When you arrive in Canada, as a new immigrant one thing that definitely will be on your mind is plans to quickly settle and accustomed to life in Canada. However, while on the settlement process, you need to put one important factor into consideration and that is getting insurance in Canada.
What you must understand is that over 90% of people in Canada are covered by one insurance plan or another with the most famous of them being health insurance. It is simply a way of life in Canada, and the easiest way to take care of bills and avoid financial loss as well as other unexpected expenses.
In this article, we will discuss the different insurance for new immigrants in Canada. You need to consider so many factors before deciding to purchase an insurance plan. You need to consider what you stand to lose in an event where something unexpected happens like an accident, death, health issues, and so on. Will you be able to take care of the losses on your own? If not, you need insurance to cover you.
When you decide to buy insurance, you need to first look at some of the protection you currently have, probably through your employer. You also need to understand that some insurance plans are very expensive especially if you go for a lengthy plan.
To get started, understand the type of insurance you need, then consult the guidance of an insurance agent to help you pick and choose what types of insurance will fit right.
Types of Insurance Available in Canada
Personal insurance consists of several insurance options, it all comes down to what you want to insure and for how long. Personal insurance will consist of Life, health, and disability insurance which we talk about in a bit. It also consists of long-term Care Insurance, Critical Illness Insurance, and Supplementary/Extended Health Insurance.
If you eventually get a vehicle in Canada, then you should make it a necessity to insure it. It is actually a violation of law not to insure your car and you will be fined if you are guilty. The provinces and territories in Canada made it mandatory for vehicles and car owners to have insurance that covers at least:
- Health expenses of other people; and
- Property damage
2. Bodily injuries and Accident benefits insurance covers
- Losses on your income after an accident
- And your medical expenses.
This type of insurance provides cover for you in a situation where you lose your job. This insurance is provided by the Canadian government to provide temporary financial assistance to persons who have lost their job and their means of livelihood. The reason for losing your job must be as a result of one of the following:
- Labor shortages;
- Seasonal work; or
This is one of the most famous insurance in Canada, more than 95% of people in Canada have health insurance cover. As a taxpayer in Canada, you are will be eligible to receive the full benefit of free healthcare in Canada.
If you are going to make a trip outside Canada you need to apply for separate travel insurance. This is because your health insurance package does not cover you outside of Canada
This insurance is there to cover you in a situation where due to accident or medical conditions you are no longer able to take care of yourself as you used to.
Getting properties especially houses is not very simple, so when you get one, you need to protect your property and assets so you don’t lose them to accidents.
The life insurance is actually not given to you but your beneficiary after your death. This is very similar to a will which is only read after your passing
For immigrants who work from home, or own a home-based business, you should consider buying a business plan to provide you cover against damages and loss.
Determine What Your Insurance Needs Are
Below are regular needs that may prompt you to purchase insurance.
- You want to ensure that you don’t lose your home especially if you get sick or die. You should consider getting life insurance, disability insurance, and various forms of mortgage insurances.
- You want to ensure you survive financially in case you get sick, injured, or become disabled. You should consider getting disability insurance and critical illness insurance.
- You want to ensure your loved ones do not suffer financially in case you need in-home nursing or nursing home care. You should consider getting long-term care insurance.
- You want to protect your home from accidents of fire outbreaks, theft, or other disasters. You should consider getting home insurance or condominium insurance (if you own your home) or tenant insurance (if you rent).
- You want to protect your business and property against loss or damage. You should consider getting business insurance.
- You plan to travel or you travel a lot, and you want to protect your luggage and yourself. You should consider getting travel medical insurance and trip cancellation/baggage insurance.
- You own a car and you drive a lot, you want to protect your car in case of accident or theft incidents. You should consider getting a Vehicle or car insurance
- You want to ensure that you can pay your credit cards and other loans if you lose your job or you are unable to work. You should consider getting credit protection insurance and credit balance insurance.
- You don’t want your children to suffer financially after you die or you want them to have enough money to pay for your funeral costs and estate costs. You should consider getting life insurance, credit protection insurance, and credit balance insurance.
How Much Will Insurance Cost You?
The cost of insurance will depend on what types of insurance you need, the level of coverage you want, in most cases your health condition as well.