No any business is real without insurance. Each family needs a life insurance for a breadwinnersand parents, critical illness insurance for each family members, disability insurance, car insurance, property insurance etc. You can learn here why insurance is so important in our life, how to make life saving tax-free using insurance, how insurance can help you to survive, and many other things.

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While traveling around Canada we strongly recommend you always to have about you a Provincial Care Card (in British Columbia it is called a British Columbia Care Card). This card covers your visits to a doctor throughout the country (except Quebec). To have a free service you will simply have to produce your medical insurance card. If you really need treatment a licensed physician or an oral surgeon from the given province will give you medical assistance. This kind of service is covered by the insurance of the province you reside.

As to medical service in Quebec and abroad most often Provincial Care Card covers there your visits to a doctor and other medical expenses in the amount that does not exceed the cost of similar services in the provinces you reside. For example the cost of medical treatment for a resident of British Columbia in a hospital of another country is covered on the basis of CAD $75 per day and real cost of one day in a hospital of the USA can constitute from one to several thousands US dollars.

It is clear that a Provincial Care Card is not enough to travel abroad. Examine an Insurance Scheme of your employer. In some cases the Scheme provides such benefits that will allow you to travel without fear to lose money in case of an unexpected disease. Study carefully all the events and insured accidents, which are covered by the employer’s insurances.

Owners of some credit cards have different Schemes of “Emergency travel Assistance”. Read carefully what and when is covered by the insurance. It may happen that your insurance allows you only to get medical consultations by the telephone 1-800 as well as to get advice on the following problems: transportation of a diseased person, how to find lost luggage, first expenses money, ticket exchange. Only the financial institution that owns the card can give you the final answer what exactly is covered by this card.

Recommended insurance coverage to travel abroad constitutes $2,000,000 or more for medical treatment and stay in a hospital (“Emergency Excess Medical and Hospital Expense”). Though you can buy tourist insurance in a travel agency it is recommended to buy it from an insurance agent . He is a professional in this field of activity and insurance is his basic business and not the side one. An insurance agent may help you interpret your employer’s scheme of medical coverage and to prepare documents for an insurance company to pay out insurance compensation in case of necessity.

If you are traveling to another province in Canada you can buy on-line private travel insurance for Canadian  for half price as for traveling abroad.

If you have guests from another country or you have just arrived in Canada do not forget to buy a Guest insurance over internet  . In critical situations failure to have such insurance can cause great expenses.

It is very convenient not only for Canadian residents but also for all those who are going to come here to buy insurance by telephone, fax or through the Internet.

Michael Arbetov, CFP, FMA
Wealth Manager and Financial Advisor


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