All families need a financial plan that includes personal insurance for accidents, death, illness and injury. When planning coverage, you need to consider your economic status, age and number of dependents.
For example, life insurance is important if you have a spouse or dependent children, but it is clearly less important for people who have no dependents. Everyone should take out disability insurance because we all need to be insured when we can't work. Below is a brief description of some of the personal insurance policies in Ontario.
* Required for anyone who drives a car
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* Minimum liability insurance required
Liability insurance is required before you can register a car, and many states require a minimum of $100,000 medical coverage, a minimum of $300,000 for accidents, and $50,000 for property damage. Other recommended coverage also includes collision, theft, and fire. Insurance costs can often be reduced by higher deductions.
* Important for anyone with a dependent spouse, children, or other people
Life insurance is a type of personal insurance that is paid to your living dependents if you die. The amount of coverage required will of course depend on your financial situation and circumstances, and the number of survivors you need to continue to enjoy the same standard of living. When deciding on the amount of coverage, you need to consider training costs and outstanding debt.
Health insurance is usually offered by employers, as private health insurance is often much more expensive. Check your employer's health insurance policy for restrictions.