Cancer Insurance: is it worth it?
Posted Aug 18, 2014 7:30 am.
This article is more than 5 years old.
Experts are warning against Canadians purchasing cancer insurance.
Glen Cooke, president of Life Insurance Canada.com Inc. tells The Globe and Mail, while it may seem like a good deal, the insurance is unnecessary, and could prevent people from getting the proper coverage for long term disability.
The insurance can provide a lump sum payment for those who need emergency surgery or hospitalization, or need money to pay for other treatment costs.
Many times you will be paid back your premium, if you are never diagnosed with cancer, or if you reach 70.
However, Cooke tells the paper, if you purchase adequate life and disability insurance that should be enough to cover costs that come with an unexpected illness.
