A study conducted by BMO Insurance shows that although nearly three quarters of Canadians have some form of life insurance, many are not sure if it will provide enough money to look after their loved ones.
On July 16, BMO Insurance released the results of a survey of 1005 Canadians conducted by Pollara between July 2 and July 4. It revealed that many people are uncertain about their own coverage and about the nature of life insurance in general.
While 74% of the respondents indicated they had some form of individual or group life insurance, 70% said they did not know if it would be enough to support their loved ones if they died. In addition, 88% of respondents said they were not very familiar with the different types of insurance options available.
Asked about the 'right time' to buy life insurance, 63% of those surveyed said the best time to buy is as soon as one can afford it, to take advantage of low premium rates.
As for the top reasons why one would take out life insurance, 53% said it was because they do not want to burden their family financially after death. Another 49% of respondents also said they felt a sense of responsibility to have it, and 16% said that family or friends told them they should have it.
