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How protected are you for the unexpected?

Posted by Medavie Blue Cross on June 15, 2022

How protected are you for the unexpected?

Posted by Medavie Blue Cross on June 15, 2022

If you suddenly get seriously ill, are you prepared?

In a recent survey we conducted, working Canadians are anxious about the potential impact a major illness or injury could have on their financial wellbeing:

  • 80% anticipate such an event would impact their finances, and 45% say the impact would be significant.
  • Top financial worries include losing income due to absence from work (48%), lack of government coverage for treatment (38%) and an inability to pay mortgage or rent (37%).
  • In the event of a losing income due to a major illness or injury, respondents say they’d cope financially by cutting back expenses (57%), dipping into savings (48%) or seeking another source of income (34%). Another 57% would only be able to manage for 6 months or less before going into debt.

The protection gap

Although two-thirds of respondents say the pandemic has made it more important than ever to own life or critical illness insurance, only 40% have critical illness coverage and 55% have accidental death & dismemberment insurance. Life insurance is more common at 70%.

Think about it: how will your finances be affected if you, a partner or spouse lost income caused by major illness or injury?

  • If your ability to earn income was reduced, how would you adjust your finances?
  • How much do you have set aside for emergencies?

Protect against the unexpected

Wouldn’t you want to rest easy knowing you’re financially prepared for whatever tomorrow may bring? Should the unexpected occur, you will receive a lump-sum, tax-free cash payment with Critical Illness coverage — to spend as you choose — so you can focus on your recovery and not your finances.

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