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Insurance – only two thirds of Canadians have life insurance

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Most people have insurance for their motor vehicle and home, but many fail to cover their most valuable assets, their life and potential loss of employment income.

This statistic is disturbing, given the risk that those without insurance face. Equally important is that life insurance owners occasionally monitor what they own and whether it still fits. We must review it against our original goals and update this as our life circumstances evolve.

Despite the typical Canadians’ risk averse nature, many are leaving themselves open to unnecessary financial risk and worry, a TD conducted poll suggests.

This Risky Business Poll revealed that the majority of Canadians claim to be cautious and risk-avoiders (55%), with only 8% saying they are risk-takers. However, the same poll finds that 3-in-10 Canadians don’t have life insurance and 6-in-10 don’t have critical illness insurance.

Canadians are however in better shape on this than Americans. In the US ownership of individual life insurance has hit a 50-year low, according to a new LIMRA study. The Trends in Life Insurance Ownership study, conducted every six years by LIMRA, found that only 44 percent of U.S. households have individual life insurance.

Of the 31% of Canadians who do not have life insurance, 40% say they don’t think it’s necessary, 23% admit they probably should have it and another 23% feel they can’t afford it. Additionally, one-third of Canadians worry they aren’t adequately protected by their insurance policies.

When asked what life events have changed their appetite towards risk, the top answer from Canadians was having children (48%), followed by buying a house (23%) and getting married (18%).

Reference: Results for the TD Risky Business Poll were collected through an Environics Research Group telephone omnibus, conducted October 27 – November 11. A total of 1,500 completed surveys were collected with Canadian adults.

At TriDelta we pride ourselves on our expertise and servicing of insurance. Please contact us to discuss your needs even if it’s simply to review your existing policies and how they fit into your current lifestyle.

By Anton Tucker – Vice President.

If you have questions or want to discuss your personal situation, please call Anton at 905-901-3429 or email him at anton@tridelta.ca

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