Types  Available

There are many different types of policies you can get in Canada.  Do your homework to ensure your family has the coverage they need.  The main types offered are life, car, health, home, as well as disability insurance.   There is also employment insurance (EI) that the government of Canada provides as temporary income to support unemployed workers while they look for employment or to upgrade their skills.

Where to Purchase

You can buy coverage from several different sources.  The four main sources are:

  1. a licensed agent
  2. a registered  broker
  3. an insurance company
  4. a lender when you apply for a loan

A life policy can only be purchased through a licensed insurance agent.  Also, you can purchase travel health insurance through numerous travel companies or auto associations.

Finding the Best Price

When looking to add coverage make sure you shop around to find the best value.  Check and determine if any of the associations you might belong to have lower rates based on group policies.  Also, be sure you are comparing apples-to-apples and read the policy carefully.

What are the Criteria?

Depending on the coverage you are looking at different criteria will be applied.  In general, companies or agents will look at the following:

  • age
  • gender
  • medical history (life insurance or disability insurance)
  • previous claims you’ve made
  • amount of coverage

When entering into an agreement like this, ensure that you are answering the questions accurately and honestly.

There are many things to consider when looking for types of insurance coverage.


What is Mortgage Default Insurance?

There are many barriers to home ownership in Canada. Mortgage default insurance aims to make homeownership more accessible with smaller down payments. It also ensures lenders are protected from mortgage defaults. This insurance carries high costs but has multiple payment options. It helps Canadians enter the homeownership market which is quite competitive and potentially facing a housing crisis. There are things you should understand before buying a home. Mortgage default insurance is one of them. Keep reading to learn more! What is mortgage default insurance? Mortgage default insurance is a type of insurance policy that protects a lender. If a borrower defaults on their mortgage loan, this insurance helps recover costs. This insurance is also known as mortgage insurance or mortgage guarantee insurance. In Canada, mortgage default insurance is required by law in most instances. Specifically, when a borrower makes a down payment that is less than 20% of the home’s purchase price. Mortgage default insurance is paid for by

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Canada Deposit Insurance Corporation

Amidst the economic ups and downs in recent years, some are worried about the security of their money deposited in banks. This is especially true considering the collapse of Silicon Valley Bank and others in the United States. Furthermore, many hedge funds have shorted, or “bet against”, Toronto Dominion Bank in the past month. This is sparking concern about whether or not the bank is going to collapse. If TD were to fail, it may mean trouble for the other big five banks in Canada. While unlikely, it’s not impossible that a Canadian bank could collapse, so how is your money protected? This is where Canada Deposit Insurance Corporation comes into play. The Canada Deposit Insurance Corporation, or CDIC for short, insures all Canadian’s deposited money in the event of a bank failure. Continue reading to learn more about what’s covered, how deposit insurance works and more. What is deposit insurance? Deposit insurance provides a payout to individuals who deposited

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Best Dog Insurance in Canada

Dogs are a source of companionship and love for many families in Canada. In fact, dogs are often considered a member of the family. Although, they are expensive to care for, which is why it’s important to have the best dog insurance possible. In addition, insurance for your canine companion can ensure you are able to cover the cost of any illnesses or accidents which can rack up to a few thousand dollars. This article will explore some of the top options for dog insurance in Canada. It will also provide tips on how to choose the right policy for your furry friend. So, if you’re looking for the best protection for your pooch, keep reading! What is dog insurance in Canada? In Canada, dog insurance is a type of pet insurance that helps to cover the cost of your dog’s medical care. Like other types of pet insurance, dog insurance plans typically have a monthly premium and a deductible.

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Best Cat Insurance Canada

Have you ever brought your cat to an emergency vet?Those gut-wrenching sounds of illness and the horror in your cat’s eyes at the vet’s office is enough to make you sick to your stomach. At the end of it all, you’ll be served with a bill which may make you feel sicker — if that’s even possible! The best cat insurance Canada offers can help mitigate vet care costs for your precious kitty.That way you only have to worry about getting your feline the medical attention they need, and not the crazy high cost. In this guide, we’ll walk you through how cat insurance works, whether it’s worth it, and three of the best cat insurance Canada plans you can choose from.Keep reading to learn more. Cat Insurance in Canada: What to Know Did you know high costs are one of the top reasons for surrendering cats in Canada? Unfortunately, many aspiring cat owners don’t consider the additional expenses they

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Trupanion vs Petsecure: Which one is better?

