Yet most know close friends or relatives who have suffered from a critical illness: Ipsos-Reid (Sun Life Financial)
June 23, 2005, Toronto, ON – A new Ipsos-Reid survey conducted on behalf of Sun Life Financial finds that half (49%) of Canadians do not have a financial plan to deal with the prospect of themselves or a family member living through a critical illness. This despite the fact that nine in ten (89%) Canadians have a family member or close friend who has suffered from a critical illness such as a stroke, heart attack, cancer, or Alzheimer’s disease.
So how would Canadians pay for the expenses associated with living through a critical illness? Slightly more than half (54%) would use money from savings, 17% would mortgage or sell their house, 1% would sell other items, 5% would rely on help from their children and 2% would rely on help from other family members. Twenty-six percent (26%) state that they have purchased long-term care insurance and 22% state that they have purchased critical illness insurance, although data from LIMRA suggest that the number of Canadians holding these insurance policies is much lower (less than 2%). In addition, 16% plan to purchase insurance in the next two to three years, 2% would use other forms of insurance, 2% would use work benefits, and 1% indicate that they would use disability insurance.
These are the findings of an Ipsos-Reid/Sun Life Financial poll conducted from May 17th to May 19th, 2005. For the survey, a representative randomly selected sample of 971 adult Canadians was interviewed by telephone. With a sample of this size, the results are considered accurate to within ±3.1 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were weighted to ensure the sample’s regional and age/sex composition reflects that of the actual Canadian population according to the 2001 Census data.
Half Of Canadians Do Not Have A Financial Plan To Deal With Critical Illness
Half (49%) of Canadians have not created a financial plan to deal with how they would cope financially with the prospect of themselves or a family member living through a critical illness. Conversely, 51% have created a plan.
- Not surprisingly, Canadians 35 years of age or older are more likely than younger adults to have created a plan to deal with the prospect of themselves or a family member living through a critical illness (58% vs. 36%), but still, 42% of Canadians 35 years of age or older have not created a financial plan.
Yet, Most Know Close Friends Or Relatives Who Have Suffered From A Critical Illness
Nine in ten (89%) Canadians have a family member or close friend who has suffered from a critical illness such as a stroke, heart attack, cancer, or Alzheimer’s disease. Conversely, 11% of Canadians do not have close friends or relatives who have suffered from a critical illness.
So How Would Canadians Pay For The Expenses Associated With Living Through A Critical Illness?
Slightly more than half (54%) they would plan to pay for the expenses associated with living through a critical illness with money from their savings; 17% would mortgage or sell their house and 1% would sell other items; 5% would rely on help from their children and 2% would rely on help from other family members; and 2% would pay some other way.
- Canadian adults 18-34 years of age (57%) or 55 years of age or older (61%) are more likely than middle-aged adults (46%) to say they would plan to pay for the expenses associated with living through a critical illness with money from their savings.
In addition, 26% state that they have purchased long-term care insurance, 22% state that they have purchased critical illness insurance, 16% plan to purchase insurance in the next two to three years, 2% would use other forms of insurance, 2% would use work benefits, and 1% indicate that they would use disability insurance.
- Middle-aged Canadians are more likely than younger and older adults to state that they have purchased long-term care (33% vs. 22% and 24% respectively) or critical illness (27% vs. 19% each) insurance protection. Another 5% do not know how they would pay for it and 1% say they have not thought about it.
Ipsos-Reid
Ipsos-Reid is Canada’s market intelligence leader and the country’s leading provider of public opinion research. With operations in eight cities, Ipsos-Reid employs more than 300 researcher professionals and support staff in Canada. The company has the biggest network of telephone call centres in Canada, as well as the largest pre-recruited household and on-line panels. Ipsos-Reid’s Canadian marketing research and public affairs practices are staffed with seasoned research consultants with extensive industry-specific backgrounds, offering the premier suite of research vehicles in Canada�including the Ipsos Trend Report, the leading source of public opinion in the country�all of which provide clients with actionable and relevant information. Ipsos-Reid is an Ipsos company, a leading global survey-based market research group.
To learn more, please visit www.ipsos.ca.
Ipsos
Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.
Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe.
Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2004, Ipsos generated global revenues of € 605.6 million ($752.8 million U.S.).
To learn more, please visit www.ipsos.ca.
