Here are 7 kinds of insurance
So, what’s your (insurance) type? Let’s explore 7 different kinds together.
Staying healthy is important to us and to those we care most about. And health insurance is designed to help you do just that, by helping you pay for health-care expenses that aren’t covered by your provincial or territorial health plan or employee benefits.
In case you’re wondering, these expenses could include:
- Medical equipment and supplemental services
- Prescription drugs and eligible dental expenses
- Recovery expenses
- Physiotherapy and paramedical practitioners
- Emergency travel medical care and claims
Think of it as an added layer of health protection – or, if you’re self-employed and without an employee health plan, a really solid first layer. It always helps to have your own health coverage.
This is a big decision, and one with big benefits, too. Buying life insurance means protecting the ones you love. It means if you’re not around, they will still be able to live with a degree of comfort thanks to the investment you’ve made in life insurance. That’s a great feeling.
Life insurance can be purchased in a couple of ways:
- As term life insurance, which is simple and affordable and provides a fixed amount of insurance for a specific period of time. In the event of your death, the policy pays out a tax-free benefit to your beneficiaries. It provides temporary protection that you can personalize according to your needs.
- As permanent life insurance, a.k.a whole life insurance, which covers you for your entire life regardless of any changes to your health. For most policies, costs are set when you buy your policy and stay flat after that. Some permanent insurance plans let you pay for a limited time, and then you don’t have to pay anymore at all.
Speak to a Prospr advisor today about which life insurance option is right for you.
What would happen to your salary if you became suddenly disabled? If you work for a large employer, you likely have disability coverage with them. But if you work for a small employer, or if you’re self-employed, you could find yourself in real financial trouble, really fast.
Disability insurance is designed to solve this problem by providing you with a portion of your income if you become disabled due to injury, a serious illness or a mental health issue. It pays the bills when you can’t.
Curious how much disability insurance actually costs? Book a free consultation with a Prospr advisor today.
Aging is inevitable—it’s happening to all of us, all the time! As we age, our health and needs can change, whether due to illness or the natural process of aging.
Long-term care insurance is designed to help with:
- Bringing care into your home so you can age in place
- Supporting your family financially if you live with them in your old age
- Protecting your personal savings from the sometimes high cost of care
- Paying for care at home or at a facility
In short, this type of insurance can protect your bank account and you if you need additional support as you get older.
Home and Rental
If you’re paying off a mortgage for a home in Canada, you’re obligated to have home insurance. But if you’re a renter, it’s actually just a really good idea, and can help protect any valuables you own and store within your rental.
Home and rental insurance protect the places we call home, and the things that fill them up.
- Home insurance comes in a range, from comprehensive coverage through to basic, broad and ‘no-frills’ coverage.
- You can also purchase additional protection for high-end items like jewellery, watches, collections and just about anything else that holds value to you.
- Plus, some home insurance policies will also cover identity theft.
If you’re renting, your landlord undoubtedly has insurance on the building, but when it comes to the content of your residence you’re on your own. Insurance can help you with damage in your home as well as coverage of your belongings, from computers to bikes.
This is usually part of your home insurance. It can help protect you if something happens to someone else on your property. If you’re having a party and someone slips and falls, liability insurance can help in the event you’re asked to pay for their medical bills.
This type of insurance is considered “property and casualty” insurance. While Prospr advisors don’t provide this type of coverage, we think it’s important that you find a trustworthy provider to cover these needs.
If you drive, it’s required by law that you have insurance. But the levels of coverage can vary drastically, depending on your policy. When buying car insurance, make sure you read the fine print, so you know exactly what you’re getting into.
FYI: The last three types of insurance – home and rental, liability, and automotive – are all considered “property and casualty” insurance. At Prospr, we don’t directly provide these types of products. However, we think it’s important that you find a trustworthy provider to cover these important needs.
Where Prospr fits
And there you have it – we’ve covered 7 types of insurance products. There’s plenty more types of products to discover. At Prospr, we can help you plan your future in a way that makes you feel secure by helping you find and purchase the right insurance for you and your family. It’s all part of our uniquely holistic approach that combines your wealth, health and insurance in one easy-to-plan package. Let’s talk.