As you start your new life here, it’s essential to understand how insurance protects you, your family, and your property. This guide will help you learn about the different types of insurance you need in Canada.
What types of insurance do you need as a newcomer to Canada?
As a newcomer to Canada, you typically need several types of insurance to protect yourself and your family. Some are mandatory, others are required depending on your situation, and finally, some products are excellent to have.
Here are the types of insurance we’ll cover in this guide.
Health Insurance
While Canada offers public health care, private health insurance can cover additional services that are not included, like dental care, prescription medications, and eye care.
Car Insurance
If you drive a car, you must have car insurance. It is mandatory in Canada and helps cover costs in case of an accident.
Home Insurance
Whether you rent or own your home, having home insurance is crucial. It protects against damage to your home and theft of your belongings.
Life Insurance
This insurance supports your family financially if you pass away unexpectedly, helping them manage without your income.
Each type of insurance offers a comprehensive range of coverage options, so you can rest assured that your friends, loved ones, needs and budget will be well taken care of. Below, we discuss each section in more detail, including its average costs, where to buy it, and what a visitor or newcomer to Canada needs to know.
Health insurance
Understanding the requirements and process of obtaining provincial health care in Canada is crucial. When do you qualify for it? What do you need to get it?
To get provincial health care in Canada, you typically need to provide proof that you are a resident.
How to show proof of residency to qualify for healthcare:
- Provide documents such as your Permanent Resident (PR) card, work permit, or confirmation of permanent residence.
- Fill out an application for health coverage in your province or territory.
Most provinces have a waiting period, usually up to three months before your coverage starts.
You should have private health insurance during the waiting period for your provincial health care coverage to begin—it’s protection against any unexpected medical expenses. Once the waiting period is over, your provincial health care coverage starts, and you’ll receive your health card, which you can use to access health care services.
What does Canadian health care cover? What does it not cover?
Provincial health care in Canada typically covers a wide range of essential medical services to ensure your health and well-being. Here’s what to expect from Canadian healthcare:
- Doctor Visits: Visits to your family doctor or specialists referred by your doctor are covered.
- Hospital Services: If you need to stay in a hospital, the costs for your room and necessary treatments are usually covered.
- Medical Tests and Procedures: This policy covers necessary diagnostic services, such as X-rays, blood tests, and other procedures ordered by your doctor.
- Emergency Medical Care: Emergency treatment coverage in a hospital or urgent care.
However, provincial health care only covers some things. Services often excluded include dental care, prescription eyeglasses, cosmetic surgery, and private hospital rooms (you may be in a room with 1-3 other people, depending on your condition).
For these, you may need additional private health insurance. Each province might have slight variations in what is covered, so it’s essential to check the details of your province’s health care plan.
What is Canada visitor insurance? What insurance do I need before I arrive in Canada?
Canada visitor insurance, often called travel insurance, is a type of coverage designed for individuals visiting Canada, either as tourists or temporarily, such as on a work or study visa, or even to move and live in Canada to become a permanent resident.
Visitor insurance, also known as travel insurance, is not just a luxury but a necessity for individuals visiting Canada. This type of coverage is designed to help cover medical expenses that can be very costly in Canada, especially for those eligible for provincial health care benefits.
Here’s what Canada visitor insurance typically includes:
- Emergency Medical Coverage: This covers unexpected medical expenses due to illness or injury in Canada, such as hospital stays, doctor visits, and emergency medical procedures.
- Trip Cancellation and Interruption: If you need to cancel your trip before it starts or return home earlier than planned due to an emergency, this part of the coverage can reimburse you for non-refundable travel expenses.
- Baggage Loss and Delay: This helps cover the cost of replacing belongings if your bags are lost, stolen, or delayed.
People travelling to Canada choose to purchase visitor insurance to protect themselves from high medical costs and other travel-related risks. This insurance is particularly crucial if they come from a country without a reciprocal health agreement with Canada.
Where to buy medical insurance for visitors to Canada?
You can easily purchase medical insurance for visitors to Canada from several sources, empowering you to find the right coverage for your needs. Here are some familiar places to buy this type of insurance:
Insurance Companies and Banks:
Many Canadian insurance companies and banks offer visitor insurance. You can contact them directly, visit their websites, or speak with an insurance broker who can provide options and help you understand the policies.
Examples (There are many providers. Here are some that you can trust)
- Manulife Financial is a leading Canadian insurance provider that offers comprehensive visitor insurance plans that cover emergency medical expenses, trip interruptions, and more.
