A critical illness or serious injury would put most into debt in just six months
Canadian workers may participate in their employer health benefits program but would still be financially vulnerable if they suffered a serious illness or injury.
More than eight in ten feel that their finances would suffer if they, or a family member, suffered a major health event with almost six in ten expecting they would only last 6 months before going into debt.
A survey of more than 1,000 Canadian workers by Leger for Medavie Blue Cross has found that, despite these concerns, just 5% of respondents have purchased life insurance and only 3% have critical illness cover.
"The findings are eye-opening. A critical illness or serious injury would cause many Canadians to dip into their savings, look for additional sources of income, seek financial assistance from friends or family, or even downsize their living situation," said David Adams, VP of Business Development at Medavie Blue Cross.
The lack of additional coverage is not because Canadians don’t see its value, but cost, the time to set it up, and not having a trusted advisor to help them are all seen as barriers.
Doing a good job
Employers come out of the poll well, with eight in ten respondents saying their firm has done a good job in supporting their health and wellbeing during the pandemic.
But there’s more they can do.
“Companies can continue this positive trend by considering adding benefits plan features, such as optional benefits, that give employees what we know they want – greater personal risk protection, a greater ability to plan long-term and ultimately, peace of mind," Adams said.
