“The family market, traditionally served by generalists, is a neglected market,” stated Christian McGuire, Quebec Regional Vice-President of PPI, at the Life and Health insurance Congress, held on November 18, 2025, in Montreal.

The numbers speak for themselves: in a recent survey by LIMRA and Life Happens, 21% of Canadians said they did not have life insurance but needed it, while 10% indicated they had some but needed more. The need for life insurance therefore concerns 31% of the population, or approximately 8 million people, noted the panelist at the discussion entitled Declining Policy Sales: Encouraging Solutions. And this figure is expected to exceed 10 million people by 2043, according to demographic projections.

“Were people who don’t have insurance policies—who made that decision or who don’t even know they had one—well supported?” said Chantal Lamoureux, President of the self-regulatort organization, the Chambre de l’assurance, when questioned by Serge Therrien, President and Publisher of the Insurance Journal Publishing Group, on the sidelines of the panel discussion.

According to Lamoureux, helping the public better understand the role of the Chambre’s members is one solution that could help ensure citizens receive proper support and sound advice to make decisions that meet their needs. “That’s the added value of the advisory role [for clients]; “It’s about making informed decisions,” she says.

Educating the general public

For Christian McGuire, the first step to counter the decline in the number of policies sold is to address clients’ concerns about life insurance. Starting with the perception of its cost: a third of Canadians believe it costs more than it actually does, he notes.

Debt repayment, savings for children’s education, retirement savings, emergency funds… customers have many financial priorities, and life insurance isn’t necessarily included among them. Yet, it directly impacts their financial security. “It’s up to us to talk about it to ensure that people can cope with unforeseen events,” says McGuire.

Christian Mercier, CEO of UV Insurance, also emphasizes the need for customer support, especially since financial education has been sorely lacking in recent decades. The mutual insurance company, which serves middle-class families in Canada, has experienced explosive growth over the past five years, he says. “There’s plenty of information on the web, but no advice. There’s a void. Insurance is complex, financial products are complex,” says Mercier.

Recruiting and training a team

Educating the general public is good, but you still need the necessary resources. “It really takes a lot of people to meet the demand,” says Samuel Lajoie, Vice President of Sales and Career Agencies at IA Financial Group. According to him, 1,100 people joined iA’s Career Network in 2025, compared to 1,200 the previous year.

Furthermore, these new recruits must be able to explain financial concepts clearly and simply. According to statistics shared by Christian McGuire, seven out of ten Canadians say they are more confused after meeting with an advisor than before. “What really helps us is that we’ve developed internal collaboration models,” shares Lajoie. He emphasizes the importance of adapting the firm’s structure and prioritizing teamwork to create the conditions for growth.

In terms of recruitment and training, the life insurance market could draw inspiration from the work done in recent decades by Quebec’s Coalition pour une relève en assurance de dommages. Robert LaGarde, President and CEO of this coalition, explains that establishing dozens of partnerships with educational institutions has helped build a skilled workforce. He emphasizes "the balance that exists between the strength of the workforce and the resulting increase in business volume [of the industry]" in the property and casualty insurance market.

Simplifying the work of advisors

"The advisor is the central piece of the strategic plan," states Christian Mercier unequivocally. To facilitate their daily work, his company is making significant investments in regulatory compliance and cybersecurity.

“One of the challenges is the lack of time advisors have in their day,” notes Christian McGuire. According to him, digital tools will allow advisors to enhance their offerings and do things more quickly, more easily, and to standardize them.

Christian Mercier is also convinced that technology and process simplicity constitute competitive advantages. “Forms will become a thing of the past,” he asserts. He adds, “What’s important is having streamlined processes within our systems to obtain the information needed to issue insurance policies, with sound risk management and thorough file analysis.”

Modernizing life insurance products

In surveys, younger generations (Y and Z) clearly indicate what might motivate them to purchase life insurance. Christian McGuire draws inspiration from their responses to rethink the way life insurance is being offered:

  • Guaranteed income: he suggests starting by offering term coverage and explaining that, eventually, when clients convert to permanent products, long-term guaranteed income solutions will be available through cash surrender values
  • Wellness programs: these products exist with some insurers, such as Manulife and its Vitality program. Others could follow suit.
  • Life insurance included with property and casualty or mortgage insurance: It's worth noting that some advisors hold dual licenses. "If this isn't the case for you, work with a property and casualty insurance broker, who can complete your individual offering, and with a mortgage insurance broker, to ensure that life insurance covering disability or critical illness is offered as soon as a new mortgage is taken out," advises Christian McGuire.
  • Short-term insurance: Term life insurance has been around for a long time, but it can now be more personalized, allowing clients to choose a term tailored to their needs.

"There are plenty of opportunities; it's up to us to adapt to our clients' needs and show them how it works," summarizes Christian McGuire.