Insurance News: Consumer Info on Health Insurance

Insurance News: Consumer Info on Health Insurance

 

 

 

 

 

 

 

 Consumer Info on Health Insurance


Ninety per cent of Canadians expect financial impact from major illnesses but remain frozen when it comes to preventive measures

Sun Life Canadian Health Index™ reveals majority of Canadians aren’t prepared for future health costs

TORONTO, ON (November 16, 2011) – How financially prepared are you for a serious illness? Nine out of 10 Canadians anticipate a financial impact if they were to experience a major or chronic illness, with more than half (53 per cent) saying that impact would be significant or perhaps permanent, according to the second annual Sun Life Canadian Health IndexTM compiled by Ipsos Reid.

Despite these high awareness levels, only 58 per cent of Canadians are either preparing, or are currently prepared financially in case they get sick. And only eight per cent of Canadians have a written financial plan that includes insurance and risk management – two elements that address the economic impact that could come with a major health issue.

“Canadians’ understanding of the connections between health and personal finances are hard-earned,” said Kevin Strain, Senior Vice-President, Individual Insurance and Investments, Sun Life Financial Canada. “We found the majority of Canadians have either personally experienced or have had someone close to them suffer a serious health issue. However, fewer than one in five said they had evaluated or re-visited their finances following the experience.”

Overall, many Canadians expect a long life. The average respondent anticipates living 81.5 years, almost a year more than the Statistics Canada reported average of 80.7 years1 . Eighty-six per cent of Canadians agree that they will need to purchase health insurance to help fund their health care needs, as the public system will not be able to maintain current funding levels as the population ages and costs rise. Seven out of 10 respondents (72 per cent) think they will probably need some form of long-term care as they age.

“We want Canadians to feel empowered about their finances, especially when it comes to planning for long-term care or the financial impact of a major illness,” said Strain. “The last thing anyone wants to worry about is money when making important decisions about their health. Working with an advisor to create a financial plan that includes protection will ease the tension during an already stressful time.”

Tips for Canadians to take control of their finances:  

  1. Meet with a trusted advisor or financial planner to discuss your needs and goals.
  2. Create a long-term financial plan covering investing and protection of assets as well as retirement planning.
  3. Review the plan regularly and make adjustments based on changes to your life and health situation.
For knowing more about how to incorporate health and life insurance into your financial plan,please feel free to contact Aman Kapur at www.youinsuranceguy.ca or by phone 1-416-509-2540 to assist with the plan of your choice. Or simply click here to request a quote

Leave a Comment

Your email address will not be published. Required fields are marked *