New RBC Insurance data shows most Canadians fear a serious diagnosis but have no financial protection in place
A sharp rise in Canadians' anxiety about critical illness has not translated into action, with new polling from RBC Insurance revealing a glaring gap between concern and coverage that points directly to an unmet need in financial planning conversations.
The survey, conducted by Ipsos on behalf of RBC Insurance between September 25 and 29, 2026, polled 1,501 Canadians online and found that concern about receiving a critical illness diagnosis - such as life-threatening cancer, a heart attack, or a stroke - climbed 10 percentage points in a single year, rising from 57 per cent in 2025 to 67 per cent in 2026.
The proportion of Canadians describing themselves as "very concerned" jumped nine points over the same period, to 25 per cent. Among Gen X Canadians, nearly three-quarters (72 per cent) expressed worry about a critical illness diagnosis.
Despite that growing unease, only 10 per cent of Canadians reported having critical illness insurance. The figures arrive as wealth advisors continue to grapple with the broader protection gap facing Canadian households which extends well beyond life insurance to living benefits coverage that many clients do not know they are missing.
Savings at risk, futures uncertain
For working Canadians, personal savings represent the primary fallback if a serious diagnosis interrupts their income. More than a third (36 per cent) said they expect to rely on savings, while 24 per cent anticipate drawing down retirement funds.
The problem is that those reserves are shallow: more than one-third (35 per cent) 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 working Canadians (20 per cent) said they simply do not know how they would cover living expenses through a six-month or longer absence from work. A quarter (25 per cent) do not know how much paid sick leave they have through their employer - a knowledge gap that carries real financial consequence.
"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, in a statement accompanying the October 28, 2026 release. "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."
Financial anxiety compounds the health fear
The data also surfaces a finding advisors may find useful in client conversations: for a meaningful segment of Canadians, it is the economic fallout from illness (not the illness itself) that causes the greatest anxiety. Just over a quarter of all Canadians (26 per cent) said they are more worried about the financial impact of a serious illness than about the illness itself. That proportion is higher among younger generations, with 34 per cent of Gen Z and 32 per cent of Millennials holding that view.
The ripple effects are expected to extend into family finances. One in five Canadians (21 per cent) anticipate relying on family or friends for financial support if diagnosed with a serious illness requiring three to six months of intensive treatment - even as four in 10 (39 per cent) said they would feel guilty doing so.
That tension between practical need and personal reluctance underscores the emotional stakes attached to coverage gaps, and the difficulty many clients have in raising those conversations without guidance from their advisor.
These dynamics sit within a well-documented pattern. Research into Canadians' insurance behaviour in 2026 has shown that many households are simultaneously aware of the importance of coverage and unable to accurately describe what protection they actually hold - a confidence gap that leaves clients vulnerable in exactly the scenarios this data describes.
An opening for advisor-led planning
For financial advisors, the RBC Insurance findings translate into a practical conversation starter. Critical illness insurance - which pays a tax-free lump sum at diagnosis that can be used at the policyholder's discretion - is a product that has historically struggled to gain traction in individual sales channels despite growing consumer awareness of its purpose.
As Wealth Professional has reported, advisors play a central role in closing the critical illness coverage gap for Canadians who understand the concept but have not yet taken action.
The polling suggests that moment of receptiveness may be arriving across a broader demographic than before. The 10-point single-year increase in concern, particularly the surge among Gen X - who are typically in peak earning years and managing the highest concentration of family and mortgage obligations - represents a shift in the seriousness with which Canadians are approaching health-related financial risk.
Advisors who incorporate a structured review of living benefits coverage into client meetings, alongside life and disability insurance, are well positioned to address a gap that the data suggests many clients already sense but have yet to act on.
The question the numbers raise is not whether clients see the value (most already do) but whether they have had the conversation that moves them from concern to coverage.
