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January 15, 2014
40 per cent say a major illness will result in financial problems

A Sun Life survey of 2,400 Canadians indicates that four in 10 people experience serious financial difficulties following a major illness.

The study, conducted by Ipsos Reid in the spring of 2013, says that while 82 per cent of those surveyed recognize that a major illness can impact their personal budget, fewer than 13 per cent have set aside money to cover the expenses associated with illnesses such as cancer, heart attack, chronic diseases, degenerative disorders, terminal illnesses or serious accidents.  More than one in five people have no group or personal insurance to offset some unexpected health care costs.

The most affected are those between the ages of 45 and 54, who often care for both children and elderly relatives while still having large finanncial obligations such as mortgages and other debts.  In total, 53 per cent of those in that age group said they struggled to make ends meet following a health crisis.

According to the survey, 22 per cent of respondents used credit cards to pay for expenses following a major illness.  An additional 22 per cent turned to their savings to support them during the recovery period, while 12 per cent borrowed money from family members and loved ones.

Coughlin & Associates Ltd.’s Privileged Selection products offer insurance protection to help meet the expenses associated with major critical illnesses.  As well, our Individual Financial Services department also offers individual health, dental and disability insurance coverage to supplement your existing group insurance program.  See the Coughlin website at www.coughlin.ca for details.

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