Immigrating to Canada is quite interesting and when you get there, what comes to your mind is how you can quickly settle in the country and adapt to life in the Great White North. Canada offers you many benefits like a better standard of living, free healthcare, better education, and many others.
Currently, it is one of the countries in the world that is welcoming immigrants as the country is looking to improve economic growth and development, and they are welcoming immigrants willing and ready to contribute to the country’s economic growth.
While living in Canada, you may want to consider having an insurance plan to cover your loss of property and even life. Over 80 to 90percent of Canadian citizens and permanent residents in Canada are covered by at least one insurance plan. Having insurance in Canada is very important, and as an immigrant, you can get this, but you will have to look at some factors to know the insurance policy to purchase. You will have to weigh what you are most likely to lose in the event of loss to purchase the best insurance policy for you, as you cannot purchase all the insurance policies.
If you are wondering if you are entitled to insurance as an immigrant in Canada, you can have an insurance policy in Canada. In this article, we will be showing you different insurance policies for new immigrants in Canada and also things you should consider in picking an insurance policy.
Let’s cut the chase, but before this, we will have to consider an insurance policy.
What Is An Insurance Policy?
An insurance policy is a contract between an insurance company and an insured person or policyholder promising to pay or compensate the insured person for loss caused by damage under that insurance plan.
An insurance policy is tailored to meet a particular need and compensate for a particular loss or damage. The policyholder would have been paying some amount of money called premium.
With the insurance policy, the policyholder is indemnified by the insurance company against specific loss or damage.
Types Of Insurance Policies Available In Canada
- Health insurance
This is one of the most popular insurance policies in Canada, and why won’t people have health insurance; health is essential, and hospital bills can be quite high depending on the illness or injury, so people opt for health insurance more.
Suppose you are a regular taxpayer in Canada. In that case, you are entitled to free healthcare in Canada. If you are a foreign temporary worker in Canada with a valid work permit, you are entitled to free health care under the federal government.
- Life assurance
This is insurance against the death of a person. Well, this insurance is not given to you but to your beneficiary after your demise. It will act like assistance to your family members, especially if you are the breadwinner of the house.
- Vehicle insurance
This is for those that have a vehicle in Canada. You will want to take up vehicle insurance against any damage in the course of using your vehicle. In Canada, you must have vehicle insurance if you have a vehicle in Canada and if you don’t have vehicle insurance, you will be fined.
Depending on the province you live in, you will have to take up vehicle insurance to cover injuries while using the vehicle, death, health expenses of others, etc.
- Long Term Disability insurance
This insurance policy is coverage to protect or cover you in a situation where you are unable to work due to illness or injury caused by an accident. With this insurance, you can take care of yourself for a long time, even when you retire from active work.
Long-term disability insurance will cover you for as long as five to ten years, even when you retire. With this insurance policy, you can continue enjoying your current lifestyle even when you can no longer work.
- Employment insurance
The Canadian government provides temporary assistance for workers while on their job or if they lose their job. This insurance policy provides coverage for workers who have lost their jobs and are unemployed. It may also cover workers who take time from work due to pregnancy, illness, critical injury, etc.
If you are to be insured against loss of your job under the employment insurance policy, you must have lost your job due to lay-off of workers, seasonal employment, etc.
- Business Insurance
If you own your own business, you must take up a business insurance policy. This insurance policy protects your business from loss due to events that occur when carrying out your ordinary course of business. Depending on your business, you must take up an insurance policy against property damage, employee-related risks, and lawsuit.
- Home Insurance
This insurance can be for you if you have a home or live in a rented apartment. This will help compensate you in terms of loss of home, whether as a homeowner or tenant.
The insurance covers losses of your home or assets in the home. It can also cover loss by theft or burglary and natural disaster or fire.
How Do You Know The Type Of Insurance You Need?
While in Canada, you will have to know the type of insurance that will fit you depending on the loss you are most likely to face or the events that are most likely to occur. Let’s look at some of the needs that may prompt you to take up a particular insurance policy.
- If you want your family members or people dependent on you not to survive, maybe when you are dead, you can consider taking up a life assurance to act as succor to them.
- Suppose you want to make sure to continue your current lifestyle even when you can no longer work, or you don’t suffer financially when your work stops may be due to injury or disability. In that case, you can take short-term or long-term disability insurance.
- Suppose you have a home in Canada and don’t want to lose your home to natural disaster, fire, or even loss of property. In that case, you can take up a home insurance (homeowner, property insurance, burglary insurance, or fire insurance.
- If you have a business in Canada as an immigrant and want to protect the business or properties of the business against loss, you should purchase business insurance.
- If you own a car in Canada and drive a lot, you will be looking to take up car insurance, and besides, as we said earlier, you must take up car insurance or third-party insurance for the car.