Concern about critical illness has risen sharply among Canadians, but very few have done anything about it, according to a new poll for RBC Insurance.
Sixty-seven percent (67%) of Canadians said they were concerned about being diagnosed with a critical illness such as cancer, a heart attack or a stroke, up from 57% in 2025. A quarter were very concerned, up nine points. Gen X was the most worried generation, at 72%.
Yet only 10% said they had critical illness insurance, barely changed from 9% in RBC’s poll a year ago. Ipsos, which conducted the survey, found that 12% of Canadians didn’t know critical illness insurance existed.
Most working Canadians would rely on their own savings if a serious illness kept them from working. More than a third (36%) expect to use personal savings and 24% expect to draw on retirement savings, but 35% estimate their savings would last six months or less. One in five working Canadians don’t know how they would cover living expenses, and a quarter don’t know how much paid sick leave they have through their employer.
The money worries hit younger Canadians hardest. Overall, 26% said they were more anxious about the financial impact of a serious illness than the illness itself, rising to 34% of Gen Z and 32% of Millennials. One in five (21%) expect to rely on family or friends for financial support, but 39% said they would feel guilty doing so.
“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 of product strategy and performance management at RBC Insurance.
RBC Insurance released the findings alongside a redesigned critical illness product. It pays a lump sum of up to $3 million on diagnosis of one of 26 covered conditions. It offers flexible term lengths, return of premium options of up to 100%, the option to exchange terms within the first eight years, and an early assistance benefit. The policy is underwritten by RBC Life Insurance Company.
Ipsos surveyed 1,501 Canadians online from September 25 to 29.
For advisors, the poll suggests that concern isn’t the barrier. Awareness, affordability and understanding are. More people worry about a critical illness than a year ago, yet the share with coverage has barely moved, and some don’t know the product exists. That gives advisors an opening with clients who are worried but don’t have coverage, particularly Gen X clients at peak earning years and younger clients who fear the financial hit more than the illness itself.
The finding that a quarter of workers don’t know their sick leave entitlement also points to a gap that group benefits advisors and employers can help close.
