Insurance in Canada: What You Have and What to Add
Public cover in Canada, how much life and income cover fits you, and plain pros and cons of each type of insurance. Private, free calculator.
How Cover Works in Canada
Your province pays for doctors and hospitals. The gaps are prescription drugs, dental, vision and income if you cannot work, which is where group benefits and private cover come in.
What You Already Have
Provincial Health Insurance
Each province and territory covers medically necessary doctor and hospital care for residents, such as OHIP in Ontario or MSP in British Columbia.
Up to 26 weeks of Employment Insurance at 55% of your earnings, up to $729 a week, if illness or injury stops you working and you have enough insured hours.
Health cover Basic care is free, so plan around what is not covered: drugs, dental, eyes, physio and travel outside your province. A workplace benefits plan usually covers these; if you have none, compare individual health and dental plans.
Types of Insurance, Pros and Cons
Term Life Insurance
A tax free lump sum to your beneficiaries if you die during the term.
Pros
Low cost for large cover
Death benefit is not taxable
Easy to match to a mortgage or children's ages
Cons
Ends with nothing if you outlive it
Renewal premiums jump
Permanent policies cost much more
Disability Insurance
Monthly income if you cannot work because of illness or injury.
Pros
Protects your income for years
Benefits from a policy you pay for yourself are usually tax free
Covers illness as well as accidents
Cons
Waiting periods of 90 to 120 days are common
Group plans may be taxable and limited
Expensive for some occupations
Critical Illness
A lump sum if you are diagnosed with a covered illness such as cancer, heart attack or stroke and survive the waiting period.
Pros
Money for recovery time or private care
Paid whether or not you can work
Return of premium options exist
Cons
Only listed conditions are covered
Premiums are significant
Definitions are strict
Supplementary Health and Dental
Pays for prescriptions, dental, vision, physiotherapy and other costs the province does not cover.
Pros
Predictable costs for regular care
Group plans are often employer paid
Covers family members
Cons
Annual limits per service
Individual plans may exclude pre existing conditions
Can cost more than you claim
Travel Medical
Emergency medical costs while outside your province or Canada, which provincial plans cover only partly.
Pros
Hospital bills abroad can be enormous
Cheap for short trips
Often included with credit cards or work plans
Cons
Pre existing condition rules are strict
Card coverage may have short limits
Needs renewing for long stays
Checked October 2026. Rules and amounts change, so confirm on the official page before you rely on a figure. Who to check with in Canada.