Half of Canadians are concerned that their deaths will put their family’s financial stability in jeopardy, finds a BMO survey. Of those surveyed, 26% feel very concerned.
Fewer than half (43%) say they own or will purchase life insurance in the next 12 months. And, 31% of people don’t have life, travel, accident, disability, critical illness or long-term care. An equal proportion says they’re confident their financial plans address their insurance needs.
Read: Are your employees’ long-term savings goals insured?
Half of Canadians felt they had some level of understanding about the insurance products most appropriate for their life stage and 16% stated they have a very good understanding.
The report also looked at the types of insurance that Canadians in different age groups currently own or will purchase in the next 12 months:
Millennials
- Life (46%)
- Travel (42%)
- Accident (33%)
- No insurance in place (24%)
- Disability (20%)
Read: Some early retirees would be broke within a year
Generation X
- Life (44%)
- Travel (33%)
- No insurance in place (33%)
- Accident (22%)
- Critical illness (21%)
Read: Canadians think they need $266K in life insurance
Boomers
- Travel (41%)
- No insurance in place (37%)
- Life (32%)
- Accident (27%)
- Long-term care (15%)
This story originally appeared on our sister site, Advisor.ca.