{"id":862,"date":"2015-09-16T08:00:20","date_gmt":"2015-09-16T13:00:20","guid":{"rendered":"https:\/\/www.creditaid.ca\/blog\/?p=862"},"modified":"2015-09-16T08:00:20","modified_gmt":"2015-09-16T13:00:20","slug":"what-kinds-of-insurance-do-you-really-need","status":"publish","type":"post","link":"https:\/\/www.creditaid.ca\/blog\/2015\/09\/16\/what-kinds-of-insurance-do-you-really-need\/","title":{"rendered":"What Kinds of Insurance do you Really Need?"},"content":{"rendered":"

\t\t\t\t\"iStock_000008194407XSmall_File<\/a>In times of financial restraint, we examine each and every one of our expenses<\/a>, and decide which are necessities, and which are luxuries. One of the most confusing areas is that of insurance. It\u2019s possible that a single individual can have upwards of half a dozen insurance polices, all of which are associated with an expense, at a given time. Premiums are expensive, and when you\u2019re looking to cut costs, they all fall under scrutiny. Here is a list of common types of insurance and their pros and cons.<\/p>\n

Automobile Insurance<\/strong>
\nIn Manitoba, we\u2019re lucky to have MPI insurance, which does a good job of regulating premiums for everyone. If you drive<\/a>, you need insurance. Period. Purchase basic Autopac insurance, and consider extended coverage if you have the need for it.<\/p>\n

Home Insurance<\/strong>
\nIf you own a building with a mortgage on it<\/a>, you must have enough insurance on it to satisfy your lienholder \u2013 the bank or mortgage company. Generally, you should insure a building not for the appraised value, but for enough to build a comparable replacement in today\u2019s market.
\nIf you rent, you should insure the contents of your home or apartment. Most insurance companies offer a tenant\u2019s package to insure your possessions against fire, theft, or other perils. Make sure you take stock of all the items in your home, and the cost of replacing them.<\/p>\n

Life Insurance<\/strong>
\nLife insurance is one of the trickiest purchases you can make. The goal is to insure yourself so that, in the event of your death, your family won\u2019t face financial hardship. There are basically three ways to do this – through Term Insurance, Permanent Insurance, and Universal Life Insurance. Term insurance is cheapest, as it expires after a certain number of years. Permanent Insurance covers your whole life (although you can cancel it and withdraw some money), and Universal Life Insurance is most expensive, as it has a tax-sheltered investment component.<\/p>\n

The questions around insurance could fill a book. To talk to a Creditaid counsellor about credit counselling<\/a> and debt management solutions<\/a> (including budgeting) contact us<\/a> today.\t\t<\/p>\n","protected":false},"excerpt":{"rendered":"

In times of financial restraint, we examine each and every one of our expenses, and decide which are necessities, and which are luxuries. One of the most confusing areas is that of insurance. It\u2019s possible that a single individual can have upwards of half a dozen insurance polices, all of which are associated with an … <\/p>\n

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