No serious illnesses, please!

Yet very few Canadians have purchased additional insurance coverage since the start of the pandemic. Only 5% of respondents have taken out life insurance and 3% have critical illness insurance.

“The findings are revealing. A serious illness or injury would force many Canadians to dip into their savings, find an additional source of income, seek financial help from family or friends, or even move to a smaller house, ”explains Pierre Marion, Regional Vice-President, Business Development at Medavie Blue Cross.

NOT A LACK OF INFORMATION

This lack of coverage does not appear to stem from a lack of information. Indeed, 66% of those polled consider that life, serious illness or accident insurance, especially during this pandemic period, are particularly important. However, only 4 out of 10 respondents have a cover to protect themselves in the event of a problem.

Others face various obstacles in accessing such protection. Of those mentioned, 48% mention the cost of such insurance and 24% say the enrollment process is too complex or long.

A PROBLEM TO ADDRESS TO EMPLOYERS?

Medavie Blue Cross believes that employers should help their employees and provide them with more appropriate coverage.

“Employers have a real opportunity to rethink their group insurance plan to increase the options and flexibility offered and allow employees to better protect themselves against risks by making the process of selecting and adding coverage as easy as possible. for them ”, supports Pierre Marion.

The insurer also offers a solution for businesses that allows employees to add life and health insurance coverage to their existing insurance plan: Optional guarantees.

“We have learned important lessons from the COVID-19 pandemic, particularly with regard to the role that the employer plays through its group insurance plan to help its employees plan major events related to their lives and to their health. Our study shows that in Canada, 8 in 10 employees say their employer has done a good job supporting their health and well-being in the past year. Companies can contribute to the continuation of this positive trend, ”concludes Pierre Marion.

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