- Scotiabank is a top-five Canadian bank that offers travel insurance, life insurance, disability insurance, mortgage insurance, and credit card insurance.
Insurance Brokers and Agents:
Brokers and agents can compare different policies and help you find the best coverage at a competitive price. They can explain the details of various plans and assist with the application process.
Examples (There are many providers. Here are some that you can trust)
- Travelling is a brokerage specializing in travel and visitor insurance that offers personalized service to help clients choose the right plan.
- Ingle International is an insurance broker that offers a range of insurance products for international students, visitors, and expatriates in Canada.
Travel Agencies:
Some travel agencies offer visitor insurance as part of travel packages or as an additional service. They can arrange insurance that begins as soon as you start your trip.
Examples (There are many providers. Here are some that you can trust)
- CAA Travel: This agency offers travel insurance plans that include medical coverage for visitors to Canada as part of their travel services.Flight Centre: Known for booking flights and vacations, Flight Centre also provides travel insurance, including visitor medical insurance.
- Online Comparison Sites: Websites that compare various insurance policies can help see different options. These sites, such as Money.ca, Ratehub.ca, Rates.ca, and Moneysense, often provide detailed information about coverage limits, premiums, and exclusions.
When purchasing visitor insurance, it’s crucial to understand the policy’s details. Ensure the policy covers the duration of your stay in Canada and provides adequate coverage for potential medical expenses. It’s also essential to check for any exclusions or specific requirements that affect your eligibility or claims, such as pre-existing or chronic conditions, age limits, length of coverage, excluded activities and waiting periods. This level of understanding will make you feel informed and prepared for any situation.
What about Super Visa insurance?
The Super Visa is a special visa offered by the Government of Canada, designed primarily for parents and grandparents of Canadian citizens and permanent residents. This visa allows them to stay in Canada for up to two years on each visit without the need to renew their status. Here are some key features of the Super Visa:
Super Visa insurance, a specific type required to obtain a Super Visa to Canada, is straightforward. This visa allows parents and grandparents of Canadian citizens and permanent residents to visit Canada for up to two years, with the visa being valid for up to 10 years.
Requirements for Super Visa Insurance:
- Super Visa insurance policies provide comprehensive coverage, ensuring peace of mind. They must offer a minimum coverage of $100,000 for healthcare, hospitalization, and repatriation (returning the individual to their home country due to severe illness, death, or other severe circumstances).
- Validity Period: The insurance coverage must be valid for at least one year from entry into Canada.
- Canadian Insurance Company: To meet the Super Visa insurance requirement, you must purchase a policy from a Canadian insurance company, such as Sun Life, Manulife, or Co-operators.
Features of Super Visa Insurance:
- Emergency Medical Expenses: Covers costs for emergency medical treatment in Canada.
- Hospitalization: Pays for hospital stays and medical procedures necessary due to illness or injury.
- Repatriation: Covers costs to transport the insured back to their home country due to medical reasons or death.
Why Super Visa Insurance is so Important
Super Visa Insurance ensures that visitors do not burden the Canadian healthcare system in case of unexpected medical issues during their stay. This insurance also provides a sense of security for visitors and their families, knowing they are protected against potentially high medical costs.
When purchasing Super Visa insurance, consider policies that allow for easy renewal and the refund of premiums if your application is denied or there is an early return home. Additionally, some insurers offer the option to review and cancel the policy within a specific timeframe if no visa is issued.
Car insurance
What does a newcomer or visitor to Canada need to know about auto insurance?
If you’re visiting Canada and plan to drive, understanding the auto insurance requirements is crucial for legal compliance and protection. Here’s what you need to know about auto insurance as a visitor to Canada:
Legal Requirements
Mandatory Insurance:
Auto insurance is compulsory in all Canadian provinces and territories.
To drive a vehicle, you must have valid insurance. The required insurance typically includes third-party liability coverage, which protects you if you cause damage or injury to another person or their property.
Types of Coverage
- Third-Party Liability Insurance (mandatory): This covers costs if you injure someone or damage their property while driving. The minimum liability coverage varies by province but is usually at least $200,000.
- Accident Benefits/Bodily Injury (mandatory): This covers medical expenses and loss of income due to injuries from a car accident, regardless of who is at fault.
