Types Of Insurance In Ontario

If you are an Ontario resident and seeking to find the best insurance coverage for you, there are different types of insurance in Ontario. There are several uncertainties that life can throw at us and they might come when we are not ready or prepared to meet the challenges. This is why it is important to have a protection or coverage against these uncertainties by taking up an insurance policy. There are several types of insurance in Ontario, but with these abundant options it might be difficult to select the ideal one for you if you don’t know their differences and their nature. But the four basic types of insurance in Ontario that is largely recommended for anybody include disability insurance, auto insurance, health insurance, and life insurance.

Long-Term Disability Insurance

This is one of the most neglected types of insurance in Ontario since most of us feel we don’t need it because. We assume we cannot get disabled, but statistics have proven that 3 out of every 10 workers become disabled during their working lifetime.

Auto Insurance

This is the most common of all types of Insurance in Ontario. Auto insurance is either undertaken by the car owner or by the car manufacturer on behalf of the car owner. Auto insurance is very important because there are several risks that can result to damage or loss of car, including fire, accidents, and theft.

Life Insurance

This is the most important of all types of insurance in Ontario. With a life insurance policy, you ensure that those you will live behind are financially comfortable. The demise of the breadwinner in the house will be very difficult to endure if there is no cover alternative to the source of income they provide. So, life insurance coverage will ensure that the family of the policy holder takes care of funeral expenses and other existing expenses after his demise.

Health Insurance

Everybody gets sick at one time or the other and it is very important to undertake a policy to cover for ill health expenses. Health insurance policy ensures that one gets all the medical care needed even when he or she is not financially capable to pay for them.

Apart from the above types of insurance, there are other types of insurance in Ontario which is listed below:

* Aviation insurance

* Assumption reinsurance

* Alien abduction insurance

* Business owner’s policy

* Business interruption insurance

* Builder’s risk insurance

* Bond insurance

* Worker’s compensation

* Workers’ compensation

* Workers’ Accident Compensation

* Weather insurance

* War risk insurance

* Wage insurance

* Vehicle insurance

* Uninsured employer

* UCC Insurance

* Travel insurance

* Trade credit insurance

* Terrorism insurance

* Terminal illness insurance

* Tenancy deposit schemes

* Tenancy Deposit Scheme

* Savings Deposit Insurance Fund

* Satellite insurance

* Rent guarantee insurance

* Reinsurance

* Protection and indemnity insurance

* Property insurance

* Professional liability insurance

* Prize indemnity insurance

* Pollution insurance

* Political risk insurance

* Pet insurance

* Perpetual insurance

* Pension term assurance

* Payment protection insurance

* Parametric insurance

* Mutual insurance

* Mortgage insurance

* Marine insurance

* Longevity insurance

* Longevity bond

* Liability insurance

* Lenders mortgage insurance

* Legal expenses insurance

* Landlords’ insurance

* Key person insurance

* Interest rate insurance

* Inland marine insurance

* Income protection insurance

* Home insurance

* Group insurance

* General insurance

* GAP Insurance

* Flood insurance


* Financial reinsurance

* Fidelity bond

* Expatriate insurance

* Earthquake insurance

* Dual trigger insurance

* Deposit insurance

* Death bond

* Crime insurance

* Credit insurance

* Contents insurance

* Computer insurance

* Chargeback insurance

* Catastrophe bond

* Casualty insurance