Canadians may be worried about dealing with a disability or critical illness, but they aren’t prepared to cope financially, according to an RBC Insurance/Ipsos-Reid survey released today.

The survey found that although 60% of respondents are worried about themselves or someone in their family getting a critical illness, only 46% are confident that they would have enough money or funds to replace their income if they became disabled or ill.

Most respondents (79%) said they would have to change their lifestyle and live more conservatively if they became ill or unable to work.

“Having to manage without regular income is not something most of us want to think about, but dealing with the financial and emotional effects of a disability or critical illness can be very difficult, particularly if you’re not prepared,” said Neil Skelding, president & CEO, RBC Life Insurance Co., in a release. “The only way to really be prepared for this kind of situation is to ensure you have a complete financial plan that includes coverage for disabilities and critical illnesses.”

The survey found that younger Canadians are the most concerned about disability or illness/

More than two thirds (68%) of younger Canadians (18 to 34 year olds) surveyed are concerned about themselves or someone in their family becoming critically ill, compared to 58% of those 35 to 54 and 54% of those 55 and over.

Regionally, the survey found residents of Alberta are least confident (35%) that they would have enough money or funds to replace their total income if they became disabled or ill, while those who live in Saskatchewan and Manitoba are most confident (60%).

As well, the survey found that understanding of disability insurance coverage is low. Less than half (45%) of those surveyed with disability insurance say they know exactly what coverage they have, when benefits would start, how much they would get and how long they would last.

The poll, which was conducted between August 10 and August 12, is based on a randomly selected sample of 2,000 adult Canadians. With a sample of this size, the results are considered accurate to within plus or minus 2.2 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled.