefits/bodily injury insurance covers the cost of your own medical expenses and loss of
income when you are in an accident.

You can also purchase optional insurance such as collision and comprehensive coverage.
Collision insurance covers the cost of repairing or replacing your vehicle if you hit another vehicle
or object.

Comprehensive insurance covers the cost of repairing or replacing your vehicle due to other types
of damage or loss, such as vandalism or theft. Comprehensive insurance does not cover loss or damage
to your vehicle if you hit another vehicle or object in a collision.

Most auto insurance policies do not cover the loss of personal possessions, such as golf clubs, clothing
or personal electronics, stolen from your vehicle. Personal possessions stolen from your vehicle are
usually covered by your home or tenant insurance. Check your home insurance policy to find out if it
provides coverage for theft of personal items from your vehicle.

Property and Casualty (General) Insurance

Property insurance can provide coverage for loss or damage to:
• your home or personal possessions
• your car
• your business.
Casualty insurance can provide coverage against legal liability for losses caused by:
• injury to other people
• damage to the property of others.

Home (property) insurance

For most people, a home is the largest single purchase or investment they will make. Home insurance
can help protect your home or contents in case of theft, loss or damage.
Home or property insurance pays for damage to or loss of your house, condominium, or property.
It can also protect against damage, theft or loss of your personal possessions. Home insurance may
also cover personal property stolen from your vehicle.

Your home insurance policy may also cover damage or injury to others who visit your home or property.
For example, if someone slips and falls in your driveway, that person may be able to make a claim
against you for the expenses incurred as a result of damage or loss caused by the injury.
Home insurance can also pay for accidental damage you cause to others’ property. For example,
if a fire starts in your house, your home insurance can pay for the damage the fire causes to your
neighbour’s house.

Home or property insurance is usually required as a condition of getting a mortgage. Most financial
institutions will not give you a mortgage without proof of insurance.

Health insurance

There is a variety of health insurance products available that could help you:
• pay for services that your regular health care plan does not cover
• supplement your income if you suffer a major illness or severe injury
• pay for your medical expenses if you become ill while on vacation.
Check your policy to find out if there is a deductible or if the amount payable is limited to a maximum
percentage of the overall claim, or a maximum annual amount.

Supplementary health insurance pays for health services, such as prescription drug and dental

services, not generally covered by provincial and territorial government health plans.

Before buying supplementary health insurance, check your employer’s benefits plan to make sure

that you do not buy coverage you already have. For example, you may already have dental coverage

through your employer’s plan.

Disability insurance provides coverage if you cannot work temporarily or permanently due to a injury

or illness, such as loss of a limb, a heart attack or an operation.

Travel medical insurance pays for medical treatment while you travel outside of Canada.

The policy may not provide coverage for medical conditions you had before applying for coverage,

so read the policy carefully.

Critical illness or trauma insurance pays a one-time lump-sum payment if you are diagnosed with a

critical illness that is specified in your policy, such as cancer or Alzheimer’s disease.

There are often exclusions, so read the policy carefully. Be sure you know what is and is not covered.

Long-term care insurance provides coverage if you enter a long-term care facility such as a nursing home.

Life Insurance

On the death of your loved ones and your family life insurance can provide financial payment . When you buy a life insurance policy , you will receive your death benefit upon the death of a beneficiary, the name specified in the policy . You can name a beneficiary can be changed or mail . Type the name of the beneficiary , regardless of you , your beneficiary will receive the tax- free death benefit .

You can choose to leave the money in your estate or a trust . You can leave an estate or trust, the death benefit when the estate settlement , however , it will be subject to tax .

There are two main types of life insurance : If you die within a certain time period and you do not permanent.Term life insurance , which provides coverage Premium.Term permanent life insurance premium life insurance premium , you usually pay less .

Usually five or ten years in the premium space , the length of the fixed term . When you renew a policy , however , may increase your payment . For example , a five-year renewable policy rates should be increased every five years . Most of the life insurance policy will cover only the maximum age you are . For example , when you reach age 75 will not be able to buy coverage . If death occurs during the policy period or term you will be given the death benefit . For example, if you die before the policy expires , your policy 's death benefit to your beneficiary will . However, the term ends , coverage ends , you or your beneficiaries will not get any money . Most term insurance policies do not accumulate cash value .

If you fail to pay permanent life insurance , which provides coverage to you throughout your life premium. First , the premium will usually be higher than term life insurance , but the term may be less payments in later years .Permanent life insurance is usually added to the face value of a cash kuvikkinrana. The value of your policy and pay on your death , or you can cancel your policy returned . Most Policies will allow you to take a loan against the cash value of your policy . You debts reduce the death benefit and the cash value of the back two .

Two common types of permanent life insurance and universal life policies .

• ensure that the amount of whole life insurance is a type of permanent life insurance Premium .Your payment will not change as you get older , your policy should be almost a guarantee Minimum cash value . Death benefit , or the amount paid on your death , and guaranteed .

• Universal life insurance, permanent life insurance is a type of life insurance through An investment account . Capital account has a cash value . Withdrawals , as well as loans , Permission .

You can increase or decrease your insurance rates for your specific territory .You can choose how to invest your payment .Death benefit and cash value of your investment account may increase or decrease depending on the Types of investments and the income from the investment account to your selection .If you choose , you have to pay the fee can increase the return on investment .