A new survey by RBC Insurance has found that while many Canadian workers have been taking time off work due to disabilities, actual coverage for their ailments has been on the decline.
The survey revealed that the majority of working Canadians – 68% – have some experience with time off work due to a disability of their own or the disability of one of their family members. The same survey also found, however, that about 50% of Canadian workers said that they would have liked to have taken time off work for a disability, but felt that they could not afford it.
RBC Insurance noted that the 50% figure is a five-percentage point increase from 2018.
Meanwhile, the number of workers who have disability coverage through their workplace benefits or personal insurance has declined, from 55% in 2018 to about 50% this year.
“It’s troublesome to see an inverse trend between the number of Canadians who need to take time off for a disability, and those who have the coverage in place – or the finances – to do so,” commented RBC Insurance senior director of life & health Maria Winslow. “With half of the working population without disability coverage, many Canadians are exposing themselves to financial risk.”
RBC also found that 67% of working Canadians said that there would be “serious financial implications” for them and their family if they face the possibility of becoming disabled and unable to work for three months.
Winslow noted how being off from work for a disability can have serious repercussions to one’s financial situation. She advised that more workers should talk with their family in order to prepare for such circumstances.