- Comprehensive and Collision (optional): Comprehensive insurance covers damage to your vehicle from non-collision events like theft or weather damage, while collision insurance covers damage to your car in case of an accident with another car or object.
Options for Visitors to Canada (or until you have car insurance)
- Rental Car Insurance: If you are renting a car, the rental company will offer you insurance at the time of rental. You can purchase a loss damage waiver (LDW) or collision damage waiver (CDW), which covers damage to the rental car. Additionally, most rental companies offer liability insurance as part of their standard rental agreements.
- Borrow a Car: Make sure their insurance policy covers additional drivers. Here’s what you need to do: the car owner might need to inform their insurance provider to add you as a temporary driver. This step is crucial to ensure you’re covered in an accident.
- Bringing Your Own Vehicle: If you bring your vehicle from another country, you must obtain Canadian auto insurance. Before your arrival, contact insurance providers to arrange coverage that meets the legal requirements of your home province or territory.
Insurance for Different Provinces
The specific requirements and minimum coverage amounts can vary by province. For instance, some provinces require higher minimum liability coverage.
Ontario car insurance (and most other provinces) is private, meaning there is a lot of competition from car insurance providers trying to win your business, but the province still regulates it. You can buy car insurance online from companies like Sonnet, Belair Direct, or Onlia. You can also compare car insurance quotes from multiple providers on rate comparison sites like Ratehub.ca or Rates.ca.
Saskatchewan and BC car insurance is public, meaning you must buy insurance from the provincial government. While the argument for public insurance is that the cost to purchase minimum mandatory coverage tends to be lower, recent studies suggest the costs are about the same.
Frequently asked Canadian car insurance questions
How much does car insurance cost per month in Canada?
Car insurance costs in Canada vary widely by province, vehicle, and driver history, but on average, drivers pay between $100 and $200 per month. Factors like the driver’s age, driving record, and the type of vehicle significantly affect rates.
What happens if you get into a car accident without insurance in Canada?
Driving without insurance is illegal in Canada. If you’re in an accident without insurance, you face significant fines, potential license suspension, and liability for any damages or injuries caused. You might also be responsible for covering all repair and medical costs.
Is it illegal to not have car insurance in Canada?
Yes, it is illegal to drive without car insurance in Canada. Every driver must have at least third-party liability coverage. The penalties for driving without insurance include fines, vehicle impoundment, and license suspension.
What affects my car insurance premiums?
Factors affecting car insurance premiums include driving history, vehicle type, use, age, and location. Insurers also consider the amount of coverage you choose and your deductible amount.
How do I reduce the cost of my car insurance?
To reduce car insurance costs, consider increasing your deductible, bundling policies, using winter tires, maintaining a clean driving record, and shopping for competitive rates. Driving a car with good safety ratings can also lower premiums.
What is the cheapest car insurance?
The cheapest car insurance depends on individual circumstances, but third-party liability insurance is generally the least expensive. Comparing quotes from multiple providers and choosing a policy with only essential coverage can help find the lowest rates.
Can a foreigner get car insurance in Canada?
Foreigners, including international students, can obtain car insurance in Canada. If you’re using a foreign vehicle temporarily, you’ll need to secure insurance from a Canadian provider. If driving a rented or borrowed car, ensure the existing insurance covers additional drivers.
Can an international student get car insurance in Canada?
International students can get car insurance in Canada, either by being added to an existing policy or purchasing their own. Proof of a valid driver’s license from Canada or an International Driving Permit with a home country license is required.
What is an international driving permit?
An International Driving Permit (IDP) is a document that translates your national driver’s license into multiple languages and is recognized internationally. It allows you to drive in foreign countries with your valid national driver’s license.
Home Insurance
What does a newcomer to Canada need to know about home insurance in Canada?
As a newcomer to Canada, understanding home insurance is a legal requirement and a crucial step towards securing your new home and personal belongings. It’s a shield that provides security and peace of mind, knowing you’re protected against unforeseen events.
Fun fact: Home insurance will protect your stuff if it’s stolen from your car and while travelling.
Here’s what you need to know about home insurance in Canada:
Is home insurance mandatory in Canada?
Home insurance is not legally mandatory in Canada. However, if you have a mortgage, your lender needs to see home insurance as a loan condition to protect your investment. Immigration.ca believes you should have it to protect your home and belongings against damage, theft, and liability in case of injury to someone on your property.
Is Tenant or Renter’s Insurance Required?
