Hi Guys. Welcome Back!
Do you have any insurance plan and what are they?
In this video, I will talk about the insurance products in Canada.
What do they cover?
Which one you have it already and which one you need to have?
And if you are new to this channel, My Name is Thomas C Chan
and this channel is about financial growth and tips that you can saved more in Canada.
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According to Wikipedia,
insurance is a form of risk management that protects from financial loss
or I define insurance as
a way that can transfer your risk and able to buy back the time that you lost.
An actual form of Insurance was found back in the ancient time
where bunch of merchants would contribute money continuously to a pool.
Then the pool would compensate back to those who lost their cargo due to weather and pirates.
Fast Forward to today, unfortunate things happen to everyone
and at anytime and usually it costs both in time and money.
With the help of modern insurance policies;
YES, there is a premium that you need to pay to the insurance company.
But in return, when unfortunate things happen, they will compensate you financially
usually in a lump sum of cash.
Financially speaking, you will not be devasted and able to move on quicker.
In Canada, every one is covered in some kind of insurance.
For example. When you drive, it is mandatory to have auto insurance.
If you are sick, the cost from seeing a doctor to having a surgery
is all covered by the provincial health care plan.
If you cannot go to work due to disability, sickness or in labor,
Employment Insurance will kick in to give you a good buffer period.
And when we reached to age 65, and there is Canadian Pension Plan
one of the largest social insurance plans in the country.
Now, there are 3 types of insurance plans that you need to know in Canada.
The first type is General Insurance Such as Auto Insurance in case of accident or theft
Home Insurance such as fire or water damage.
Liability Insurance such as business liability insurance
or Error and Omission insurance for professionals
For this category, the insurance coverage is on the object itself, not human life related.
Which brings to the second type of insurance: The Life related insurance
Fox example: Life insurance for deaths
Critical illness Insurance such as cancer, heart attack Disability Insurance for not able to work.
long-term care insurance. And extended health care benefits.
I will make more videos about all kinds of life and living benefits in the future.
The last type I called it the others
For example, Travel Insurance
Pet Insurance, Jewelry Insurance will fall into this category
Each type of insurances has their own rules and compliance.
And therefore, you need different license to sell different insurance products.
For example: you cannot give life insurance advice if you only have general insurance license.
Unlike a house or a car, insurance is indeed intangible,
something that you cannot enjoy and there is a fee to keep the policy enforced.
However, in return, insurance will be your strongest ally when unfortunate things happen.
It will ease you financially so you can get back on your feet faster.
I am a huge believer in insurance as it provides a Guarantee to this uncertain world.
What about you? Do you believe in insurance?
Do you think it’s necessary to have it?
As always, thanks so much for watching this video!
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I will see you in the next video!