Protect yourself, protect your loved ones and protect your property. This is what gave birth to all types of insurance. Having an insurance policy is a must in daily life in Quebec.
What are the different types of insurance policy? What protections does it provide?
In this exclusive guide we tell you everything about the insurance policy: definition, types, objectives, termination and more.
Insurance policy: definition
Once the decision has been made to subscribe to an insurance contract, and all the steps have been taken, you will then be in possession of an insurance policy.
The insurance policy is therefore the insurance contract, and by logical consequence, the material proof of the agreement between the insurer and the insured.
The insurance policy contains and traces in a written and official manner all the information of the agreement such as for example:
The term insurance policy is used more by professionals in the field.
While some insurance is made compulsory, others have become essential to protect against certain everyday risks. It is important to choose the right insurance policy which must correspond to your needs, your situation and your ambitions.
To be able to compare all the insurances, and find the one that suits you best, we have put in place insurance comparator tools that allow you to shop for your options in a few seconds:
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What are the types of insurance policies in Canada?
From a certain point of view, we can distinguish two main types of insurance policies:
Personal insurance, which protects the person himself.
Damage insurance, which gives the right to compensation following a claim
Here is a summary table of some examples of the main insurance policies with compensation in the two main types of insurance policies:
Home insurance is an insurance product that provides tenants, owners or co-owners of real estate with coverage in the event of an incident affecting the property.
Home insurance generally includes protection for the property itself (walls, pipes, ceilings, etc.) as well as for the movable property inside it (furniture, personal effects, value, etc.), as well as liability insurance – in the event that you cause damage to the property of a third party.
To compare all your home insurance options, click on our free online comparator below:
life insurance policy
Life insurance is above all a provident product allowing the insured to provide their loved ones with a tax-free lump sum payment in the event of death. There are two types of life insurance policy: term or permanent.
Want to know more about what is term life insurance and permanent life insurance ? Read our dedicated guides.
The life insurance policy is also a contract benefiting from taxation and an attractive rate of return and which can therefore also be used as a financial investment.
To compare all the best life insurance offers, click on our free online comparator below. In a few seconds you can shop all your options and find the best life insurance policy:
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Police d’assurance auto
The car insurance policy will protect your car as a material good but also yourself with the civil liability linked to the car insurance which is compulsory.
In Quebec, there are two types of mandatory auto insurance:
public plan insurance : this is insurance that you pay for automatically when you obtain your driver’s licence, it is the public plan administered by the Société automobile du Québec (SAAQ) . This insurance is used to cover bodily injury following an accident.
private plan insurance: this is civil liability, this car insurance is compulsory.
To compare the best car insurance options, use our free online comparator. Shopping for your options has never been easier and more efficient:
Critical illness insurance policy
In Quebec, critical illness insurance is a financial product that allows you to benefit from financial support if you are diagnosed with a serious illness previously mentioned in the insurance contract.
Thus, critical illness insurance allows you full or partial financial coverage of your care when you are suffering from serious illnesses such as cancer for example.
If you are looking for information on the different critical illness insurance companies in Quebec , you can consult our set of dedicated guides.
Shop for all of your critical illness insurance options to be best protected against life’s unforeseen events and mishaps. Click on our free online comparator and get the result in a few seconds:
Subscribing to travel insurance therefore allows you to enjoy your holidays with complete peace of mind, knowing that the main travel-related costs are taken into account in the event of problems.
What is the purpose of an insurance policy?
All insurance policies have a specific and defined purpose. Although some are mandatory, other insurance policies are optional, but are often recommended depending on your situation.
Can we cancel all insurance policies?
The termination of insurance and its conditions will be included in the contract of the insurance policy. The conditions for terminating an insurance policy are therefore specific to each contract and therefore to each new subscription.
In all insurance policies, the terms of termination are announced and written in advance before the contract is signed.
The insurance policy cancellation letter, also called insurance termination letter, is a letter that the insured must send to his insurer when he decides to terminate his insurance policy.