Here is a list of the 5 basic types of insurance and how they benefit the policy holder.

Life Insurance

When the policy holder passes away, their named beneficiaries get a lump sum of money, tax-free. This makes sure that the beneficiaries can maintain their life style and pay off any remaining debts.

Disability Insurance

If the policy holder becomes unable to work due to an injury or illness, the insurance company pays monthly payments that covers a part of the policy holders lost income.

Critical Illness Insurance

When the policy holder gets diagnosed with a critical medical condition, the insurance company pays a lump-sum of money.

Long-Term Care Insurance

Covers long-term care costs and gives cash payments to the policy holder to care for their home or a personal facility.

Health Insurance

Makes health care more affordable for the policy holder and their family by covering a portion of the health care costs that isn’t covered by provincial health insurance.

For more information please visit:
https://www.getsmarteraboutmoney.ca/plan-manage/planning-basics/personal-insurance/5-types-of-personal-insurance/

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