In Canada, tenant or renter’s insurance is not mandatory, but landlords can require it as a lease condition. Immigration.ca highly recommends it to protect personal belongings inside the rented property against theft, loss, or damage.
It also provides liability coverage if someone injures themselves in your rental space or you accidentally damage the property.
Tenant insurance is relatively affordable and offers significant peace of mind and financial protection.
Types of Home Insurance Coverage
- Comprehensive: This is the most inclusive and common form of home insurance, covering the structure and contents of your home against all risks except those explicitly excluded.
- Basic or Named Perils: This covers only specific risks named in the policy, such as fire or theft. So, if your house floods, you’ll be without coverage.
- Broad: A middle-ground coverage typically offers comprehensive protection on the main building and named perils coverage on the contents.
- No-Frills: Coverage for properties that don’t meet standard insurance criteria due to physical issues.
What Does Home and Renter’s Insurance Cover in Canada
Home Insurance
Home insurance policies generally include:
- Dwelling Coverage: Pays for repairs or rebuilding of your home if covered risks like fire, storm, or theft damage it.
- Personal Property: Covers loss or damage to your belongings within the home due to covered events.
- Liability Protection: Offers coverage if an injury happens to someone on your property or if you cause damage to someone else’s property.
- Additional Living Expenses (ALE): Provides reimbursement for living costs if your home is uninhabitable due to a covered loss.
Renter’s Insurance
Renter’s insurance typically includes:
- Personal Property Coverage: Protects your belongings against theft, fire, and other covered risks.
- Liability Coverage: This covers legal or medical costs if you are found liable for injuring someone or damaging another person’s property.
- Additional Living Expenses: Covers extra costs if the rental property becomes uninhabitable due to a covered disaster.
Optional Add-Ons in Case of Natural Disasters
Not all natural disasters are covered, and even when a product is available to buy, some insurance companies may not sell it, given the high risk of wildfires or flash flooding in certain areas.
Here are some optional coverages to enhance your home insurance policy.
- Flood Insurance: Separate or additional coverage for damage from overland flooding.
- Earthquake Insurance: Additional coverage for damages caused by earthquakes, often excluded in standard policies.
- Sewer Backup: Coverage for sewer backup damage is not always included in standard policies.
- Scheduled Items Endorsement: Additional coverage for high-value items like jewelry, art, and collectibles that exceed standard policy limits.
What Factors Affect the Cost of Your Home Insurance Premium?
- Location: Areas prone to floods or earthquakes might see higher premiums.
- Replacement Cost: The cost to replace your home influences the premium.
- Home’s Condition: Older homes might cost more to insure.
- Security Measures: Homes with security systems might qualify for discounts.
How to Get Cheap Home Insurance in Canada
To find affordable home insurance in Canada, you can use several strategies to get the best possible rate without compromising on necessary coverage. Here are some tips to help you secure cheaper home insurance:
- Shop Around: Compare quotes from multiple insurance providers to find the most competitive rates. Use online comparison tools or work with an insurance broker who can compare your options.
- Bundle Policies: Many insurance companies offer discounts if you bundle multiple policies, such as home and auto insurance, with the same provider.
- Increase Your Deductible: Opting for a higher deductible can lower your monthly premiums. Just ensure the deductible is an amount you can afford to pay out of pocket in case of a claim.
- Install Security Systems: Adding security measures like burglar alarms, smoke detectors, and deadbolt locks can reduce the risk of claims and qualify you for discounts.
- Review Coverage Annually: Regularly review and adjust your coverage to ensure it matches your current needs and the value of your possessions. Avoid over-insuring, which can lead to higher than necessary premiums.
- Ask About Discounts: Check if you qualify for any additional discounts, such as being a non-smoker, having a claims-free history, or updates to your home that reduce the risk of damage (e.g., updated roofing, plumbing, or electrical systems).
- Maintain a Good Credit Score: Some insurers consider credit scores when setting premiums. A good credit score can help lower your rates.
- Use Loyalty Discounts: Some companies offer discounts to long-term customers. If you’ve been with an insurer for several years, ask if loyalty discounts are available.
Where to buy home insurance in Canada
- Insurance Companies and Agencies: You can purchase insurance directly from many reputable companies. Major insurers like Square One and The Co-operators have extensive offerings and may provide online quote tools.
- Insurance Brokers: Brokers, such as RH Insurance or BrokerLink, are great resources as they can compare policies from multiple insurers to find the best rate and coverage for you. They also provide personalized advice based on your specific needs.
