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Canada - ENSerious Illness: How Financially Prepared Are Canadians?
On this page
- How many Canadians have critical illness insurance?
- How many Canadians are concerned about serious illness?
- How many Canadians are financially prepared for serious illness?
- What do Canadians know about critical illness insurance?
- Start building your financial plan for a serious illness
- About the RBC Insurance survey
A serious illness can take a toll on both your health and your finances. Yet even though many Canadians worry about this possibility, few are financially prepared for it.
The RBC Insurance poll “What’s the plan when life happens? Most Canadians don’t have one” reveals a gap between Canadians’ concern about serious illness and the insurance coverage they actually carry. The findings, which are highlighted in this article, demonstrate that there’s an opportunity for all Canadians to better understand their options and plan for whatever comes next.
Key takeaways
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Despite concern about serious illness, most Canadians don’t have critical illness insurance. Only 9% of Canadians have critical illness insurance.
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Many Canadians are not financially prepared for major health setbacks. Nearly one in three Canadians say their savings would run out in six months if they faced a serious illness.
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There’s a gap in education and awareness around critical illness insurance. Four in ten Canadians report limited or no understanding of critical illness insurance.
How many Canadians have critical illness insurance?
According to the survey, 29% of Canadians say critical illness insurance is important, yet only 9% have coverage.
This difference between perceived importance and coverage also appears in other types of insurance:
|
Type of insurance |
Say it’s important |
Have coverage |
Percentage difference |
|---|---|---|---|
|
Critical illness insurance |
29% |
9% |
20% |
|
Disability insurance |
31% |
10% |
21% |
|
Life insurance |
58% |
39% |
19% |
Across every type of coverage shown, far fewer Canadians hold a policy than believe it matters. These findings offer a starting point for Canadians to review their existing coverage and consider how insurance fits into their financial plans.
How many Canadians are concerned about serious illness?
More than half of Canadians (57%) are concerned about becoming seriously ill from conditions like cancer, heart attack, or stroke. Concerns are especially high among women and younger Canadians.
But while anxieties around serious illness is widespread, the survey found that relatively few Canadians, only 9% actually have critical illness insurance. Learning about available coverage is one step toward understanding the options for financial support during a serious illness.
How many Canadians are financially prepared for serious illness?
Nearly one in three Canadians say their savings would run out in six months if they faced a major health setback.
The finding highlights why financial preparedness is part of the conversation about serious illness. Reviewing savings, existing insurance and workplace benefits can help you understand the resources available to you and identify where additional support may be helpful. Want a quick sense of where you stand? The RBC Insurance critical illness insurance calculator can help estimate your coverage needs.
What do Canadians know about critical illness insurance?
Four in ten Canadians report limited or no understanding of critical illness insurance. The survey revealed specific gaps in awareness:
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Only 26% know that a critical illness benefit can be used for anything, from mortgage payments to childcare.
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About one-quarter (24%) know a critical illness claim can be made while continuing to work.
Benefit payment depends on meeting the policy’s requirements, including the definition of a covered condition and any applicable survival period. Policy terms, conditions and exclusions apply.
Understanding how coverage works is the first step Canadians can take to make informed decisions about whether critical illness insurance fits their needs.
Read more: What Is Critical Illness Insurance?
Start building your financial plan for a serious illness
Preparing financially for a serious illness starts with understanding what you have in place. Review the expenses you would need to cover, the savings you could draw on and your existing insurance and workplace benefits. The RBC Insurance critical illness insurance calculator is a useful tool to help estimate your coverage needs.
You can then learn more and explore the RBC critical illness insurance options available to find the best fit for you.
RBC Critical Illness Insurance
Protect yourself and your loved ones with critical illness insurance.
Frequently asked questions about serious illness and financial preparedness in Canada
What financial challenges can a serious illness create?
A serious illness may affect your ability to work while regular expenses, such as housing payments, groceries and childcare, continue. Depending on your circumstances, you may also face additional costs during recovery.
What should I review to understand my financial preparedness for a serious illness?
Start with your essential household expenses, available savings and existing insurance. Check what support your workplace benefits provide and the requirements for accessing it. Together, these details can help you identify where you may need additional financial support.
How long could my savings last if I became seriously ill?
That depends on your expenses, available savings and any income or benefits you would continue to receive. Compare the amount you could draw from savings with the monthly expenses those other resources would not cover. This can provide a starting estimate, although your costs may change during recovery.
Who can help me plan for the financial impact of a serious illness?
A financial or insurance advisor can help you review your resources and discuss potential gaps. Your employer or benefits administrator can also explain your workplace coverage, so you can include that information in your planning.
About the RBC Insurance survey
These are some of the findings from an Ipsos poll conducted on behalf of RBC Insurance. The survey was conducted in English and French. A sample of 2,001 Canadians ages 18+ were surveyed online via the Ipsos I-Say panel between August 18–21, 2025. The precision of online polls is measured using a credibility interval. In this case, the results are accurate to within ±2.7 percentage points, 19 times out of 20, of what the results would have been had all Canadian adults been surveyed.
*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.
Statistics cited in this material are for informational and educational purposes only and are sourced from third-party research. They are not intended to represent the scope of coverage provided under RBC Insurance’s critical illness insurance products. Please refer to the policy for a complete list of covered conditions, definitions, and eligibility requirements, or speak to your insurance advisor.
