Insurance Terms You Should Know Before Seeking Ontario Insurance Quotes
Critical illness insurance provides income during a critical illness so that you can concentrate on your health needs and not have to worry about the effect of the illness on your finances. Not all critical illness insurance policies cover the same critical conditions. It is vital to know specifically what conditions are covered by each policy and the amounts you would be eligible to receive.
Disability insurance provides protection from lost income due to injury or illness. Depending on the disability insurance policy, a variety of injuries and illnesses that could prevent a person from being able to work are covered. Please note that Ontario insurance companies provide different coverage so it is important to compare not only the cost but also what specifically is covered by each policy.
Health insurance is used to cover the gap between what is covered by the Ontario health plan (OHIP) and what you may require. Health insurance plans can cover the basics, such as occasional therapy visits, right up to broad dental coverage or prescriptions plans, depending on the policy. It is important to make sure to change your coverage as your lifestyle changes, so you have the exact coverage you may need.
Life insurance pays out a sum of money to a beneficiary or the estate of the insured person upon their death or a specific period of time. There are several life insurance options each with unique advantages and benefits: Term life insurance, permanent Life Insurance, mortgage life insurance and no medical life insurance are the most common.
Mortgage default or loan insurance protects the lender if the mortgage holder defaults on payments and is required if you are paying less than a 20% down payment on your home. This is not the same as mortgage life insurance, which protects your estate by paying off the mortgage upon death of the policy holder.
Mortgage Life Insurance pays the balance of the mortgage, protecting your estate. It is important to know if you have mortgage life insurance, mortgage default insurance or mortgage loan insurance. Mortgage life insurance is to protect your estate by paying out the outstanding mortgage if the policyholder dies; whereas mortgage default insurance and mortgage loan insurance does not offer this protection.
No medical critical illness insurance is insurance that does not require a medical exam, but will often have qualifying medical questions. No medical critical illness insurance is there for you if you are diagnosed with a critical illness, providing a financial cushion so that you can concentrate on dealing with the illness. Not all Ontario insurance companies cover the same critical conditions. It is vital to know exactly what is covered when comparing critical illness insurance policies.
No medical disability insurance is insurance that does not require a medical exam, but will often have qualifying medical questions. No medical disability insurance provides protection from lost income due to injury or illness. Depending on the disability insurance policy a variety of injuries and illness that prevents a person from earning an income are covered. Please note that different plans provide different coverage so it is important to compare what is covered and what the actual payments may be.
No medical life insurance is insurance that does not require a medical exam, but will often have qualifying medical questions. There are many different policies and features so it is important to compare various Ontario insurance quotes to find the one that actually meets your needs.
Permanent life insurance is insurance where a portion of the premiums are invested, creating a cash value for the policy while providing financial protection if the insured person dies. Permanent life insurance premiums are higher than term life insurance premiums but there is a payout of benefits at the end of the policy, even if the person insured remains in perfect health.
Term life insurance is temporary and is beneficial for people with limited budgets and employers looking to insure employees. Term life insurance provides life insurance for a specific period of time, with a fixed rate of payments. Benefits are only paid out if the insured person dies within the dates covered by the insurance policy. Coverage will either end or offer different payments or conditions once the end date of the policy has been reached.
Travel insurance is temporary and can cover you for the duration of a single trip or for multiple trips over a set timeframe. Travel insurance is available to cover unexpected events such as medical expenses due to accidents or illness when traveling outside of Ontario. Other policy options can include cancellation insurance or insurance against baggage loss.
Travel cancellation insurance is temporary and could cover trip cancellations, trip interruptions, missed connecting flights, delays due to weather, emergency evacuations and even high jacking. It is important to find out what the different Ontario insurance companies cover as travel insurance plans are not all the same.
Travel medical insurance provides temporary coverage for unexpected medical treatments when you travel outside of Ontario. Many people are unaware that their OHIP coverage is limited when outside of Ontario and non-existent when outside of Canada. Ontario insurance companies will often have different travel insurance policies based on the medical costs of your destination country. A quick trip to the USA where medical expenses are very high can cost tens of thousands, if an accident were to occur, without travel insurance. There are a variety of travel insurance plans available for people who travel outside of Ontario either occasionally or frequently.
Travel baggage loss insurance is temporary, and may provide emergency replacement of essential items, personal effects or travel documents in case your baggage is delayed (your bags did not arrive with you, but are on their way to you), lost or stolen. As with many other insurance options, travel baggage loss insurance policies offer you a variety of conditions and plan to choose from.