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Dec 16, 2020 · Our newest State of the Nation report on Canadian life insurance trends in 2020 shows COVID-19's effects on consumer attitudes and more. How have Canadian attitudes changed towwards life insurance during the COVID-19 pandemic?
- General Canadian Life Insurance Facts
- What Do Canadians Think About The Insurance Industry?
- In Conclusion
1. A Canadian household has an average life insurance protection of $423,000.
(Source: Mordor Intelligence) Back in2017, the average life insurance protection for every household was $417,000. This figure rose to $423,000 in 2020, approximately five times the average household income. Clearly, the COVID-19 pandemic has made Canadians appreciate the importance of life insurance more.
2. According to insurance statistics, about 38% of Canadians have life insurance through their employer or group benefits only.
(Source: Policy Advisor Brokerage) Insurance coverage is an important consideration for every Canadian. When asked about the option that best describes their coverage, however, about 38%of them said they only have life insurance through their employers. For 28% of Canadians, individually-owned life insurance also comes with their employer or group insurance. Additionally, around 14%admitted to having no life insurance at all.
3. Insurance statistics reveal around 64% of Canadians put the most value on life insurance.
(Source: Policy Advisor Brokerage) Insurance comes in different types and coverage. There is insurance for health, life, home, auto, and many more. Interestingly, 64% of Canadians value life insurance the most. Travel and electronics were deemed less important. This 2020trend reflects the current concerns in the midst of the pandemic. So, it’s understandable that most Canadians will consider insurance coverage for health and life as essential.
14. Given the choice, around 52% of Canadians would buy their insurance online.
(Source: Policy Advisor Coverage) More than half of Canadians expect insurance to work the same way as other online retailers. In contrast, only 21% said they would prefer to meet with an advisor in person, while the remaining27%are unsure which option to take. The good news is: More and more companies are accommodating this shifting trend. So, many of them now approve coverage of up to $1 million without a medical exam, at least for people under the age of 50 and in good health.
15. More than 80% wrongly believe Canadian life insurance rates are too high.
(Source: BNN Bloomberg) Many people avoid getting insurance because of the perceived expenses. But the truth is: Life insurance can actually be very affordable. While an overwhelming number of consumers believe the cost of life insurance is relatively high, according to research by the Life Insurance and Market Research Association, it is still more expensive not to have insurance at all. As we mentioned earlier, healthy Canadians who don’t smoke can have life insurance coverage for 10 years...
16. More than 60% of Millennials consider online insurance information to be safe.
(Source: Statista) In a world where everything can be transacted and done online, it is no longer surprising to find that the majority of Millennials are increasingly taking measures to protect their information in the digital space. However: Despite the threats of data breaches, more than six in ten millennials believe their online insurance information is safe, Canadian life insurance statisticsreveal. They’re quite aware that insurance companies invest heavily in IT and online security as...
Life insurance is an ideal option for Canadians who want to alleviate the financial risk to their loved ones of untimely or accidental death. The money beneficiaries can get is tax-free, allowing dependents to cover expenses and other needs. So, it’s a good idea to get life insurance as early as possible because factors brought by age can make prem...
Jun 28, 2024 · Growth in Canada’s overall life insurance market 1. Increase in awareness – The global pandemic undoubtedly brought mortality and financial vulnerability to the forefront of people’s minds, leading to a notable increase in awareness for life insurance – having the right policy in place not only protects your loved ones but also provides ...
For the most part, term life insurance is the most affordable life insurance solution for most individuals. It’s one of the reasons why term life insurance is the go-to for Canadians. So, what makes term life insurance more affordable than other types of life insurance products?
Canada’s life and health insurers know that millions of Canadians count on us during times of crisis. For all of us, 2020 was one of those times. Like you, insurers experienced the disruption and tragedy of the COVID-19 pandemic. The crisis tested and demonstrated the resilience of the life and health insurance industry and the importance of ...
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Apr 28, 2023 · Term life insurance, for example, is an affordable life insurance option suited for most Canadians. With that said, though, many Canadians are paying more for life insurance than they need to. 22 million Canadians have life insurance coverage, totalling $5.3T.
When it comes to life insurance, term life insurance stands out as a popular and affordable option for many Canadians. But what does it actually cost? Understanding the factors that influence the price can help you make an informed decision.
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