Nearly half of Canadians are skipping life insurance. Here’s why
Global News
Almost half of Canadians (42 per cent) don’t have life insurance or aren’t sure if they do, a new survey from insurance firm PolicyMe and Angus Reid said on Wednesday.
Canadians are skipping life insurance, and it’s mostly because they think it’s too expensive, a new report shows.
Almost half of Canadians (42 per cent) don’t have life insurance or aren’t sure if they do, and 49 per cent have no plans to purchase any in the next five years, a new survey by insurance firm PolicyMe and Angus Reid said on Wednesday.
And Canadians with children, too, are skipping life insurance, PolicyMe CEO Andrew Ostro said.
“The biggest barrier is affordability. Our recent report found that one in three Canadians without coverage (34 per cent) say it’s too expensive, and that jumps to 42 per cent among households with children,” Ostro said.
Life insurance premiums in Canada can range anywhere between $15 and $300, depending on the policy. For a non-smoker with $500,000 in coverage for a 20-year term policy, the monthly rate would be $33.27 for a 40-year-old woman and $44.96 for a 40-year-old man, according to one estimate.
One in 10 (10 per cent) say high living costs have delayed their insurance plans, while 27 per cent believe they don’t need life insurance, according to the survey.
Nearly two in three uninsured Canadians (65 per cent) say they are unlikely to get life insurance in the next five years.
In addition to cost, many Canadians simply don’t think of life insurance as something they need, Ostro said, while others (26 per cent) are discouraged by the litany of medical tests required to qualify.
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