This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Forty Per Cent Of Canadians Facing Financial Hardship After Serious Health Event

Stocks in this article: SLF

Sun Life Canadian Health Index™ reveals Canadians aged 45 to 54 hardest hit by unforeseen healthcare costs

TORONTO, Sept. 30, 2013 /CNW/ - Canadians who have had a serious health event or diagnosis are feeling the pinch, with 40 per cent reporting financial hardship as a result. More than half (53 per cent) of 45 to 54 year olds are struggling to make ends meet after a major health incident, according to the fourth annual Sun Life Canadian Health Index™, conducted by Ipsos Reid.

Of those impacted by a personal health crisis, some highlights from the survey include:

  • 22 per cent turned to credit cards or personal lines of credit;
  • 22 per cent tapped into personal savings;
  • 12 per cent borrowed from a loved one; and
  • 5 per cent were forced to either remortgage or sell their home.

"Coping with a personal health crisis is difficult enough without the addition of financial strain," said Kevin Dougherty, President, Sun Life Financial Canada. "We have seen first-hand the devastating impact that serious health issues can have on an individual and their families. The short-term financial impacts are overwhelming and immediate, but there can also be longer-term negative implications on retirement plans. Having a financial plan can help to deal with the unexpected."

While a majority of Canadians (82 per cent) realize that a serious health event could impact their personal finances, few (13 per cent) have money set aside for uncovered healthcare costs. These health events are dire and include heart attack, stroke, cancer, coronary bypass, chronic diseases, degenerative disorders, terminal illnesses and serious accidents. A fifth of Canadians (20 per cent) have no group insurance, personal insurance or health expense savings to help absorb the shock.

1 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,806.40 +28.25 0.16%
S&P 500 2,074.67 +13.44 0.65%
NASDAQ 4,777.6440 +29.2480 0.62%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs