There are three major types of insurance products that every Canadian must have as part of their financial product portfolio. They are 1) Life insurance, 2) Critical Illness insurance and 3) Disability Insurance.
Life insurance is absolutely critical as the benefits cover the family members of the insured person, in case something untoward happens with the main earning insured member. This benefit would be extremely helpful to the dependent family members for meeting the uncleared debt left by the insured person. The uncleared debt can be in the form of mortgage debt or credit card debt. In this manner, the life insured person relieves their family of the financial stress in their absence.
Critical Illness insurance helps the insured person in undertaking treatment for life threatening diseases such as cancer and heart attack without the need to spend from their pockets. The insurance company would give the lump sum to the insured person for undergoing treatment for the life threatening disease.
Disability insurance is another important insurance product that provides regular income to your family members, when the insured person is not able to generate the monthly income due to several reasons. This insurance is also available for self- employed professionals.
By following the fourteen tips given here on purchasing the right type of insurance, Canadians would be able to take full care of their insurance needs.