- Banks: Many Canadian banks, such as Scotiabank and RBC, offer home insurance policies, and customers can often get a discount for holding multiple products with them.
- Online Insurance Providers: Companies like Sonnet and Square One specialize in online insurance solutions, offering a quick and easy way to purchase home insurance online.
When choosing where to buy home insurance, consider comparing quotes and terms from multiple sources to ensure you get the best coverage at a competitive price.
Life insurance
Life insurance isn’t mandatory or even necessary, but it certainly helps your family, friends and loved ones should you become critically ill or die.In Canada, life insurance comes in various forms, such as term life and whole life insurance. Life insurance has different categories, including critical illness and disability insurance, each serving a specific purpose.
What is life insurance in Canada?
In Canada, life insurance is a financial plan you invest in to ensure your family or other loved ones are financially supported after your demise. It involves regular payments, known as premiums, which you agree to make when you purchase the policy.
In return, the insurance company promises to give the chosen people, called beneficiaries, a set amount of money if you die while your policy is active. This money can help cover living costs, debts, and future needs like education, making it easier for your loved ones to manage financially without you.
What does life insurance pay for if you need to use it?
Life insurance provides peace of mind and financial security to your loved ones. Knowing they will be taken care of financially when you’re no longer around to support them is so important.
Here are some things life insurance can pay for:
- Final Expenses: This includes funeral costs, burial fees, and any medical bills not covered by health insurance.
- Debt Repayment: It can help pay off debts like mortgages, car loans, credit cards, and personal loans, ensuring your family does not bear these financial burdens.
- Income Replacement: The money can replace your income, helping your family maintain their standard of living by covering daily living expenses and bills.
- Education Costs: It can provide for your children’s or grandchildren’s education, ensuring they can afford college or university.
- Estate Settlement: You can use this to pay any estate taxes or legal fees associated with settling your estate, making the process smoother for your family.
Term Life vs. Permanent Life Insurance
Term life insurance and permanent life insurance are two main types of life insurance in Canada, each serving different needs:
Term Life Insurance
Term life insurance covers a specific period or “term,” such as 10, 20, or 30 years. It pays a benefit only if you die within this term. This type of insurance is usually less expensive and is suitable if you need coverage for a specific financial responsibility, like a mortgage or your children’s education. If you outlive the term, the policy expires without any payout.
Permanent Life Insurance
Permanent life insurance covers your entire life as long as you continue to pay the premiums. It usually costs more than term life insurance but includes a savings component known as cash value, which grows over time. You can borrow against this cash value or withdraw it under certain conditions. Permanent insurance helps provide for long-term financial needs, like estate planning or leaving a legacy.
Which Should a Newcomer Buy?
The choice between term and permanent life insurance is a decision that empowers you to shape your financial future. It depends on your financial goals, budget, and how long you need the coverage:
- Choose term life insurance if you’re looking for affordable coverage to protect your family during your working years or to cover a specific financial obligation like a mortgage.
- Choose permanent life insurance if you can afford higher premiums and want coverage that lasts your entire life, well after your children can support themselves. It helps build wealth with a cash value component that acts as a tax shelter. It’s for high-net-worth individuals.
As a newcomer, it’s crucial to consider your unique circumstances when deciding on life insurance. Consider how long you will need the insurance, what you can afford, and what financial responsibilities you must protect.
What is the average cost of a term life insurance policy in Canada?
The average cost of a term life insurance policy in Canada varies widely depending on several factors, including the age and health of the insured, the amount of coverage, the term length, and whether the insured is a smoker or non-smoker. Here are some general guidelines to give you an idea:
- For Non-Smokers: The cost can range from as low as $15 to $30 per month for younger individuals (e.g., 30 years old) seeking $250,000 in coverage for a 20-year term. This rate increases with age; a 50-year-old might pay between $50 and $100 monthly for the same coverage.
- For Smokers: Rates are significantly higher due to the increased health risks associated with smoking. Smokers might pay two to three times as much as non-smokers for the same coverage.
Getting quotes from multiple life insurance providers is essential to find the most accurate and competitive rate for your situation. Factors such as your medical history, lifestyle, and the chosen insurance company will affect your premium.
Where to buy life insurance in Canada?
Much like our other lists, you can buy life insurance in the following ways:
- Insurance Companies: Many reputable companies offer life insurance directly to consumers. Companies like Manulife, Sun Life, and Canada Life are well-known providers that provide a range of life insurance products.
