The answer depends on your life stage, financial situation and family needs. At the most basic level, life insurance provides financial support if you can no longer be there to support your family. There are two types of life insurance: Term and Permanent. Term life insurance lasts for a specified period of time and is typically used for temporary needs like a mortgage and children's education costs. Permanent life insurance lasts throughout your life time.
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Your insurance questions answered
What type of insurance should I buy?
How much insurance do I need for my home?
The best way to ensure you have the correct insurance coverage is to have your home evaluated. An insurance advisor can help you to determine the replacement value of your home. Replacement value is different from market value. It's the cost of materials and labour needed to rebuild your home from scratch, not what your home would sell for on the current real estate market. The value of your personal belongings can be determined by taking an inventory of everything you need to replace if lost, stolen or damaged.
Why do I need travel insurance?
Travel, by nature, is risky and insurance can protect you from certain financial losses that often occur while travelling. If you have to cancel your golf condo rental for a covered reason, for example, trip cancellation/interruption benefits can reimburse you for your non-refundable, pre-paid trip costs (up to the amount of your plan limits). If your snorkelling gear gets stolen on a beach vacation, baggage loss/damage benefits can cover the loss. Depending on the plan you choose, travel insurance can also reimburse certain medical costs in case of a covered medical or dental emergency; reimburse you for losses caused by a covered travel delay or baggage delay; protect you from paying for rental car damage or loss; and help in other situations as well.
What are the benefits of insuring my mortgage?
Mortgage insurance protects your home--one of the biggest investments you'll ever make. What would you do if a disability prevented you from working? If you take out disability insurance, it will cover your mortgage payments so you can focus on getting better. In the event of death or critical illness, the insured portion of your loan or line of credit will be covered.
Do you have life insurance through your work? That's great! But with mortgage loan insurance, you can change jobs without losing your insurance coverage. You and your family will also benefit from a wide range of assistance services.
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