Canada Number Working Tender

A majority of working Canadians 68 per cent have some experience with taking time off work due to disability yet only half 50 per cent have disability coverage either through workplace benefits or personal insurance theyve purchased which is a significant 5-point downturn since 2018. The study also found that 67 per cent of working Canadians agree there would be serious financial implications if their disability impedes their ability to work for three months despite this less than half 43 have had discussions with their family about how they would handle the financial impact of not being able to work for three months or more. Most Canadians believe that support from familyfriends 92 per cent having proper financial assistance 91 per cent and workplace support 87 per cent are all critical when suffering or recovering from a disability.The majority of working Canadians 68 per cent have some experience with time off work due to a disability whether for themselves or a family member or they know someone who has taken a disability leave. Moreover the number of Canadians who need time off work due to a disability is on the rise yet disability coverage continues to decline according to a recent RBC Insurance survey.The study found that half 50 per cent of working Canadians say they would have liked to have taken time off work for a disability but felt they couldnt afford it up 5 points from 2018. Despite the increase the number of Canadians who have disability coverage either through their workplace benefits or personal insurance that theyve purchased declined by 5 points from 55 per cent in 2018 leaving half of working Canadians without any disability coverage at all.Its troublesome to see an inverse trend between the number of Canadians who need to take time off for a disability and those who have the coverage in place or the finances to do so says Maria Winslow Senior Director Life Health RBC Insurance. With half of the working population without disability coverage many Canadians are exposing themselves to financial risk.When faced with the possibility of becoming disabled and unable to work for three months two-thirds 67 of working Canadians agree there would be serious financial implications for them and their family. Despite this acknowledgement less than half 43 have had discussions with their family about how they would handle the financial impact of not being able to work for three months or more.Being off of work for a disability can have serious consequences affecting ones financial situation including having insufficient funds to cover regular living expenses such as your mortgage bills and even groceries explains Winslow. Its important that Canadians talk with their family and take action so they are prepared for future financial implications of not being able to work.Support is criticalMost Canadians believe that support from familyfriends 92 per cent having proper financial assistance 91 per cent and workplace support 87 per cent are all critical when suffering or recovering from a disability. Yet among those who indicated they took time off for their own disability more than half 56 per cent say they were forced to go back to work earlier due to financial reasons up 5 points from 2018 and nearly as many 45 per cent say they were forced back earlier because they were pressured to by their workplace which is a significant increase from last year 33 per cent.Tips to consider when discussing finances and being off work due to a disability Investigate the coverage you have through your employer plans. Understand how the plan defines a disability and what is and isnt covered. If you need additional coverage talk with an insurance professional. Understand your personal finances and how much income you need to cover monthly expenses. Set aside an emergency budget to help you through at least three months of living expenses. If you need support talk with friends and family and ask about employee assistance programs at work. The ideal time to bring up this conversation is when you are reviewing and discussing your annual financial goals.