Insurance: Myths vs. Reality

We shed light on some enduring myths so that you can be sure you have the facts!

Travel Insurance

• You really only need travel insurance on long overseas trips
• Trip cancellation insurance is only useful for trips purchased way ahead of time
• If you’re from Quebec and you travel within Canada, there’s no need for emergency medical care insurance
• If you have a chronic illness, you can’t get travel emergency medical care insurance

Life Insurance

• If you’re single or a couple with no children, you don’t need life insurance
• The group life insurance supplied by your employer provides enough coverage

Health Insurance

• Health insurance is for people who are sick or in fragile health
• Your RAMQ insurance provides sufficient coverage

Transporation-related Accident Insurance

• Transportation-related accident insurance is strictly for people who own a car
• Transportation-related accident insurance is useful only if you travel a lot

Travel Insurance

You really only need travel insurance on long overseas trips.
Jonathan was headed to New York City for the shortest of trips: a weekend jaunt to celebrate graduation from College. He never would have taken out travel insurance, but his parents persuaded him to do so. When his appendix flared up and he found himself in hospital undergoing emergency surgery, Jonathan understood how important the coverage was. It kept him and his parents from having to foot a bill of several thousand dollars for his emergency medical care.

Trip cancellation insurance is only useful for trips purchased way ahead of time.
Diane succumbed to the lure of a last-minute offer and bought an all-inclusive one-week vacation package in Cuba. After two days at the beach, she received news that her house had been badly damaged in a fire; she went home immediately. Thanks to her travel insurance, Diane was reimbursed for the remaining unused portion of her stay. Cancellation insurance covers major unforeseen events occurring both before and during your trip.

If you’re from Quebec and you travel within Canada, there’s no need for emergency medical care insurance.
The Cohens travel to Alberta almost every year to visit the family of Joan, the mother, who was born in this province. As well-informed travellers, they always take out travel insurance. They know that the Quebec public health insurance plan doesn’t cover everything (like fees for a semi-private hospital room, charges for an ambulance, an emergency return home or return of their vehicle, or subsistence allowance in the event that their trip is extended for reasons beyond their control). The reason travel insurance exists is precisely to pay for any unforeseen expenses that may become necessary following a medical emergency.

If you have a chronic illness, you can’t get travel emergency medical care insurance.
Nadine has a heart condition, but she was still able to find an insurer who agreed to conduct a personalized health assessment. Once accepted, Nadine knew she could travel with peace of mind. Emergency medical care insurance can cover complications arising due to a pre-existing health condition.

Life Insurance

If you’re single or a couple with no children, you don’t need life insurance.
For Isabelle and Martin, who recently bought a home, life insurance guarantees that neither of them will be in financial trouble if something unfortunate were to happen to the other. The policy would help to settle funeral expenses, mortgage payments, student loan repayments, and more.

The group life insurance supplied by your employer provides enough coverage.
Besides taking care of her aging mother, Judy now provides for her newborn son. She didn’t hesitate a minute when it came to taking out life insurance. Judy knows full well that if she were to pass away, her employer’s insurance would not be enough to cover living expenses for two people for several years. And if ever she should lose her job, she will at least have her personal life insurance.

Health Insurance

Health insurance is for people who are sick or in fragile health.
Although she is in good health, Lydia didn’t hesitate to opt for this coverage. That way, if ever she is diagnosed with a health problem, she will be entitled to unmatched private care. Health insurance is the best option for someone like Lydia, who cares about maintaining her quality of life, whatever the future may hold.

Your RAMQ insurance provides sufficient coverage.
For people who are retired, like Matthew, or do not work for a company that offers its employees group insurance, personal health insurance is the ideal complement to the services available under the public plan. Quebec’s health insurance does have its limits, and taking out a private policy will compensate for them.

Transporation-related Accident Insurance

Transportation-related accident insurance is strictly for people who own a car.
Nathalie knows that a traffic accident can happen even when you’re on foot: she was hit by a car while crossing the street in Paris. Every mode of travel has its risks, and accident insurance is an invaluable asset in circumstances like these.

Transportation-related accident insurance is useful only if you travel a lot.
Peter sustained life-changing injuries in a very serious highway accident while on the way to work one morning. Imagine his relief when he learned he could rely on his accident insurance coverage for financial support. Accident insurance is a wise choice of protection for anyone.