Most contractors enjoy the flexibility and higher compensation that they receive through their contract arrangements. When considering what features to include in your personal insurance coverage, perhaps the most important component to consider is Disability Protection. Disability Protection is essentially income replacement insurance, and ensures that in the event of a disability (due to either illness or injury), you will continue to receive a defined portion of your earnings. Protecting the earnings power that you have attained through your training and experience is the basic principle of this protection.
Health and Dental coverage is available in a number of different formats. These range from basic programs available through Alberta Blue Cross, to comprehensive coverage from providers like Manulife Financial. Since many of the plans will feature different coverage details (i.e. out-of-country travel, deductibles, waiting periods, etc.), contractors must decide the bet fit between features and prices when evaluating these options.
Optional programs include Expatriate Medical Coverage for contractors that will be working on projects outside of Canada for at least 6 months. In addition, programs like the Medical Expense Account offer incorporated contractors a tax-effective program for obtaining reimbursement for medical and dental expenses.