Understanding and addressing the financial worries of working Canadians
Posted by Medavie Blue Cross on November 29, 2021
We recently commissioned a survey of more than 1,000 working Canadians about their group benefit coverage and financial wellbeing. We wanted to know if optional benefits like critical illness and life insurance were important to them and, if so, how was this influenced by the pandemic; were they protected for the unexpected, and if not, what were the barriers to purchase? The results revealed that employees are vulnerable to an unexpected illness, injury or death.
The vast majority of survey respondents (82%) said their finances would be impacted if critical illness or injury affected their ability to work. Yet most are confused about what they can do about it or they believe they can’t afford to protect themselves with additional insurance.
The findings are captured in our exclusive whitepaper which delves deep into the survey results to better understand and address the shortfall in employee coverage for Life, Critical Illness and AD&D. The whitepaper, which can be downloaded from our Optional Benefits microsite, suggests changes plan sponsors can make to their benefits plan to bridge these gaps and help employees secure their financial future.
Our innovative Optional Benefits platform lets employees easily manage their benefits. They can select the coverage they want, see their monthly premium in real-time, and set up their preferred payment method—all within minutes and with no cost or extra work for employers or plan sponsors. Full details are available on the microsite.
You can also read more about how financial loss is weighing heavily on the minds of Canadian workers, and the steps they and their employer can take to protect themselves against the impacts of a sudden serious illness, injury or death, in an earlier Insights blog on the survey findings.
Medavie Blue Cross is a premier all-in-one carrier that provides health, dental, travel, life and disability benefits and administers federal and provincial government-sponsored health programs. Together with Medavie Health Services, we are part of Medavie, a health solutions partner committed to improving the wellbeing of Canadians. We are in the...