Millions of Canadians could face serious financial trouble because they don’t have key insurance cover.
RBC Insurance says that the share of workers who have disability insurance through workplace benefits has fallen to 48% in 2018 from 57% in 2015; and 84% of those have not bought a policy themselves.
More than two thirds of respondents said that they would face serious financial trouble if they were unable to work for three months due to a disability.
“Without the proper financial protection in place, Canadians are putting themselves and their families at risk if they are faced with a disability and have to take time off work,” says Maria Winslow, Senior Director, Life & Health, RBC Insurance.
“There’s a misconception that disability insurance is expensive, yet it’s much less than you might think - generally costing between one and three per cent of your income,” adds Winslow.
