Insurance is a system where you make pre-determined payments in exchange for coverage of specific damages that may come up in your life. The payments you make and what your insurance will cover are determined by your policy, which outlines your coverage’s specific terms and conditions. Generally, people use insurance to help avoid or minimize the sudden financial consequences of accidents or unexpected damages. Many different types of insurance are available in Canada, each covering specific circumstances or damages.

In this video, we start by looking at common types of insurance in Canada and how you can access them. Next, we talk about insurance policies and important terminology, like premiums, coverage limits, and exclusions. Finally, we dig into some of the ways you can assess which type of insurance and coverage is right for you.