Home » Blog » #insurance » What Type of Insurance Do You Really Need?

Last updated on June 18th, 2020

Photo by Andre Furtado from Pexels

Health insurance is probably the most important type of insurance you’ll ever buy.

Here’s how to figure out what insurance you need right now—and which types you can forget about altogether.

Just remember, before you buy the policy, it doesn’t cost you anything to consult one of our insurance advisors, who can help assess your situation and narrow down the scope of suitable products, so you can make an informed decision.

Insurance for New Immigrants to Canada:

Have you recently become a permanent resident of Canada? If so, we would like to congratulate you on this significant achievement!

While you might be busy with packing your bags and preparing for the trip of your life, make sure you get New Immigrant insurance for the first 2-3 months of your stay in Canada prior to your arrival.

Since most Canadian provinces and territories have a certain waiting period before you can use public health insurance, getting private insurance that provides medical emergency coverage is highly recommended.

Without such insurance, you could be facing a hefty bill ranging from a few hundred to thousands of dollars for medical services and supplies, if you happen to get sick or injured during the waiting period.

In order to avoid any unnecessary medical expenses, especially when you are just getting settled in a new country, protect yourself with a New Immigrants insurance policy!

– Who needs it? – People who recently received PR status.
– Which provinces have an insurance waiting period? – BC, ON, QC, SK, Yukon.
– What is Waiting Period duration? – 2+ months in BC and SK or 3 full months in ON, QC and Yukon.

Insurance for Returning Canadians:

Just like insurance for New Immigrants, same rules would apply if you’re a Citizen or a PR-holder returning home to Canada.

If you have been abroad for more than six months, say teaching English in Asia or taking a lengthy trip around Europe, you will have to reapply for provincial health insurance, and there is usually a three-month wait before you can enjoy provincial healthcare benefits once again.

Meanwhile you can get a Medical Insurance for Returning Canadians that will protect your wallet from paying for unforeseen medical needs resulting from an injury or a sickness.

Purchasing comprehensive medical emergency insurance is an important part of planning your return to Canada since treatment costs can quickly become overwhelming, if an emergency strikes before your government insurance is reactivated.

– Who needs it? – People who recently received PR status.
– Which provinces have an insurance waiting period? – BC, ON, QC, SK, Yukon.
– What is Waiting Period duration? – 2+ months in BC and SK or 3 full months in ON, QC and Yukon.


Insurance for Tourists and Visitors to Canada:

Are you a world traveler or coming to Canada to see your family, or just want to enjoy the beauty of local scenery? The Government of Canada encourages all visitors to get the right health insurance plan – Visitors to Canada Insurance.

Or maybe your previous permit for temporary stay has expired, but your application for a new one is underway. In such cases, you may remain in Canada until a decision is made on your application for status extension. This is called ‘implied status’ and in this case you should also consider getting Visitors to Canada policy.

Visitors to Canada Insurance is an umbrella term used in Canadian insurance industry to describe products that are suitable for people who are lawfully allowed to enter and remain in Canada under various visas, permits and international agreements.

Such insurance is designed to cover potential medical costs if you contract an unexpected sickness or receive an injury in an accident.

Getting Visitors insurance before traveling to Canada is key to a safe journey knowing that your money is protected from high costs for potential emergency medical care you may require while visiting Canada.

– Who needs it? – People who are coming to Canada with a visitor visa, people with implied status in-between visas or permits, and those who are temporary staying in Canada as a part of an international agreement i.e. citizens of USA and EU, etc.


Insurance for International Students:

If you are coming to Canada to to pursue your education, then International Students Insurance will be the right fit for you!

Although health care costs vary across the globe, it is important to remember that getting an insurance policy will always be the least expensive way to get prepared for the unexpected. If you ever encounter a situation where you need urgent medical help, you could be stressed with a bill attached to required services.

With a $2,000,000 coverage amount for medical emergency treatment costs including hospitalization, medically necessary care, emergency return home and many other benefits, International Student insurance will make sure that you are protected during your studies!

– Who needs it? – People coming to Canada to study full-time in one of Canada’s designated learning institutions or Canadian citizens or permanent residents travelling abroad as full-time students.


Insurance for Temporary Foreign Workers:

Have you recently graduated from a Canadian college or a university and now on a post-graduate work permit? Or have you specifically come to Canada to gain work experience with an appropriate type of visa?

Foreign Worker insurance is here to help you cover emergency medical costs in case of illness or accident, while you can concentrate on getting ahead of your career ladder!

As with insurance for New Immigrants and Returning Canadians, several provinces in Canada apply a waiting period before you will be able to use public health coverage. Hence, it is important to secure your finances for the first few months of your stay in Canada with a proper medical insurance policy.

– Who needs it? – People who recently received PR status.
– Which provinces have an insurance waiting period? – BC, ON, QC, SK, Yukon.
– What is Waiting Period duration? – 2+ months in BC and SK or 3 full months in ON, QC and Yukon.


Travel Insurance for Canadian Residents:

Going on a vacation or a business trip? Even if it is only one day in the US consider buying Travel Insurance.

It is a type of insurance that will cover the costs for treating unforeseeable events during your trip. Typically, it provides coverage protection for medical needs, as well as trip cancellation or disruption costs.

This insurance is available to Canadian Citizens, Permanent and Temporary Residents with a valid provincial insurance plan, who are travelling abroad or to other provinces across Canada.

– Who needs it? – Canadian residents taking a trip across the border, who has an active insurance plan from their home province.


Super Visa Insurance:

Super Visa program allows Canadian Citizens and Permanent Residents to invite their parents and grandparents to visit Canada for a stay of up to 2 years per trip.

One of the main requirements in order to apply for Super Visa is a medical emergency insurance that is valid for 1 year, provides at least $100,000 coverage and is issued by a Canadian insurance company.

Not only such insurance is mandatory for people coming to Canada with a Super Visa, it offers comprehensive protection against the costs for necessary medical care that otherwise would fall upon the shoulders of the visitors and their families.

– Who needs it? – Super Visa applicants and holders, who apply or renew their status.


IEC / Working Holiday Insurance:

Insurance for International Experience Canada (IEC) is among the main requirements to enter and remain in Canada for each IEC work permit holder.

Don’t forget that your insurance must be valid for the duration of your entire stay in Canada, be it a few months or 2 years. If you do not have your insurance at the time of arriving in Canada, you can be denied entry until you produce a proof of insurance.

While self-explanatory, IEC insurance must comply with certain standards in order to be acceptable. Each policy that an applicant considers needs to include coverage for hospitalizations, emergency medical care as well as repatriation or emergency return to home country when necessary.

When shopping for IEC insurance, it is important to review covered benefits as well as the level of coverage such policy provides, so that you can make a conscious decision on how much coverage you should be aiming for.

With a Canadian average of over $5,000 per day spent in a hospital, it is highly recommended to consider at least $50,000 or $100,000 per year in total benefits.

– Who needs it? – IEC permit holders who are coming to Canada as a part of the program.

Still not sure what kind of insurance you need? Just speak with one of our agents by connecting with us through our online chat on our website or call our office during business hours!

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