The COVID-19 pandemic has gotten a lot of people to think about some important things they may have put on the back burner. Insurance may be one of these. There are so many different types of insurance that it can become overwhelming. It can also be expensive but some may be mandatory while others are not. So which ones require the most attention and what do you know about them
Types of Insurance
No matter which type of you are considering within each of them there will be plenty of decisions that need to be made.
Vehicle Insurance
If you are the driver of a vehicle then in Ontario you have no choice but to have coverage. How much coverage you want is going to depend on your specific circumstances. If you have a new car then you are going to want to make sure it’s fully covered. If you are driving an older vehicle and are looking to save money then you may not want to insure it for damages. You really need to know the value of the vehicle when making this decision. It is also important to shop around for this type of insurance. This is because every insurance company will offer different types of discounts. You want to take advantage of the discounts that are going to benefit you the most.
Home Insurance
This is another form of that for some may not be mandatory and for others, it will be. For example, most mortgage holders will insist on the homeowner having insurance to at least cover the mortgage. Home insurance covers more than just fire damage and replacement. It can cover other perils like floods and theft. This type of insurance needs to be studied carefully so that the right options are chosen. Sometimes some great rates can be enjoyed if the policyholder bundles their insurance. Like getting the car and home insurance from the same insurance provider.
Health Insurance
For Canadians, many don’t put too much emphasis on health coverage because of the government covering many of the expenses. However, over the years there are a lot of medical costs that are no longer covered under the standard coverage. Then there are other types of medical needs that are not covered. Such as dental and eye care. Those that can afford this type of insurance should seriously consider it. Especially those with large families. Again, though what is being covered by the polices has to be studied carefully. Some will only cover a portion of the costs with the rest being up to the insured. To determine if this is the right insurance for you then you need to be able to forecast your circumstances for the future.
Life Insurance
This is a big one for many people. They know how important it can be but it is often the type of insurance they put off getting. With the pandemic, it has gotten many people thinking about it more seriously. What some are worried about is if contracting the virus is going to label them as having a pre-existing condition which will make it far more difficult for them to get affordable insurance, if they can get it all. Insurance companies are in the middle of trying to make some important decisions about this.
It might be wise to get at least some basic life insurance now. Especially if you have not contracted the virus. Then as time goes on you make additional decisions as to whether you want to increase it or not. Also, take a look at the different types of life insurance to find the one that you feel most comfortable with.
Aside from insurance decisions, you are probably being faced with the decision as to when to complete your tax filings, as it’s tax season. If you need some help with this I would be happy to assist you.
