Four Types of Personal Insurance in Alberta for the Added Protection Tough Albertans Need

18 Oct

Personal insurance in Alberta offers the vital protection Albertans need to maintain their family’s financial, emotional, and physical health; in the event something happens to them. These types of insurance products are individual, as opposed to group. While group insurance has a multitude of benefits, sometimes it doesn’t cover every aspect of an individual’s life, or provide enough financial coverage.

It’s normal to purchase car insurance, but it’s not always crystal clear when it comes to insuring ourselves. In many ways we’re like a vehicle, the driving force in our personal lives and the lives of our loved ones. Personal insurance in Alberta ( ) involves a range of insurance products that work together for full protection.

4 Kinds of Personal Insurance in Alberta

Below is a synopsis of four types of personal insurance in Alberta for families so they can top up their group benefits; or use them a base to cover their needs.

1. Life Insurance

The amount of a group life insurance policy may not be sufficient, so a top-up may be required. It depends on the potential financial loss resulting from the premature death of an insured or their loved ones. Personal life insurance in Alberta would mean getting additional life insurance. There are two options. The first is a term life insurance, and the second is a permanent life insurance policy which also has a savings component.

2. Travel Insurance

This personal insurance in Alberta product is vital for trips out of the country. Even a trip to another province or the United States can turn into a nightmare in the event of an accident or illness. Although Alberta has one of the best provincial health care plans, it only covers a fraction of the cost of healthcare expenses out of the province.

3. Critical Illness Insurance

This type of personal insurance in Alberta pays out a tax-free lump sum payment if the insured is diagnosed with a defined critical illness during the policy. It’s usually sold as a rider in addition to other life insurance products. Each policy is different, but most cover illnesses such as heart attack, stroke and cancer.

This personal insurance in Alberta provides additional protection. It’s also offers a safety net because the monies can be used while the insured is still alive. Thus, they can spend time with their family and not have to worry about financial matters.

4. Disability Insurance

Disability insurance is a very important personal insurance in Alberta product. It is designed to replace a portion of the insured’s income if they become disabled and can’t earn money. There are many causes of a disability – and they can be long-term and/or short-term.

Although there are government disability insurance products such as CPP and group insurance through work, the coverage amount may not be enough, and government insurance ( ) is difficult to qualify for. This is particularly true with long-term disability – there is often a waiting period where there may not be any money coming in. This type of insurance is an important part of personal insurance in Alberta.

This list doesn’t cover every type of top-up insurance. If you’re unsure if you have enough personal insurance in Alberta for your unique needs, speak with an insurance professional. Independent insurance brokers are knowledgeable about all types of insurance products available to Albertans from various insurance companies.

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Posted by on October 18, 2017 in Insurance


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