Individual Insurance Plans in Canada
2026 Complete Guide: If you don’t have employer benefits, choosing the right individual insurance plan is essential to protect your health, income, and family’s future.
What Is an Individual Insurance Plan?
An individual insurance plan (also called private or personal insurance) is coverage you purchase directly from an insurance provider — not through an employer. It's the critical bridge between provincial care and total protection.
It's ideal for:
Types of Coverage Available
Private Health Insurance
Covers prescription drugs, dental, vision, and paramedical services that OHIP/Provincial plans ignore.
- Prescription medications
- Physio, Massage & Chiropractor
- Out-of-province medical emergency
Strategy: Compare reimbursement levels (70% vs 100%) and annual maximums before committing.
Individual Life Insurance
Financial security for your family. Choose between affordable Term or lifelong Whole Life coverage.
- Term: Fixed (10, 20, 30 years)
- Whole Life: Builds cash value
- Mortgage & Debt protection
Insider Tip: Lock in 20-30 year terms while young. Premiums are significantly lower and guaranteed.
Disability Insurance
The most vital plan for self-employed Canadians. Protecting your most valuable asset: your ability to earn.
- Income replacement (up to 70%)
- Own Occupation definitions
- Elimination period adjustment
Note: Professional income depends on you. Disability insurance is often more critical than life insurance.
Individual Dental Insurance
High-performance dental coverage. Essential for those needing predictable oral health costs.
- Basic & Major Restorative
- Up to $2,500 annual maximums
- No waiting period options
Wait Check: Some plans have 6-12 month waiting periods for major dental work. Plan ahead.
How Much Does It Cost?
2026 Estimated monthly premiums for healthy individuals in Canada.
| Insurance Type | Average Monthly Cost |
|---|---|
| Health Insurance | $80 – $200 |
| Life Insurance (Term) | $20 – $60 |
| Disability Insurance | $50 – $250 |
| Dental Insurance | $40 – $90 |
Costs depend on age, province, smoking status, and medical history.
Cost Variables
- Age Factor: Early enrollment locks in lower rates for life.
- Health Status: Non-smokers typically save 40%–60% on premiums.
- Geography: Provincial tax and regulation impact final pricing.
- Multi-Policy: Bundling health and life creates significant discounts.
How to Choose the Best Plan
Identify Gaps
What does your provincial plan not cover? (Dental, Scopes, Drugs)
Set Budget
Insurance should typically stay under 5–10% of monthly income.
Compare
Don't just look at price. Compare maximums and exclusions.
Flexibility
Look for guaranteed renewability and conversion options.
Common Mistakes to Avoid
Frequently Asked Questions
Protect Your Future Today
Don't leave your family's financial security to chance. Work with a certified advisor to find the most sophisticated coverage at the lowest market rate.