As I originally mentioned, it's not just about the typical bear markets.  I'm referring to a worst case situations where markets freeze and companies cannot generate revenue which would both impact both their valuations, which are already generally overvalued, AND dividend payouts.  How diversified are everyone's portfolios?  Eg How did Citigroup and BoA's divies fare in 2008+?  Nearly a decade later, we still haven't even completely unwinded all the stimuli to counter the great recession.  How ready is the world for another calamity particularly with the current debt levels as mentioned in Pape's article?  How would Canada handle it if unemployment grows to over 12% like in the 80's & 90's with this level of debt?   I admit it's a worst case scenario that I'm optimistic won't happen.  But I wouldn't necessarily bet the farm that it wouldn't happen either.  
Again, the risks aren't making me lose sleep but instead are driving me to build a solid enough portfolio to withstand stresses.