You've probably heard about personal Insurance in Alberta, but don't know what it means. Below, we're going to look at what it is so you can decide whether or not you need it.
Personal insurance in Alberta is basically insurance coverage that isn't include within a group. If you have a job and have group benefits, this doesn't necessarily mean you don't need personal insurance. For example, the payouts for group life insurance aren't substantive because a group of people are involved. Generally, group life insurance in Alberta is under $100,000 and more often ranges between $25,000 and $50,000. Sometimes, this isn't enough coverage for a family of four, and perhaps not even enough for a couple.
Homemakers with the full-time job of caring for the family contribute to the family even though they aren't paid a wage. Should anything happen to them, they need the protection of a personal insurance in Alberta policy.
Do You Need One or More of the Six Basic Types of Personal Insurance in Alberta?
Let's look at the six basic types of personal insurance that you might need.
1. Life Insurance - Personal Insurance in Alberta
This type of personal insurance pays a tax free payment to a named beneficiary upon the death of the policy holder. It ensures that their loved ones can maintain their standard of living and pay off debts, such as the mortgage.
2. Critical Illness - Personal Insurance in Alberta
This type of insurance policy pays a lump-sum upon the diagnosis of a serious medical issue (covered by the policy), such as heart attack or cancer. It allows the policy holder to use the money for anything they want, such as additional costs associated with their illness or a trip during, or after their recovery.
3. Disability Insurance - Personal Insurance in Alberta
This personal insurance product provides payments monthly to partially replace lost income in the event the policy holder can't work due to injury or illness. It provides peace of mind by allowing them to maintain their basic standard of living. This product has two types of coverage: short-term disability and/or long-term.
4. Health Savings Account (HSA) - Personal Insurance in Alberta
An HSA is a tax-advantaged account that's created for individuals such as entrepreneurs. It's a way to save money for medical expenses not covered by another policy.
5. Health Insurance - Personal Insurance in Alberta
This insurance product covers a portion of health care costs that aren't covered by Alberta provincial health insurance, or a group policy through work. It includes coverage such as dental and chiropractic care.
6. Travel Insurance - Personal Insurance in Alberta
This policy type offers peace of mind while traveling. Accidents can happen anywhere, but when they happen in another country, or even a different province medical bills can add up fast; particularly if a visit to a hospital is involved.
For more information about personal insurance in Alberta, or to discuss your needs, please speak with an insurance broker.
Reassured For Life is an Alberta insurance brokerage firm selling personal insurance, group medical and life insurance as well as providing advisor services that fit your needs, budget and lifestyle. To know more, visit Reassured.ca/blog.