The study, commissioned by Great-West Life, Canada Life
and London Life, shows that in excess of eight million Canadians could slip into debt, downsize their home or delay retirement to ensure they are able to cope with the financial implications of significant bad health.
In the majority of cases Canadians use insurance to protect their homes and vehicles: but it’s less common for them to take out health insurance to ensure their livelihood in the event that a serious illness takes place.
This is despite the fact that the survey shows 60 per cent of Canadians are concerned about potential income losses, while 55 per cent expressed concern about their inability to keep up with living expenses.
“Overall, Canadians feel uneasy when considering the impact of a critical illness and have some understanding of the risk, but lack awareness of and preparedness for the financial implications,” said Kelly Swanson, Assistant Vice President of Insurance Marketing.
Canadians are just not prepared for the impact that a serious illness can have on their lives, according to new research.