Last Updated: March, 2020

Most of us need some type of insurance. Different people have different insurance needs.

Start by understanding what kind of insurance you need and how much coverage you should have. Knowing your insurance options is an essential part of the financial planning process.

The first step in deciding the types and amounts of insurance you need is to determine the risks you face. If you own or lease a car, Canadian law requires you to have car insurance.


If you own your own home, you will need to insure it against theft, damage from fire, and other natural disasters. If you have a family to support, you will need enough life insurance to replace your income.

Choosing the right insurance is not always easy. Evaluating your needs can make the process a lot easier. While just about everyone needs protection, you cannot assume that your insurance needs are the same as your friends and coworkers.

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