Personal insurance explained
Personal insurance is protection for you – not your property.
Personal insurance protects you and your loved ones from the financial consequences of unexpected events connected to your life and health. These events include disability, illness or unexpected death.
How personal insurance differs from property insurance
- Car and property insurance – cover physical items such as your car, your home, or your valuables against loss or damage – and protect you financially if you’re found liable for someone else’s injuries.
- Personal insurance – provides financial coverage for your most important assetAsset Something of value that a company or an individual owns or controls. Examples: buildings, equipment, property, a car, investments, or cash. Can also include patents, trademarks and other forms of intellectual property.+ read full definition – you.
You may not need every type of personal insurance, but you could be exposed to financial risks if you don’t have any at all. Start by understanding the types of coverage that are available – and the role each can play in protecting you.
While you may not need all types of personal insurance coverage, there could be financial risks if you don’t have any at all.
2 questions to ask
- What would the financial impact be if you died, became disabled, suffered a critical illness or needed permanent, long-termTerm The period of time that a contract covers. Also, the period of time that an investment pays a set rate of interest.+ read full definition care?
- What insurance coverage could lessen this impact?