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Canada - Insurance
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Health insurance in Canada is fairly basic if you are using the health service provided by the province. The social security system gives coverage for doctor’s visits, a regular eye examination and some hospital accommodation in the event of a hospital stay. The benefits of the standard system vary from province to province so it is advised that you should have private health insurance too. Treatments such as dental care, prescriptions and treatment for many illnesses will require additional private health insurance. There are many health insurance providers in each province and each will have a range of plans available to suit all needs. A basic plan can reimburse you for up to 80% of some treatments although there are many plans available which will cover all your medical expenses. Premiums vary depending upon the coverage and the health backgrounds of those who are covered.
There are different types of health insurance available in Canada. Term life insurance is the type which is used to cover you for a set period of time, such as a mortgage. Some people choose this type of insurance before committing to a life-long policy. Others might opt for universal life insurance, which is a permanent solution. This serves as a type of savings and those who have this policy can withdraw cash when needed or use the money that is made to pay for the premiums. The money is invested and policy holders are able to choose from a range of investment types and different levels of risk. Alternatively there is participating life insurance which has a savings component also. These policies usually have a set of guarantees for the coverage for every component such as a cash surrender and death benefit.
Car insurance is mandatory for all drivers in Canada, but the requirements will vary from province to province. At a basic level drivers are required to have cover for damage they may cause to other people’s property. In addition you may be required to have insurance for medical expenses and loss of income in the event of a driving-related accident. In addition to this there are a range of optional policies. These can include cover for damage to your own car – known as collision insurance – and protection in the event that the car is stolen or vandalised (comprehensive insurance). It is important to assess the potential risks and ensure that you are covered for what you need, as any costs not covered by the insurance will need to be picked up by you.
Liability insurance in Canada is recommended for many businessmen, employers or service providers who may need to offer some kind of compensation to customers if their property is damaged. This type of insurance can also cover injuries which may be inflicted as a result of the actions of the policy holder. Liability insurance will also cover companies and individuals if they have a claim of negligence made against them. There are a number of professions in which it is considered to be important to have this type of insurance. These include accountants, architects, engineers, dentists and therapists. Policies that are available range in size from those which offer cover of more than $1 million, those for simple errors of judgement and policies which cover technology service errors.
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Expat Health Insurance Partners
Cigna has worked in international health insurance for more than 30 years. Today, Cigna has over 71 million customer relationships around the world. Looking after them is an international workforce of 31,000 people, plus a network of over 1 million hospitals, physicians, clinics and health and wellness specialists worldwide, meaning you have easy access to treatment.