I have travelled and lived in a few countries and only one (England) offers affordable if not free medical and dental and optical care.
Sight checks in the UK is capped at under £25 in comparison to living in Canada where as it starts at $100, so getting insurance to balance the costs is a beneficial process. This is also the same for dental check up's scaling's and x-rays, all under £25, in comparison to the almost $1,000 in Canada.
The pandemic and life in general has shown us the importance of having back up plans, safety nets and for planning the unknown. No matter your financial circumstances, its important to think of tomorrow, reducing the potential for future stress.
All insurances whatever the type it is important to look at the small print, look at whether it is fit for your intentions and actually fully covers what you need it for.
Below is a list of some of the insurances I suggest you look into and consider having, again please look at what your country offers, your own needs, income, family or dependents circumstances
Life Insurance With a Cash Value
Cash value life insurance is a form of permanent life insurance—lasting for the lifetime of the holder—that features a cash value savings component. The policyholder can use the cash value for many purposes, such as a source of loans or cash or to pay policy premiums.1
It can give you a tax-free monthly payment to help replace your income and cover your expenses if an illness or injury keeps you from working.
While a disability can often be visible to the naked eye, not all disabilities are so easily recognized. Chronic pain or a mental health issue can also qualify as a disability.
Income Protection Insurance
Income protection insurance (also called Disability Insurance) provides you with financial security by replacing a part of your income in case of a disability resulting from an illness or injury, if you are not able to work afterwards. This would allow you to continue caring for your family, address your financial obligations and focus on your speedy recovery. Income replacement insurance does not pay for the cost of your treatment, however.
Travel insurance is a type of insurance that covers the costs and losses associated with traveling. It is useful protection for those traveling domestically or abroad.
Term Life Insurance
Term life insurance is a contract between a policyholder and an insurance company that says if the insured person passes away within the time period of the policy, the insurer will pay a death benefit to the beneficiaries named on the policy.
If you’re buying term life insurance, you have two main decisions to make: How long the term should be and how much life insurance you need?
With level term life insurance, the annual cost of the insurance remains the same every year for the term period. Once the level term period is over, you can generally renew the policy, but at higher rates each year you renew.
If you outlive the length of the policy without renewing, the policy expires. There is no refund of what you’ve paid in, unless you bought a policy type called return of premium term life insurance.
Renters (Tenants) Insurance
Renters' insurance, often called tenants' insurance, is an insurance policy that provides some of the benefits of homeowners' insurance, but does not include coverage for the dwelling, or structure, with the exception of small alterations that a tenant makes to the structure.
Personal Article Insurance
Personal articles insurance is insurance that covers personal items in the policyholder's possession that are not covered by other insurance, such as homeowner's or renter's insurance. These items may include expensive furs, paintings, jewelry, sports equipment, and musical instruments.
Private Health, Medical, Dental and Optical Insurance
The word "private" is used to describe any health insurance plan that is not run by the provincial or national government. Private insurance can be purchased from a variety of sources: your employer, a province or national marketplace, or a private marketplace. The opposite of a private insurance plan is a public insurance plan.