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FACT: No, they’re not. The intention of incapacity insurance coverage is to substitute your misplaced revenue attributable to your incapacity. Important sickness insurance coverage gives a lump sum cost in case you are recognized with a important sickness, equivalent to most cancers or an immunological illness. The profit is that you may determined how one can use these funds, so you possibly can both pay to your remedy with the cash or, if you happen to’re self-employed, use the cash to pay for household bills. This implies you’re, in truth, compensating your self to your misplaced wages.
2. MYTH: As soon as I’ve important sickness insurance coverage, I’m lined in case of any important sickness.
FACT: You may be lined just for these ailments which might be clearly said and outlined in your important sickness coverage. Take note of the main points.
3. MYTH: If recognized with a important sickness listed in my coverage, I can be absolutely paid the declare quantity.
FACT: Not precisely. Every important sickness comes with a exact definition. Which means that in case your situation doesn’t fall inside that definition, your insurance coverage declare is perhaps rejected. As an example, the coverage could say you’re lined for breast most cancers, however just for Stage 4. These particulars are necessary to pay attention to.
4. MYTH: If I’ve a important sickness, I would want life insurance coverage extra as a result of my probabilities of survival are very low.
FACT: Not essentially. Over 60% of Canadians who’ve most cancers are anticipated to dwell longer than 5 years, for instance. Within the case of a coronary heart assault, over 90% of Canadians survive, however they want time to get well.
5. MYTH: If my important sickness insurance coverage covers most cancers, then it covers all forms of most cancers.
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