RBC Insurance poll: critical illness concern rises, coverage uptake lags
An RBC Insurance poll indicates that concern about critical illness has increased among Canadians, but the share who own critical illness insurance has barely changed. The findings point to a planning gap between perceived risk and actual financial protection.
What happened
An RBC Insurance poll found that concern about critical illness has risen, while critical illness insurance coverage levels have shown little movement. The results suggest many Canadians see critical illness as a meaningful financial risk but have not yet converted that concern into insurance. The findings were released by RBC Insurance.
What it means for consumers
Consumers who are worried about a serious diagnosis should review whether they have a plan for costs such as income loss, mortgage payments, and non-medical expenses. Critical illness insurance can provide a lump-sum payment after a covered diagnosis and any applicable waiting period, but it is not automatic protection; without it, households may rely on savings or debt.
What it means for premiums
No direct premium change has been announced.
Coverage considerations
Critical illness policies differ in which conditions are covered, how diagnoses are defined, and whether there are survival periods or exclusions. Consumers may find coverage as a standalone policy or as a rider, and underwriting can affect eligibility and price. It can complement life insurance and disability insurance, but it does not replace them.