FACT: No, they’re not. The goal of incapacity insurance coverage is to substitute your misplaced earnings resulting from your incapacity. Essential sickness insurance coverage supplies a lump sum fee in case you are recognized with a vital sickness, resembling most cancers or an immunological illness. The profit is you could determined methods to use these funds, so you possibly can both pay to your therapy with the cash or, in the event you’re self-employed, use the cash to pay for household bills. This implies you might be, in reality, compensating your self to your misplaced wages.
2. MYTH: As soon as I’ve vital sickness insurance coverage, I’m coated in case of any vital sickness.
FACT: You may be coated just for these illnesses which can be clearly acknowledged and outlined in your vital sickness coverage. Take note of the main points.
3. MYTH: If recognized with a vital sickness listed in my coverage, I will likely be absolutely paid the declare quantity.
FACT: Not precisely. Every vital sickness comes with a exact definition. Because of this in case your situation doesn’t fall inside that definition, your insurance coverage declare is likely to be rejected. As an illustration, the coverage could say you might be coated for breast most cancers, however just for Stage 4. These particulars are vital to pay attention to.
4. MYTH: If I’ve a vital sickness, I would wish 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 reside 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 better.
5. MYTH: If my vital sickness insurance coverage covers most cancers, then it covers all sorts of most cancers.