What Do I Really Need?

Personal Insurance

AMA offers plenty of great insurance products. To give you a better idea of where to start, we’ve broken down our insurance products into those you need to have, those you really should have and those that may not be necessary right now but that you may need in certain circumstances or may want to plan on adding in the future

But this is just a basic guide. What’s the best way to find the perfect mix of insurance? Talk to an advisor. They can help you tailor your insurance to your personal needs, values and concerns.



These are the types of insurance that we don’t just want you to have, but that others will insist you have.

Auto Insurance:

If you own a car and plan on driving it, it’s law in Alberta that you have basic car insurance. Mandatory coverage comes in two parts: third party liability (sometimes called “Section A”) and accident benefits (which can be referred to as “Section B”). The former protects you if you are in an accident and injure someone else or destroy their property, while the latter is there for you if you’re in an accident and need your own medical bills cared for. The province of Alberta requires all vehicles be insured for at least these two criteria.

Home Insurance

If you have a mortgage, it will stipulate that you need basic home/condo insurance on your property.

Extremely Important

These insurance products are important because you’re very likely to need them, and/or the risk of not having them is too high.

Better Auto Insurance

While it’s mandatory to have auto insurance that covers’ everyone else’s property, none of that will pay to fix your car if you’re at fault in a collision or it rolls on the highway or gets pelted by hail. AMA offers collision and comprehensive options to protect your car from this sort of damage.

Home insurance, even without a mortgage

Even if you’ve paid off your home in full and no longer carry a mortgage, it’s important to have home/condo insurance. Imagine having one of your largest investments burn to the ground, and having to pay to rebuild the whole thing, or having a thief break in and take all your valuables. Home insurance also provides liability coverage for your property and personal liability coverage worldwide.

Renters insurance

If you don’t own yet, having renters/tenant insurance is incredibly important. Your landlord’s insurance only covers the building they own — that means it doesn’t cover any of your belongings. Imagine having to replace all your stuff.

Sometimes, your rental lease agreement will stipulate that you need renter’s insurance.

Health and dental insurance

If you don’t have a decent health insurance plan through work, you should definitely invest in one. Getting sick is expensive, and the costs can add up quickly. You’re already sick; don’t add financial heartache to the mix.


Life, Critical Illness and Disability insurance help you maintain your lifestyle in the case of very traumatic life events.

Life Insurance

Life insurance is a bummer to think about. But if you pass away, do you want your loved-ones unable to maintain the lifestyle you built for them, left with a pile of debt or struggling to pay your funeral costs? Probably not. Life insurance can help.

Critical Illness Insurance

Most of us know someone who has been affected by a heart attack, stroke, cancer or some other life-altering illness. Critical illness insurance helps survivors manage the costs of recovery by providing a lump-sum payment with no restrictions on how it’s used, so you can just focus on your health.

Disability Insurance

Disability insurance helps you meet your income needs while you recover or adapt to your injury or illness. If this isn’t offered by your work, you need to get covered.


These types of insurance are not necessary for everyone, but for the right person you’ll be happy to have it when you need it.

Personal Accident Insurance (PAI)

PAI is insurance for those “That will never happen to me” moments. Imagine losing a foot. You might be covered with disability insurance in terms of recovery, but the cost of installing a ramp or buying prosthetics will likely not be covered. That’s where PAI comes in. One policy can cover both yourself and your family members, if any of them were to have an accident.

Personal Umbrella Liability

Personal Umbrella Liability covers things like disputes that involve defamation of character, libel, slander, invasion of rights and false arrest. It’s also helpful if you accidentally injure someone or damage their property and supplements your current home or auto insurance policy in case of an unexpected lawsuit.

Long-term Care

We all take take routine tasks like bathing, eating, dressing and simply moving around for granted. Long-term Care insurance helps to cover the costs of care that you or your spouse may need in the event of chronic illness or disability, or simply due to the normal effects of aging. Seniors homes and home-care nurses can be expensive, but long-term care insurance can help you can afford the necessary help.


Some insurance is very specific, and is only needed if you own certain things (like a boat or a farm tractor) or are in a certain situation (like hosting a large event, like a wedding).

Do You Own Any of These Things?

Do you own any of these things? Then you should insure that thing!

Other Things to Consider

These are also important, depending on your situation.

  • Employee Benefits Plan: If you own a business and have employees, consider offering them health care. It’s a great way to attract and retain staff.
  • Commercial Auto Insurance: If you have a vehicle you use for commercial reasons, you need this type of insurance
  • Event Liability: Throwing an event? A wedding, reunion, golf tournament or awards ceremony? Make sure you are protected in the case of a guest getting hurt or property damage that you were responsible for.
  • Travel Insurance: Are you going on an adventure? Before you travel get emergency medical coverage for your trip.

Once again, this is just a guide. To tailor your insurance to your personal needs, values and concerns, contact an AMA Advisor.