- Insurance Brokers: Brokers work with multiple insurance companies, allowing them to compare different policies and find one that best suits your needs. They can also provide personalized advice based on your specific circumstances.
- Banks and credit unions: RBC, TD, and Scotiabank offer life insurance policies. Buying insurance from the same financial institution might be convenient if you are already a customer.
- Financial Advisors: Licensed financial advisors can assess your overall financial situation and help you determine the type and amount of life insurance that aligns with your financial goals. They can also sell you a policy that fits your needs.
- Online Insurance Providers: Some companies allow you to apply for and purchase life insurance online. Providers like PolicyMe and Covera make it easy to get quotes, apply, and manage your policy without meeting in person.
Also, Consider Critical Illness and Disability Insurance
What is Critical Illness Insurance?
Critical illness insurance provides a lump sum payment if you are diagnosed with one of the specific illnesses covered by the policy, such as cancer, heart attack, or stroke. This coverage helps to alleviate the financial burden of serious illnesses, allowing you to focus on recovery without worrying about financial strain.
Cost: The cost of critical illness insurance varies based on several factors, including age, health status, the amount of coverage, and the number of illnesses covered. Premiums can range from a few to over a hundred dollars a month.
Why you might consider buying it: People purchase critical illness insurance to ensure they have financial support if they encounter severe health issues. The payout can help cover medical costs not covered by health insurance, replace lost income, or pay for modifications to your home or lifestyle that may be necessary due to illness.
What is Disability Insurance?
Disability insurance provides a percentage of your income if you cannot work due to a disability, whether from illness or injury. This insurance is crucial for income replacement and maintaining your standard of living when you cannot earn an income.
Cost: The cost of disability insurance is typically 1-3% of your annual income, depending on the policy’s terms, your occupation, your health, and the risk level of your activities.
Why you might consider buying it: Disability insurance is essential for financial security. It ensures that you continue to receive a portion of your income if you are temporarily or permanently unable to work due to disability. It helps cover daily living expenses and maintain financial commitments during challenging times.
Conclusion
Navigating Canada’s diverse insurance landscape can be complex, but understanding the essentials of health, car, home, and life insurance is crucial for newcomers.
Each type of insurance serves a specific purpose: health insurance ensures you can access medical care without bearing the total cost, car insurance protects you against the financial consequences of road accidents, home insurance secures your residence and belongings, and life insurance provides for your family in your absence.
Together, these insurance products form a comprehensive safety net, guarding against the unforeseen and helping manage risks that could impact your financial stability and lifestyle.
Investing in the right insurance policies ensures that unexpected events do not hinder your ability to thrive in your new Canadian life.
Canadian Insurance Glossary for Newcomers
Many insurance words can sound confusing. Here are some of the most popular terms to help newcomers understand how insurance works.
- Premium: The amount you pay for your insurance policy, usually monthly or annually.
- Deductible: The amount you must pay out of pocket before your insurance covers the remaining costs of a claim.
- Claim: A request to an insurance company for payment based on the insurance policy’s terms.
- Coverage: The protection provided under an insurance policy, including what damages or losses are covered.
- Policyholder: The person or entity who owns the insurance policy.
- Endorsement: An addition or change to the standard coverage of an insurance policy.
- Exclusion: Specific conditions or circumstances not covered by the insurance policy.
- Underwriting: The process by which an insurer evaluates the risk of insuring a particular person or asset and determines the insurance terms.
- Beneficiary: The person or party designated to receive the benefits from an insurance policy, typically in the context of life insurance.
- Rider: An optional addition to an insurance policy that provides additional benefits or coverage.
- Renewal: The process of extending an insurance policy beyond its original term.
- Grace Period: A period after the payment due date when a policy remains in force even though the premium still needs to be paid.
- Actuary: A professional who analyzes the financial consequences of risk and uncertainty, often involved in setting policy premiums based on risk assessments.
- Adjuster: An insurance claims agent responsible for evaluating an insurance claim to determine the insurer’s liability under the policy terms.
This article is provided for information purposes only. Any information, data, opinions, views, advice, recommendations or other content included in this article are solely those of the author and not of Scotiabank or its affiliates. It is not to be relied upon as financial, tax or investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article is subject to change without notice. All third party sources are believed to be accurate and reliable as of the date of publication.
