More than eight million working Canadians are at risk of going into debt, delaying retirement or downsizing their homes in order to survive financially if faced with a serious illness, finds a joint study by Great-West Life, London Life and Canada Life.
Canadians typically take out insurance to protect themselves from damage to their cars or homes, but less commonly take action to protect their livelihood if they or a loved one suffer a serious illness. Yet 60% of working Canadians are concerned about loss of income, and 55% are concerned about an inability to meet living expenses should they be impacted by a serious illness.
“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.
Here are some articles to help clients plan.