Two-thirds of Canadians worry about critical illness, yet only 10% are protected: RBC Insurance poll

More than one-quarter are more anxious about the financial impact of a critical illness than the illness itself

• Nearly three-quarters (72%) of Gen X Canadians are worried about a critical illness diagnosis
• More than one-third (35%) of working Canadians estimate their savings would be exhausted within six months if they were unable to work due to a serious illness or injury
• One in five (20%) working Canadians are unsure how they would cover living expenses if they could not work for six months or more due to a serious illness

Toronto, ON (Oct. 28, 2026) – Canadians are increasingly worried about being diagnosed with a critical illness or condition such as life-threatening cancer, stroke or heart attack, according to a new RBC Insurance survey. Concern about critical illness rose 10 points from 57% in 2025 to 67% in 2026, while the proportion of Canadians who are “very concerned” (25%) also climbed nine points in just one year. Gen X is most likely to be worried, with nearly three-quarters (72%) concerned about a critical illness diagnosis.

Are Canadians financially prepared to face a critical illness?

Despite the growing concern, only 10% of Canadians reported they currently have critical illness insurance – leaving many financially unprepared. Personal savings are the primary financial safety net for working Canadians facing a serious illness, with more than one-third (36%) expecting to rely on them and 24% anticipate drawing down retirement savings. Yet, more than one-third (35%) estimate their savings would last six months or less if they were unable to work because of a serious illness or injury.

Adding to this uncertainty, one in five (20%) working Canadians do not know how they would cover their living expenses, while one-quarter (25%) are unsure how much paid sick leave they have access to through their employer.

“These findings point to a worrying gap between how concerned Canadians are about critical illness and how financially ready they are to face it,” said Farzana Damji, senior director, product strategy and performance management at RBC Insurance. “A critical illness diagnosis can bring significant emotional and physical challenges; having a financial plan in place can help ease some of the added stress and uncertainty, allowing Canadians to focus on what matters most – their health and recovery.”

For some Canadians, the financial fallout is more worrisome than the illness itself

Just over one-quarter (26%) of Canadians feel more anxious about the financial impact of a serious illness than about the illness itself. This sentiment is particularly pronounced among younger Canadians, including Gen Z (34%) and Millennials (32%).

The financial impact of a critical illness could also extend beyond the individual. One in five Canadians (21%) expect to rely on family or friends for financial support if they were diagnosed with a serious illness requiring three to six months of intensive treatment. Yet at the same time, four in 10 Canadians (39%) would feel guilty relying on family or friends for financial support if they became seriously ill.

What can Canadians do to protect themselves?

RBC^® Critical Illness Insurance helps Canadians focus on recovery, instead of finances. If you’re diagnosed with a covered critical illness such as a life-threatening cancer, a heart attack or a stroke, you’ll receive a one-time lump-sum payment that’s yours to use however you choose, giving you the flexibility to focus on your health.

Key features

• Lump-sum benefit of up to $3 million to use however you choose
• Flexible term lengths that fit your needs and budget
• Return of Premium options to get up to 100% of your paid premiums back
• Industry-leading flexibility to exchange terms within the first eight years of the policy
• Early assistance benefit

“RBC Critical Illness Insurance reflects a fundamental shift in how we support our clients during life’s unexpected moments,” said Damji. “This new product is designed from the ground up with a client-first philosophy, prioritizing flexibility at every stage. As life evolves, flexible, comprehensive coverage evolves with our clients and Return of Premium options keep financial planning on track if they don’t use the coverage.”

With critical illness concerns on the rise, the findings underscore the importance of looking beyond medical needs when planning for the unexpected. Understanding how a serious diagnosis could affect income, savings, and everyday expenses, and what financial protection may already be in place, can help Canadians make informed decisions to protect their financial well-being.

Disclaimer

Underwritten by RBC Life Insurance Company. The product summary is for information purposes only and does not constitute a contract or an offer of insurance. Benefits are subject to the terms, conditions, exclusions, and limitations of the policy. In the event of any discrepancy between this information and the policy contract, the terms of the policy will prevail.

Frequently Asked Questions

What is critical illness insurance? Critical illness coverage is a type of insurance that pays a benefit if you’re diagnosed with a serious illness or condition, such as life-threatening cancer, a heart attack or a stroke.

What does critical illness insurance cover? RBC Critical Illness Insurance offers comprehensive coverage for 26 serious illnesses and conditions.

Is critical illness insurance worth it? Understanding the potential impact can help you decide whether critical illness insurance is something that belongs in your financial plan.

How much critical illness insurance do you need? The RBC Insurance critical illness insurance calculator can help you estimate how much coverage you need to replace lost income, cover expenses and support your recovery if a critical illness prevents you from working.

About the Survey

These are some of the findings from an Ipsos poll conducted on behalf of RBC Insurance. The survey was conducted in English and French. A sample of 1,501 Canadians was surveyed online via the Ipsos I-Say panel from September 25–29, 2026. The precision of online polls is measured using a credibility interval. In this case, the results are considered accurate to within ± 3.1 percentage points, 19 times out of 20, of what the results would have been had all Canadian adults been surveyed.

About RBC Insurance

RBC Insurance® offers a wide range of life, health, home, auto, travel, wealth, group benefits, annuities and reinsurance advice and solutions, as well as creditor and business insurance services to individual, business and group clients. RBC Insurance is the brand name for the insurance operating entities of Royal Bank of Canada, Canada’s biggest bank and one of the largest in the world, based on market capitalization. RBC Insurance has over 2,700 employees who serve nearly 5 million clients globally. For more information, visit rbcinsurance.com.

Source: RBC Insurance

Tags: critical illness, protection gap, RBC, survey