Life insurance
Why Do I Need to Get Life Insurance? Why is life insurance important? Buying life insurance protects your spouse and children from the potentially devastating financial losses that could result if something happened to you. It provides financial security, helps to pay off debts, helps to pay living expenses, and helps to pay any medical or final expenses. Thanks to the cash value component, whole life insurance is a form of forced savings. Whether you hold the policy until you die or surrender it for cash when you retire, whole life insurance can give your loved ones the money they need to pay estate taxes without having to dip into other accounts.
Health Insurance
Covered services include childbirth, surgery, and prescription drugs given in a hospital. There are restrictions within Canada’s public system. Prescription drugs taken outside a hospital setting are often not covered. Dental care, vision care, and rehabilitation services are also usually not covered by Medicare. In Canada, there is no federal law mandating that individuals have health insurance. However, some provinces and territories require residents to have health insurance coverage in order to access publicly funded healthcare services.