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Insurance For New Immigrants In Canada

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Insurance For New Immigrants In Canada – 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 adapting to life in the Great White North. Canada offers you a lot of benefits like better standard of living, free healthcare, better education and many others.

Currently, it is one of the countries of the world that is welcoming immigrants as the country is looking to improving economic growth and development and they are welcoming immigrants that are willing and ready to contribute to the economic growth of the country.

While living in Canada, you may want to consider having an insurance plan to cover you from loss of property and even life too. 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 actually get this but you will have to look at some factors so as to know the insurance policy to purchase. You will have to weigh up what you are most likely to lose in the event of loss so as to be able 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, well yes 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 look what an insurance policy is.

What Is An Insurance Policy?

An insurance policy is a contract between an insurance company and an insured person or policy holder 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 and the policyholder would have been paying some amount of money called premium.

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With the insurance policy, the policyholder is being indemnified by the insurance company against specific loss or damage.

Types Of Insurance Policies Available In Canada

  1. Health insurance

This is one of the most popular insurance policies in Canada and why won’t people have health insurance; health is really important and hospital bills can be quite high depending in the illness or injury and that is why people opt for health insurance more.

If you are a regular taxpayer in Canada, you are entitled to receiving a free healthcare in Canada and also if you are a foreign temporary worker in Canada with a valid work permit, you are also entitled to free health care under the federal government.

  • Life assurance

This is an insurance against the death of a person. Well, this insurance is not really given to you but to your beneficiary after you demise. It will act like a succor 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 a vehicle insurance against any damage in the course of using your vehicle. In Canada, it is compulsory that you 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 are living 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 a coverage to protect or cover you in a situation where you are unable to work due to illness or injury caused by accident. With this insurance, you will be able to take care of yourself for a long time even when you retire from active work.

The long-term disability insurance will cover you for as long as five to ten years and even to the time you retire. With this insurance policy, you will be able to continue enjoying your current lifestyle even when you can no longer work.

  • Employment insurance

This insurance policy provides coverage for workers that have lost their jobs and are currently unemployed. The Canadian government provides temporary assistance for workers while on their job or if they lose their job. It may also provide cover for 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, then you must have lost your job due to lay-off of workers, seasonal employment etc.

  • Business Insurance

This is an insurance policy to protect your business from loss due to events that occurs when carrying out your normal course of business. If you own your own business, you will have to take up a business insurance policy. Depending on your business, you will have to take up an insurance policy against property damage, employee-related risks and law suit.

  • Home Insurance

This insurance can be for you if you have your own home or you are living in a rented apartment. This will help to compensate you in term 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 is 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 that are dependent on you not to survive maybe when you are dead, you can consider taking up a life assurance to act as a succor to them.
  • If you want to make sure continue you current lifestyle even when you are no longer able to work or you don’t suffer financially when you work stops maybe due to injury or disability, you can take a short-term or long-term disability insurance.
  • If you have a home in Canada and you don’t want to lose your home to natural disaster or fire or even loss of properties in the home, you can take up a home insurance (home owner, property insurance, burglary insurance or fire insurance.
  •  If you have a business in Canada as an immigrant and you 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 you drive a lot, you will be looking to take up car insurance and besides like we said earlier it is compulsory you take up a car insurance or third-party insurance for the car.

READ ALSO: How to Manage Your Finance as an Immigrant in Canada

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