Insurance protects you in the event of damage to property, disability, or loss of life or income. How much insurance you need depends on your own circumstances and "life stage," according to the Financial Consumer Agency of Canada (FCAC).

Consumers need to reassess their coverage after major events like starting a family, buying a home or vehicle, or starting a business.

Ask yourself: "How can I protect myself, my property, my family, and reduce risk?" Then shop around and compare maximum coverage provided by various insurance products, as well as prices.