Welcome to the Insurance pages of the Info Library. Here, you can find basic FAQs and explanations of insurance in general, plus each type of insurance that is listed on Which Way To Pay. Move down the page or click directly on the link of the product you would like to learn about.


Please see information on Insurance below.

Simply click on the relevant topic to be taken directly to the relevant pages.

What is Insurance?

In essence, when you buy insurance, or take out an insurance policy, you transfer the risk to someone else, an insurer, in exchange for the payment of a premium. You buy insurance in order to protect, or 'cover' yourself or an asset against any unexpected financial loss. It allows people to protect themselves against risks such as theft, accidents, and illness.

The amount charged by insurance companies for a certain amount of insurance coverage is called a 'premium' and can usually either be paid annually or in monthly instalments. Your insurance policy contains the terms of your contract with your insurer and you have the right to a full copy of your policy. Some kinds of insurance are compulsory in Canada like vehicle insurance while come types of insurance are optional but are essential to make sure you are financially protected should something happen.

What are the different types of Insurance?

Insurance comes in many forms and types. There are a variety of insurance policies available on the Canadian market including:

  • Home Insurance
  • Life Insurance
  • Pet Insurance
  • Travel Insurance
  • Vehicle Insurance
  • Health Insurance including Medical Insurance and/or Dental Plans

What is a Claim?

Making an insurance claim is what happens when you need to claim compensation from the insurance company. Policy holders must file an insurance claim before any money or compensation can be granted. Insurance claims are reviewed by the company and then the compensation is paid out once approved.

Most companies have dedicated claims teams who can deal with your claim and can be contacted at anytime.

How much will it Cost?

Insurers are professional risk takers; they calculate the level of risk involved to assess how much you will pay for your policy and will assess how likely it is that you will have to make a claim which can depend on a number of factors. The amount you pay will vary according to the insurer, insurance policy, cover type and your personal circumstances. Ultimately, the higher the risk and financial cost of the loss, the higher the premium you will pay.

Remember, that most insurance companies offer a free or no obligation quote.

Are there any Drawbacks?

You may feel that paying for insurance is paying for something that might never happen and see it as a waste of money, especially if you never have to make a claim. While yes there is that risk involved but if something did happen and you do not have the right insurance you could be financially ruined. Life is full of uncertainties but insurance protects you from these unforeseen events and covers the risk of loss.

You should watch out for any hidden charges and administration fees. Find out exactly what happens if you miss a payment or you want to cancel or change your policy because you could be charged for this.

How do I choose the right Policy?

The main disadvantage that many people find with insurance is that they take out policies that do not provide the right cover. It is paramount that you are fully covered for the things that you want or need to be covered for or else you could struggle getting a claim approved. You will also want to ensure that you are not wasting money on getting cover for what you don't want or need.

To find the right cover for you, work out exactly want you want from your insurance policy. When you purchase insurance you should make sure you know the main features and benefits of the insurance, how long the cover will last, how much it will cost and whether you can cancel or change the policy without charge. Compare different providers online to find an insurer who will offer you the best policy with the most benefits but at the lowest premium.


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