Canadians lack the financial health to face a serious illness

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by Alain Thériault Feb. 2, 2016  02:17 p.m


A new study commissioned by Great-West Life reveals that 55% of Canadians could not cover their living expenses if faced with a serious illness.


The researchers explained that the great majority of Canadians do not have a well thought out financial plan that could help them deal with a serious health crisis. For example, 62% of workers would go into debt, delay retirement or downsize their home to financially survive a serious illness.


“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,” says Kelly Swanson, Assistant Vice President, Insurance Marketing for Great-West Life, London Life and Canada Life.


The study’s findings also show that beyond financial concerns, most Canadians also feel they would be unprepared emotionally or physically if a family member was struck by a serious illness.


The research conducted by Head Research involved a survey of 1786 Canadians. Among the findings, the survey found that respondents knew very little about critical illness insurance (CI). On the first page of the study, Great-West indicates that it offers CI insurance coverage. The insurer has also created a microsite called Critical Uncovered to better inform Canadians about this type of insurance protection. 


To learn more about how to incorporate critical illness insurance into your financial plan, contact Four Points Financial Solutions at 1-866-235-0004.