Canadians say they know the value of life insurance but recent data shows there’s a disconnect with how they act.
Canadians know the value of life insurance, but it appears they need a refresher course from advisors in the importance of disability, critical illness and long-term needs.
A survey by Edward Jones, completed by Leger, polled Canadians on which types of insurance they've ever purchased and the results reveal that while almost two thirds (64 per cent) say they have purchased life insurance, other important forms of protection, including disability (23 per cent), critical illness (11 per cent) and long-term care (11 per cent), are purchased far less often.
"Insurance is a crucial part of a long-term investment strategy," said James McKeown, senior insurance specialist with Edward Jones. "It's clear that Canadians want to protect the financial future of their families, but we're seeing a "say-do" gap here between intentions and actions."
While critical illness, disability, and long-term care insurance are seemingly not the top insurance priorities for Canadians, when asked to rank the top three things they would invest their money in to protect, 68 per cent ranked 'the financial well-being of [their] family' and 61 per cent ranked 'my quality of life in old age' among their top three.
Both of these things can be severely negatively affected by an unexpected illness or disability, a risk that can be offset with insurance products.
A survey by Edward Jones, completed by Leger, polled Canadians on which types of insurance they've ever purchased and the results reveal that while almost two thirds (64 per cent) say they have purchased life insurance, other important forms of protection, including disability (23 per cent), critical illness (11 per cent) and long-term care (11 per cent), are purchased far less often.
"Insurance is a crucial part of a long-term investment strategy," said James McKeown, senior insurance specialist with Edward Jones. "It's clear that Canadians want to protect the financial future of their families, but we're seeing a "say-do" gap here between intentions and actions."
While critical illness, disability, and long-term care insurance are seemingly not the top insurance priorities for Canadians, when asked to rank the top three things they would invest their money in to protect, 68 per cent ranked 'the financial well-being of [their] family' and 61 per cent ranked 'my quality of life in old age' among their top three.
Both of these things can be severely negatively affected by an unexpected illness or disability, a risk that can be offset with insurance products.
