More than a third of workers say savings would last six months or less, poll finds
Two-thirds of Canadians are worried about a critical illness diagnosis, but only one in 10 report having critical illness insurance, according to a new RBC Insurance poll conducted by Ipsos.
The survey, released Oct. 28, found concern rose 10 points from 57% in 2025 to 67% in 2026. The share who are “very concerned” climbed nine points to 25%. For experts, the results point to a gap that plan design, member communication and retirement-income planning may be asked to fill.
Savings carry the load
Only 10% of Canadians said they currently have critical illness insurance, compared with 9% in the 2025 RBC Insurance poll. Ipsos also found that 12% of Canadians did not know critical illness insurance existed.
Among working Canadians, 36% expect to rely on personal savings if they faced a serious illness, and 24% anticipate drawing down retirement savings. Yet 35% estimate their savings would last six months or less if they could not work because of a serious illness or injury.
One in five (20%) working Canadians do not know how they would cover living expenses if unable to work for six months or more, and 25% are unsure how much paid sick leave they have through their employer.
“These findings point to a worrying gap between how concerned Canadians are about critical illness and how financially ready they are to face it,” said Farzana Damji, senior director, product strategy and performance management at RBC Insurance. “A critical illness diagnosis can bring significant emotional and physical challenges; having a financial plan in place can help ease some of the added stress and uncertainty, allowing Canadians to focus on what matters most – their health and recovery.”
Financial fallout weighs on younger Canadians
Just over one-quarter (26%) of Canadians feel more anxious about the financial impact of a serious illness than about the illness itself, including 34% of Gen Z and 32% of Millennials. Gen X is the most worried about a diagnosis, at 72%.
The effects could extend to families. One in five Canadians (21%) expect to rely on family or friends for financial support if they were diagnosed with a serious illness requiring three to six months of intensive treatment, yet 39% would feel guilty doing so.
Public and industry data offer context. Employment Insurance sickness benefits can provide up to 26 weeks of support at 55% of insurable earnings, to a maximum of $729 a week in 2026. The Canadian Life and Health Insurance Association said in 2024 that over two million Canadians were covered by critical illness insurance through individual or group plans, though that count uses different methods than the poll.
RBC Insurance used the findings to promote a critical illness product it describes as new. It pays a lump sum of up to $3 million on diagnosis of a covered condition, covers 26 illnesses and conditions, and offers return-of-premium options of up to 100% of premiums paid.
“This new product is designed from the ground up with a client-first philosophy, prioritizing flexibility at every stage,” Damji said. “As life evolves, flexible, comprehensive coverage evolves with our clients and Return of Premium options keep financial planning on track if they don’t use the coverage.”
The Ipsos survey of 1,501 Canadians was conducted online from Sept. 25 to 29, with a credibility interval of ±3.1 percentage points, 19 times out of 20, RBC Insurance said.
