Comprehensive family insurance in Canada today is a million
dollar industry that encompasses a large number of private and public
insurance companies. These companies cover families for the many
potential risks that often leave people in a financial bind, including
mandatory coverage such as car insurance, and other coverage such as
health, home and life insurance.
Canadian
families have many options when it comes to protecting themselves
against life's unexpected dire consequences. Over time, the insurance
industry in Canada has grown, developed, and changed to meet the needs
of its residents, embracing current trends, and providing desired
products while keeping costs under control.
Medical Care for Loved Ones: Health Insurance
Medical
coverage falls under the umbrella of optional family insurance in
Canada. Although Canadians are fortunate to be provided with medical
coverage under provincial health plans, there are nevertheless gaps in
the program that can be filled with additional private health insurance.
For instance, provincial health plans do not typically cover dental or
vision care, or medical expenses when travelling outside the country.
Many Canadians obtain private coverage for prescription drugs if they
are not among those who qualify for assistance.
Canada's health
insurance system has a long history. Saskatchewan was the first province
to pass laws providing coverage in 1946, and by 1961 all the provinces
had followed suit. In 1984, the Canada Health Act set forth federal
standards by which provinces could receive funding from the federal
government. According to a 2009 poll, more than 86% of Canadians state
that they support the provincial health care system.
Health
insurance in Canada has faced several challenges over time. More
recently, there is a push to privatize health care in some areas, in
spite of popular opinion. Canada's health care system is relentlessly
scrutinized and its policies are a topic of ongoing discussions, but in
the meantime, families can obtain additional medical coverage from
private insurance providers in order to fill the gaps left by provincial
plans.
Public and Private: Car Insurance
One of the
largest areas of family insurance in Canada is the car insurance
industry, a field that has undergone much change over the years. When
cars first became available in Canada, a few large companies were
already offering personal lines of coverage to Canadians. One of the
oldest insurance companies in the nation is the Dominion of Canada
General Insurance Company, which opened its doors in 1887 and still
offers auto policies and other types of coverage today.
As the
need for auto insurance increased, things changed across the country.
Some provinces devised their own system of public coverage, such as
Manitoba's Autopac, while others chose a public system of insurance
similar to that used in the United States. With more and more cars on
the road, provinces eventually passed laws requiring that all drivers
carry a liability insurance policy. With insurance now mandatory, the
competition for Canadians' insurance dollars became fierce.
In
time, provinces with a public system had to improve the laws in order to
protect consumers from overpaying for insurance. Several provinces have
now implemented maximum rates that insurance providers must adhere to,
and have established control over when and how rates can be raised, in
the hope of decreasing the number of people driving without insurance
because they cannot afford it.
The Roof over your Head: Home Insurance
Homeowners
insurance is also a major consideration when it comes to comprehensive
family insurance in Canada. In time, the need for coverage grew as the
cost of homes rose and more families were unable to recover from fire
and other damages. At the same time, mortgage companies required some
protection from substantial financial losses when homes were destroyed.
Homeowners insurance is designed to protect both parties. In Canada,
this type of insurance is sold by public companies in all provinces, as
opposed to auto insurance which is public only in certain provinces.
Started
in 1839, the Gore Mutual Fire Insurance Company is the oldest property
and casualty insurer in Canada. Since that time, many more companies
have opened their doors, providing Canadians with coverage to protect
their homes and property from many risks including fire and theft.
Protecting Those Left Behind: Life Insurance
When
you think about family insurance in Canada, one of the first things
that probably pops into your mind is life insurance, most likely because
of its direct human connection. Life insurance protects families from
financial disaster when the main breadwinner in the household passes
away unexpectedly. It offers an immediate financial cushion to a family
experiencing instability, and provides them with time to recover without
having to worry over finances.
Two of the oldest life insurance
companies in Canada are the Canada Life Insurance Company which started
in 1874, and Great West Life which started in 1881. Today, the two
companies have merged to form a powerful and venerable player in the
life insurance scene. Many other companies are also in the business,
some of which are wholly Canadian based, while others have branches in
foreign countries.
Although life insurance was once considered
somewhat of a luxury for the wealthy, today it has become a vital part
of family insurance in Canada, and addresses all levels of income. With
so many companies selling life insurance, rates have become competitive
over the years, making it easier for Canadian families to choose the
coverage they need at a price they can afford.
Coverage for your Family Today
It
is easier than ever to provide your family with comprehensive insurance
coverage. There are multiple insurance companies operating in Canada
that offer a wide range of policies for Canadian families. Although the
basic three - auto, home and life- are the most common policies, other
significant areas of family insurance should be taken into account, such
as health insurance, travel insurance and dental and vision care
insurance.
Canada's insurance providers have grown and improved
over time to keep up with the ever-changing needs of Canada's families.
Their purpose is to provide you with the comprehensive protection
required to keep your family, home, quality of life and financial assets
safe.
