Half of Canadians don’t have Life Insurance

We surveyed Canadians and discovered that accessibility and education are the two main drivers for Canadians not having Life Insurance. 

Most surprisingly, the survey found that 52.8% of Canadians don’t have individual Term Life Insurance. 54.5% of those are between the ages of 25-44 and 50% are aged 45 and above. Participants aged 35 and up were 38.7% more likely to find Life Insurance to be expensive and 60.1% of those that were uneducated about Life Insurance are aged 25-35. We can conclude that Candians are living their lives without the protection of Life Insurance across all generations and it is due to a lack of education about the topic. Generally, as you grow up so do your premiums.  

It was also found that 65.7% of people who don’t have a Life Insurance policy will have a mortgage and other debt to pay in 2022. Canadians are taking on more debt without a backup plan. In fact, 43.7% of participants responded that they are unlikely to purchase Life Insurance, and 30% of those have a mortgage or debt to pay in 2022. Making sure your mortgage debt and other debts are eradicated at death, takes the financial pressure off your loved ones and gives them the funds needed to pay your debts and to live worry-free. This becomes especially important if the debt is shared by a life partner, family member, business partner or friend. Keep in mind credit cards, student loans, tax debt, etc.

The most worrisome fact was found that 29.5% of people who are the primary source of household income, 35.1% have outstanding mortgage and debt and 40.2% are not likely at all to purchase a policy. Sole income earners have the power to protect their loved ones from debt. 

Many people put off buying life insurance because they think it is too expensive and don’t trust that the policy will actually pay out. This may be true of post underwritten policies like a mortgage insurance plan from a bank – as those plans usually validate eligibility at the time of claim not at the time of application. Individual Term life Insurance policies are different. Once approved, and provided the information is accurate and truthful, your claim will be paid unless you die by suicide in the first two years or commit fraud. This means no matter how your health or lifestyle changes after your policy is in-force, premiums are paid, your coverage is guaranteed. Life insurance premiums are based on your age – so there is no better time to get coverage than now.

Protip: Having fun is like Life Insurance, the older you get, the more it costs. Purchase Life Insurance as soon as you can, because as you age it will get more expensive. For example, a 30 year old, non-smoking, woman purchasing a $150,000 policy for a term length of 25 years will pay $12.50 a month. However, a 35 year old, non-smoking, woman purchasing the same policy will pay approximately 17% more per month.
Goose Insurance takes the pain away from purchasing Life Insurance. No agents with high pressure sales tactics, no needles or fluids, instant coverage and you are in control of how much you buy based on what you can afford. Goose makes purchasing life insurance easy  – right from your smart phone – any time, anywhere.