Canada Health Insurance

Single Person Health Insurance

Single people may have no dependents but it is nevertheless a good idea for them to have health insurance. If you are single, there are several different types of insurance coverage you may want to consider:

• Health Insurance: Many people have supplemental health insurance on the job, but if you are not one of those people, your first line of defense against dental and prescription drug costs as well as other unforeseen medical costs is an individual health insurance policy. With an individual health insurance policy, you can even get a policy with no deductibles. You should choose a policy with large maximum amounts of coverage and make sure that it covers the regular expenses that you foresee yourself incurring, as well as the unforeseen expenses. See an example of an enhanced health insurance plan.

• Disability Iincome Insurance: This type of insurance is often overlooked; however, disability insurance can replace a sizable amount of lost income if you were unable to work because of an accident or illness. You should check with your employer to determine if you have long-term disability protection. If you don’t, talk to your insurance agent about getting an individual policy that would replace at least 60 percent of your income.

• Life Insurance: Even though you have no dependents at this point in time, you may have dependents later on; therefore, it is a wise idea to think about life insurance now. The good thing about getting life insurance when you are young and healthy is that you can get the lowest coverage cost including guaranteed insurability. Another important long-term consideration is to start a retirement savings plan.