Fifty-two per cent of Canadians do not have a financial plan, found a recent Sun Life survey. Even among those closest to retirement, those aged 55 and older, 47% have not yet created a plan. 

Life insurance 

The research also found that of those who do have a plan, 33% do not have life or critical illness insurance. Insurance protection is even lower among those aged 55 and up with 44% stating they do not have insurance. This is followed by those aged 35-54 (27%) and those 18-34 years of age (21%). 

When asked why they do not have insurance in their financial plan, 29% responded that they did not need insurance. Men were significantly more likely to say they do not need insurance coverage than women (41% versus 19%). 

"Insurance is an important part of a financial plan that will support you and your loved ones for years to come," said Vineet Kochhar, Senior-Vice President, Insurance Solutions, Sun Life Canada in a Sept. 27 statement. "Life can be unpredictable – many of us may face challenges that leave us unprepared. Whether you're married with kids or have a partner or relatives that depend on you financially, life insurance ensures they are supported."

Top concerns 

When asked about their greatest financial concern, cost of living was the top concern at 36%. This was followed by having enough money saved for the future and/or retirement (23%), paying off debt (17%) and affording a house (13%), says Sun Life.