Question:What happens if you incur an unexpected medical cost while traveling without proper travel insurance?
• Example: Allergic reaction + 45 minutes in hospital + Benadryl & Pepcid treatment = $40,000+ in medical bills
• Example: Car Accident + 3 weeks in hospital + treatment = $1,200,000+ in medical bills
Answer:You return home and withdraw from TFSA, RRSP or take a loan against your assets to pay for the medical bills. Years spent saving only to be derailed by that unforeseen INSURABLE event.