Many Canadians would need to delay retirement or dip into their nest egg in the event of a serious injury or illness, according to a recent survey from RBC Insurance and Ipsos-Reid.
The poll found three-in-10 Canadians have no personally purchased disability insurance and of these, more than half (51%) say they would have to work longer in the event of a serious injury, while 45% would use their retirement savings to pay the bills.
“It’s surprising that so many Canadians are unprepared to deal with a serious illness that would require time off work,” says John Young, president and CEO, RBC Life Insurance Co. “Failing to prepare for an illness or injury can put a serious dent in your financial future and may lead to difficult lifestyle changes.”
In addition to dipping into retirement savings and working longer, one-in-five indicated they would rely on family members for money. In fact, over three quarters (76%) agreed they would have to change their lifestyle and live more conservatively if they were hurt or became ill and unable to work.
With Statistics Canada reporting that 14.3% of Canadians living in households have a disability, preparation makes good sense, RBC Insurance says.
“A disability can impact prime wage earning years,” adds Young. “A comprehensive disability insurance plan can provide benefits to help you manage expenses in the absence of a working income due to your illness or injury.”
The survey found that over one-third (38%) of Canadians, without personally purchased disability insurance, don’t feel that they would have sufficient money to replace their total income if they were hurt or ill and unable to work.
These are the findings of an RBC Insurance/Ipsos Reid survey conducted through Ipsos Reid’s telephone omnibus, August 28 to 30 and September 6 to 9. The poll was based on a randomly selected sample of 2,002 adult Canadians who were interviewed by telephone.
Canadians not prepared for illness or serious injury
Almost half would have to adjust their retirement goals to make ends meet, survey finds
- By: IE Staff
- September 11, 2008 October 31, 2019
- 07:30