Critical illnesses are more common than most of us would like to think. In fact, 73% of us know someone who suffered through a serious illness and half of us have witnessed a family member go through one. Statistics like this make it easy to wonder – what if it happens to me?
An independent survey conducted by Head Research reveals what worries us the most when it comes to the all-too-common event of suffering a serious illness.
1. We worry about quality of life.
Most of us are more concerned about how a serious illness would affect our quality of life than the physical implications of a serious illness. Half of those polled worry about not spending enough quality time with their children and nearly as many (49%) are very worried about not being able to live life to the fullest.
2. We worry about caring for a seriously ill loved one.
No one wants to imagine their child or spouse becoming seriously ill, but many worry the financial strain would prevent them from taking time off work to care for a sick loved one. 54% of those polled would be seriously affected financially if their child became critically ill. More than half of us (55%) would need to continue working or their partner would. If a partner or spouse became seriously ill, more than half of working Canadians would need to keep working in order to cope financially.
3. We worry about the financial aspect.
More than half of those polled (57%) believe a critical illness affecting them or their partners would have a serious impact on their family’s finances. Even more of those polled (62%) said they would need to delay their retirement, downsize their home or go into debt if they were struck by a serious illness. Read Keep your glass half full - even when life threatens to tip it over to learn how a critical illness can seriously affect your ability to maintain the lifestyle you want.
Is there a way to address these worries?
While we can’t necessarily prevent a critical illness, there are steps we can take to lessen the financial burden one may cause. Critical illness insurance is one option that can help in the case of a serious illness. If you experience a covered condition, the lump-sum payment you’ll receive can be used for many purposes, including:
- Airfare to fly in family members from another part of the country/world.
- Hire a caregiver to relieve the stress on loved ones.
- Take time off work to stay by a loved one’s side as they recover from a serious illness.
- Pay for medical expenses that aren’t covered by your work or provincial health plan.
- Quality time away with loved ones to recuperate and relax
- And many more...
Speak to your financial advisor about your concerns and explore what options you have to address them - before they happen.