If you’re a pet owner, you know taking care of your furry friend can be expensive. Between vet bills, food, toys, and other necessary items, it’s easy to rack up a bill of several hundred dollars each year. That’s why many pet owners are looking for the best pet insurance policy with optimal coverage. Two common providers in Canada are Trupanion and Petsecure. So, which company should you choose: Trupanion vs Petsecure? In this article, we’ll compare the two companies and help you decide which one is better for your needs. Keep reading to find the best coverage for your furry companion. What is pet insurance and why do I need it? Pet insurance is a type of coverage that helps to pay for veterinary expenses associated with injuries, illnesses, and other medical conditions your pet may experience in their lifetime. Many people underestimate the costs involved in taking care of a sick or injured pet, and as such, many

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Best Pet Insurance In Canada

According to an Abacus Data survey from 2021, 56% of Canadians say they have at least one pet in their household*. And, unsurprisingly, when asked if their pet(s) brought joy into their lives, a near-unanimous 98% of respondents said yes. We Canadians love our animals and want them to thrive and continue to be important family members for as long as possible. One way to help protect your companion, and ensure that an emergency or illness won’t cause financial worry? Pet insurance — in Canada, there are plenty of places to find a great policy that works for you. Scroll down to learn more about this type of insurance, what it generally covers, the cost, and our picks for the best pet insurance in Canada. How much do pet owners spend on their pets in Canada? Food. Toys. Treats. Paw protectors. Beds. Little sweaters. Raise your hand if you spoil your cat, dog, or other pet? Let’s not also forget

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Car Insurance In Canada: A Complete Guide

Insurance is largely seen as one of those “glad to have it, hope I don’t need it” types of expenses. As we like to say, insurance isn’t about paranoia, it’s about protection. But for car insurance in Canada, specifically? Well, you actually NEED to have it, by law. Driving a car is an essential part of everyday life for many Canadians. In fact, there were over 35 million total vehicle registrations in 2019. As you can imagine, that’s a whole lot of potential accidents. Between daily commuting, road trips, and running errands, you want to make sure your car and the people in it are going to be covered if anything happens. Let’s look at car insurance in Canada, what coverage you need, and how to find a policy that works for you. What is car insurance? Insurance is an agreement, that should you need it, your insurer will cover the costs associated with illness, damage, or losses. In exchange,

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What is Tenant Insurance? A Complete Guide

Finding a new apartment can be a very exciting and busy time. Between moving, buying new furniture, decorating, and unpacking, there is a lot to handle! It can certainly be stressful and overwhelming at times. However, one thing that is critical to think about and not forget before moving into your new place? Tenant insurance. This complete guide covers what it is, what it costs, and how to get it. What is tenant insurance? Tenant insurance protects both you and your belongings if you rent instead of own. If you unintentionally damage the apartment you rent, tenant insurance can save you from having to pay for everything out of pocket. Tenant insurance will also protect the items in your home or apartment from things like theft, vandalism, and other damage. What does tenant insurance cover? The answer? It’s actually quite broad. It could be your clothing, your furniture, your jewelry, your technology, and many others. Because of this, it’s often

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What Is Home Insurance?

Insurance is one of those things that you pay and pay — and pay. Yet, you hope you never actually have to take advantage of the service you’re paying for. It’s there for times of trouble or disaster. And you need to have that peace of mind, but it comes at a price. And protecting your biggest asset with home insurance is essential.

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What Is Travel Insurance And Do I Need It?

You’ve booked your flight and hotel. Now all you have to do is start looking up things to do and places to eat, right? Not necessarily. To create a stress-free trip, it’s also important to consider protecting yourself from some of the pitfalls of travel. But what exactly is travel insurance, and do you need it?

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What Is Life Insurance?

Being an adult comes with a host of expenses that you can’t avoid, like food and shelter. Far too many people wince at adding the cost of insurance to their list of fixed expenses. But, life insurance is not a variable expense.

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