Top 5 Insurance Myths Busted!

Every type of insurance like health insurance for Canadian citizens returning, home insurance or travel shield insurance is usually surrounded by a number of misconceptions.

Since misconceptions and myths play a vital role in people’s perception, we have dedicated this blog to shed some light on clearing the 5 most commonly found myths regarding insurance.

Medical insurance would not pay claims

Many people do not realize that all travel plans cover medical emergencies and not every medical condition comes under the banner of emergency.

An emergency is a sudden and unforeseen event, like sudden injury or unexpected illness that puts the insured individual life at risk.

Therefore, if you are going for a regular medical checkup, it is highly unlikely that insurance would cover it for you. However, if you have signed up for insurance that includes regular check-ups, there is no harm in claiming the insurance.

Another issue comes, if you have a pre-existing medical condition. Every insurance plan has certain limitations and exclusions which make it imperative to get yourself familiar with them. You would find some plans that cover pre-existing medical conditions, but you would also come across many policies that refuse to do so.

That is why, if you have high blood pressure while buying insurance, you should know that the insurance does not include regular medical and neither should you expect it.

Therefore, the importance of understanding every aspect of an insurance plan before making the purchase cannot be more stressed.

You are offered sufficient travel insurance through credit card

This is another misconception because credit cards offer only very limited coverage and that too with relatively more stringent policies and higher deductibles. Therefore getting a travel insurance plan through a credit card, rather proves to be insufficient for specific emergencies.

Not to mention, in many cases the available coverage is only provided for a short trip, that is why this could potentially lead to a great financial burden. The trip cancellation also does not include credit card insurance, therefore you would be putting yourself at very high financial risk in case the trip gets cancelled.

You should opt for the cheapest insurance policy

As they say, cheaper is not necessarily better. Therefore, while getting yourself insured, first make sure you understand every aspect of your insurance and know what the insurance is covered for.

Sometimes, low-cost plans are not adequate enough to cover your emergency medical expenses beyond a certain limit, therefore you are left at risk.

You might be thrilled to come across a cheap insurance plan, but disappointment may await you in future. By getting cheap insurance, you would realize at the hour of need that it has so many deductibles on it and burning a hole in the pocket is the only option.

If affordability is a big concern for you, consult a reliable insurance agent for more

flexible options and get the best deals without draining your money.

You do not need travel insurance if you are travelling within Canada

Every Canadian province has a reciprocal agreement that permits the visitor to enter different provinces and seek medical treatment without any cost. Nevertheless, getting insurance is important since every province has varying policies and hardly any province covers the entire cost.

Furthermore, with insurance, you can save lots of your money if the trip gets interrupted or gets cancelled.

You do not need insurance for short trips

Unfortunately, the length of your visiting time at any place has no effect on the risk of serious injury. Therefore whether you are taking a weekend trip to the States or a long trip to Europe, you are exposed to an equal number of incidents.

Furthermore, if the incident necessitates critical care, you would be required to stay for very long in a foreign country. This would not only pose an extreme inconvenience, but it would also be a financial catastrophe!

To get more information, contact our customer care and benefit from the exceptional help you would be provided with.