WINDSOR, Conn., Nov. 12, 2019 — A recent LIMRA study revealed that 12.6 million Canadian households own life insurance coverage, an increase of 3.4 million over the past six years. This marks the highest level of ownership to date in Canada. Over the past 37 years, the number of Canadian households with life insurance coverage grew from 7 million to 12.6 million, an increase of 81%. These are some of the key findings from the 2019 Canadian Life Insurance Ownership Study—Household Trends Report, which monitors long-term patterns in life insurance ownership, adequacy of coverage and consumers’ attitudes about life insurance. In the latest study, 1 in 4 Canadian households...
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Corporate-Owned Life Insurance Life Insurance: Why would a business owner want it? The traditional perception of life insurance is that it is a financial product providing income replacement at death, funding tax liabilities, partnership buyout agreements, covers key people in an organization or is used to equalize an estate. Most ultra-high net worth Canadians are sufficiently self-insured by virtue of their assets. They feel, and rightly so, that they don’t need insurance for traditional risk mitigation purposes. That said, corporate-owned life insurance can be used by wealthy individuals as a tax effective way to accumulate passive wealth inside a company, to access that wealth tax...
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Life insurance may be one of the most important purchases you make. If you think a policy is too expensive, or your employer-offered insurance is enough, think again. When Jill’s husband died just a few months ago, filing life insurance claims was not on her list of priorities. His death from cancer wasn’t a surprise, but living the rest of her life without him was overwhelming. Her son took the reins and filled out the paperwork to claim the tidy sum that would help to cover funeral expenses, and a little extra for the family. “We never really talked about life insurance,” says Jill. “We kept our finances completely separate, but I know he had a term policy. Our home is paid for, and I’m...
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The current state of the economy is less than ideal, with increasing debt and house prices steering many consumers away from the insurance products that they need the most. In a recent survey from Goose Insurance, 52% of Canadians said they still do not have life insurance despite the fact that internet searches for term life insurance increased nearly 50% from 2019 to 2021. It was also reported that those surveyed said they have not got insurance due to the burdensome process of purchasing and medical exams, as well as affordability. In response to the survey, Goose has launched Canada’s first term life insurance policy that can be purchased through its app, with up to $1 million in...
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More than half of Canadians with group life insurance have no other coverage: survey Sixty-two per cent of Canadians who have life insurance get it through their group benefits plan at work and a majority of them have no other coverage, a recent national survey shows. The poll, conducted through the Angus Reid Forum for digital life insurance platform PolicyMe, also found that 53 per cent of those without additional life insurance coverage are between the ages of 30 and 50, “a group most likely to have dependents and large liabilities, such as a mortgage.” If you’re like most people, life insurance is meant to help your family cover the bills without your income, should...
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Protect your finances as a Canadian newcomer with insurance Here's what you need to know about insurance as a newcomer to Canada. One of the most important things you can do as a Canadian newcomer is to set up your finances right away. This includes getting your insurance in place so that you’re financially protected in case of an emergency. Here’s everything you need to know to start the insurance process for your health, home, vehicle and life. Applying for health insurance as a newcomer One of the greatest perks about moving to Canada is the wonderful universal health care system. Canadian residents receive public health care, which means most health care costs won’t...
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A pre-pandemic snapshot of Canada's life-insurance gap The best Canadian professionals can do, at least for now, is to look at the most recent pre-pandemic snapshot – and that’s exactly what LIMRA has sought to provide with an analysis of the life insurance market opportunity in Canada. Extrapolating from a survey of 4,118 Canadian households conducted in the third quarter of 2019, LIMRA estimated that around 10.7 million households around the country have life insurance coverage, representing 68% or around two thirds of the country. The total in-force market is pegged at $2.1 trillion, with $200,000 in coverage for the average household with life insurance. That leaves an...
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Life Insurance Companies in Canada – Who Owns Whom The variety of life insurance companies in Canada is not what it appears to be in the Canadian market. From a consumer perspective, there are nearly 50 life and health insurance providers, but the reality is a bit different… Here you can download this infographic as a PDF What are a few key things to start with? 2. The majority of life insurance companies operate nationwide because there are no significant provincial regulations similar to those in car insurance industry. So, while you might need to use safeco insurance reviews to see if Safeco operates in your area, you won’t have this issue with life insurance. As we...
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Accidents. Television and newspapers report them every day. But what if one happened to you? Would your family have the financial resources to survive the crisis? How would you pay the mortgage, make the car payment, buy groceries, pay for electricity and water, or handle any of your monthly bills if your paychecks suddenly stopped? Life insurance is one of the cornerstones of financial planning, yet many do not have enough coverage to help their family remain financially secure. Find out which options are available to members. You can count on this IEEE-sponsored Plan for professional liability protection at an affordable cost -- and the benefit features that can help protect your career....
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More Canadians consider life insurance during pandemic, survey suggests TORONTO -- A recent survey found since the beginning of the COVID-19 pandemic more Canadians are considering life insurance or reviewing polices they already have. When it comes to buying life insurance there are big differences in the cost and the coverage depending on if you buy permanent or term policies. Ellie Meytina of Toronto says in 2016 she decided to see a financial advisor and life insurance agent with regards to saving for the future. “I was actually looking for an investment period. It was an investment that I had in mind," said Meytina. Meytina ended up agreeing to two permanent life insurance polices that...
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