Accident benefits have you covered—but for what, exactly? + MORE Feb 16th

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This 29-year-old has been laid off twice as a server and is starting from scratch, spending all his savings to study UX design. Living at home, he wants financial help + MORE Mar 16th

Peter, 29, a server working in Halton Region, was laid off for the second time in December, during COVID-19’s second wave. Currently, he’s receiving $1,800 a month (before tax) through Employment Insurance..... More »
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The Benefits of Donating a Life Insurance Policy to Charity + MORE May 7th

Life insurance policies cannot only be left to an individual beneficiary, but can be donated to charity. Along with the satisfaction of knowing that you are leaving money to a worthy cause, donating your policy will also have certain tax benefits. Donating your life insurance policy can be accompli.... More »

Term vs. whole life insurance: Which type of policy is best? + MORE Mar 20th

Term or whole life insurance? That is the question. But we have two more questions: What is the difference between these two types of policy? And which one is best for your needs?  Generally speaking, term life insurance is best for those seeking a low-cost, short-term solution. Whole life insuran.... More »
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How does earthquake insurance work? May 3rd

Earthquake insurance may not be on the minds of many Canadians. And earthquakes may not top the list of likely natural disasters in Canada, but your home could be at risk. According to a study commissioned by the Insurance Bureau of Canada, a major earthquake could devastate communities across the c.... More »
Accident benefits are likely the last thing on your mind when you’re buckling up in a new ride and tuning into your ultimate road-trip playlist. But it’s important to know that this kind of car insurance is mandatory across Canada, and it plays a very important role if an accident happens and someone gets hurt, including yourself.
What are accident benefits?
The words “accident” and “benefits” make an unlikely pair, but if you get into an accident resulting in unjury, accident benefits are the part of your auto insurance meant to provide you or another insured person on your policy (like your spouse or your children) with medical coverage, beyond what public healthcare offers. It’s required insurance that provides peace of mind. 
Who makes it mandatory? “Provincial governments set what is basic or mandatory automobile insurance coverage,” says Vanessa Barrasa of the Insurance Bureau of Canada (IBC). “Mandatory coverage typically only addresses bodily injury, accident benefits and third-party liability…

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No-fault insurance is more about the insurance claims process rather than dismissing any blame. To sum it up, this kind of policy was designed so you won’t have to drag your feet to a lawyer’s office or provincial court to deal with a suit or claim after a collision. Instead, your insurance company will automatically cover costs for damages or injury under certain conditions (read on to learn more) so you can get on with your life sooner.
What is no-fault insurance?
No-fault insurance is part of your policy so that insurance companies, instead of the court system, battle it out with each other to settle claims. For example, if your car was damaged as a result of a distracted driver, your insurance provider will directly give you coverage, and then it will request a claim in the same amount from the accident-causing driver and their insurance provider. 
But let’s also talk about an at-fault, or tort, policy. The dominant type of insurance in Canada before the no-fault system kicked in back in 1989, tort allowed you to sue a driver (or someone to sue you) when a smashed-up car, damaged property or even bodily harm resulted from a collision…

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