An important component of all of the property and casualty lines is liability insurance, which provides protection for an insured person who accidentally injures someone or damages someone else's property and is legally bound to pay for the damage. Life and health insurance is primarily the bailiwick of the more than 100 life insurance companies operating in Canada, both domestic and foreign-owned.
Life insurance provides funds to a designated beneficiary in the event of the policyholder's death.
Some of the more common life insurance products include term, universal, and whole life insurance. Health insurance protects against financial loss due to illness, injury, or medical bills, and extends coverage, through a variety of products, beyond that offered by government medicare plans. In fact, medicare itself is a form of insurance, paid for by our tax dollars. Another aspect of health insurance, disability insurance, pays for income lost due to a disabling injury or illness. Often, life, health, travel medical, and disability insurance is provided through employers, but it can also be purchased by individuals.