Many people feel as though they are healthy enough to skip out on life and health insurance. However, paying for certain expenses out of pocket can prove difficult if you experience an unexpected accident, serious illness, or ongoing medical issue comes up. The costs can add up very quickly, even if you live in Canada and have some form of basic health coverage. In fact, OHIP and RAMQ do not cover everything - some services are only partially covered, and some are not covered at all. That’s why it is essential for everyone to have health and life insurance on hand. If you’ve been putting off purchasing a policy, read on to learn the top 5 reasons life and health insurance are crucial to own.
Medical Emergencies Are Expensive
If you experience a medical emergency without insurance, you could face a large amount of debt and even bankruptcy. What people often forget is that a sudden illness or accident could put you out of work, making it even more difficult to pay the health care costs. Having private medical insurance is important to offset the costs that are not covered by OHIP.
Growing Health Care Costs
Your provincial medical card doesn’t cover everything, and most company health care policies don’t either. That means you may be required to pay out of pocket for certain prescription drugs, dental care, vision care, physiotherapy, medical supplies, immunization, hospitalization, and other health-related services. Combine that with the fact that health care costs have also been increasing and having a policy that offers extensive coverage just makes sense.
You’re Not Always Covered When You Travel
Did you know that your provincial health insurance plan does not fully cover you when travelling out of province or country? If you plan to go abroad or even to the US, you should purchase travel insurance that includes health, life and disability coverage. Most provinces only cover the minimal amounts of medical expenses outside of your province. This means you could face large expenses for medical treatment and even prescription drugs. Most of the travel coverages also include accommodation for those travelling with you, medications, and transport home.
Your Family Can Be Left Vulnerable Without Insurance
Life insurance is an absolute necessity if you have a family who relies on your income. If you were to pass away without insurance, they could be left repaying your debts and covering your funeral expenses. Private insurance also covers long-term estate planning needs and will provide money to your spouse or dependants, which can help cover your income loss. Child care and ongoing post-secondary school expenses are often covered as well.
Manages Risk
The reality is that bad things can happen, and usually when you least expect it. Accidents, catastrophes, and illness can strike at any time – even when you’re healthy. Insurance is designed to manage these risks. When you purchase health and life insurance, you transfer your risk of loss to the insurance company to safeguard your future and protect those who depend on you. When it comes to your health and life, having a safety net is important to ensure that your loved ones are provided for and that your medical expenses are fully covered.
Protect your family and legacy with insurance coverage. Contact us today at Rowat Insurance, and we’ll help you find the best insurance policy for your lifestyle and budget.