In Canada, and particularly in Quebec, several types of insurance exist to protect your assets, your family and your financial future. Understanding these protections is essential to make informed choices according to your situation.
Insurance and Protection
Understanding essential protections to secure your assets and loved ones in Canada
Book appointment⚠️ Important Warning
The insurance information presented on this page is provided for informational purposes only. We are not authorized to sell, recommend or give specific advice on insurance products. To obtain personalized advice and subscribe to insurance, please consult a licensed insurance broker or contact insurance companies directly.
Essential Protections in Canada
🚨 Mandatory Insurance
🚗 Auto Insurance
Mandatory if you own a vehicle in Canada.
- Civil liability: Minimum $200,000 in Quebec
- No-fault insurance: Unique system in Quebec
- Optional protections: Collision, theft, vandalism
💡 For newcomers
Some insurers accept international driving history.
🏠 Home Insurance (owner)
Required by mortgage lenders if you buy a property.
- Building protection: Structure, foundations
- Personal property: Furniture, electronics
- Civil liability: Accidents on your property
- Living expenses: If your house becomes uninhabitable
⭐ Highly Recommended Insurance
🏠 Tenant Insurance
Highly recommended even if the housing doesn't belong to you.
- Personal property: Your furniture, clothes, electronics
- Civil liability: Damage caused to others
- Living expenses: Temporary accommodation
- Cost: Generally $15-30 per month
💡 Important
The owner's insurance does NOT cover your personal belongings.
💼 Disability Insurance
Replaces part of your income if you can no longer work.
- Short-term disability: 15 weeks to 2 years
- Long-term disability: Until age 65
- Percentage covered: 60-70% of gross salary
- Causes: Illness, accident, mental disorders
💡 Statistic
1 in 3 people will be disabled before age 65.
❤️ Family Protection
👨👩👧👦 Life Insurance
Financial support for your loved ones in case of death.
- Term life insurance: 10, 20 or 30 years
- Permanent life insurance: Whole life + savings
- Recommended amount: 8-10 times annual salary
- Beneficiaries: Spouse, children, estate
💡 Advantage
The younger and healthier you are, the cheaper it is.
✈️ Repatriation Insurance
Covers costs to return remains to country of origin.
- Costs covered: Transport, formalities
- Amount: Up to $50,000 depending on destination
- Important for: Newcomers with family abroad
- Often included: In some life insurance policies
🏥 Complementary Health Protection
🩺 Critical Illness Insurance
Pays a lump sum if you receive a covered diagnosis.
- Covered illnesses: Cancer, stroke, heart attack, multiple sclerosis
- Amount: $25,000 to $2,000,000 according to your needs
- Free use: Treatment, income loss, home adaptation
- Survival period: Generally 30 days after diagnosis
💡 Difference
Unlike disability, you receive a lump sum even if you can continue working.
🌍 Advice for Newcomers
📋 Priorities according to your situation
If you are a tenant:
- Tenant insurance (essential)
- Auto insurance (if you drive)
- Life insurance (if you have dependents)
If you are a homeowner:
- Home insurance (mandatory with mortgage)
- Auto insurance (if you drive)
- Life and disability insurance (family protection)
💰 How to save on your insurance
- Bundling: Combine auto + home with same insurer
- Higher deductible: Reduce monthly premium
- Security systems: Alarm, cameras = discounts
- Good driving record: No claims = better rates
- Annual payment: Avoid installment fees
🏢 Where to Subscribe to Insurance
Insurance brokers: Compare multiple companies for you
- Access to multiple insurers
- Personalized advice
- After-sales service
- Often no additional fees
Direct insurance companies:
- Desjardins Insurance
- Intact Insurance
- Aviva Canada
- La Capitale
- SSQ Insurance
💡 At Décoder les Finances
We inform you about the existence of these protections to help you understand the insurance landscape in Canada. To learn more or subscribe to one, contact an authorized advisor or insurer who can assess your specific needs and offer you the best solutions.
❓ Frequently Asked Questions
Can I use my insurance history from my country of origin?
Yes, several Canadian insurers accept a letter of no claims from your former insurer to offer you better rates from the start.
What's the difference between a broker and an agent?
Broker: Works for you, compares multiple companies. Agent: Represents a specific company.
Should I insure my belongings at their purchase value or replacement value?
Favor replacement value which allows you to buy an equivalent new item, rather than depreciated value.