A recent tragedy is putting the need for life insurance for young couples back into the spotlight.
A recent tragedy is putting the need for life insurance for young couples back into the spotlight.
A couple in their 20s and 30s were killed in a car accident in Stoney Creek, leaving their two children, eight-year-old Paige and five-year-old Nathan, orphans. The couple didn’t have life insurance, placing tremendous financial strain on the husband’s parents.
This sad event offers the opportunity for brokers to remind young and middle-aged Canadians that they are not indestructible and need life insurance.
This incident backs up data from LIMRA Canadian Life Insurance Ownership study that shows while 61 per cent of Canadians have some type of life insurance, only 38 per cent own individual life coverage. Four in 10 have some form of group insurance, and many are dependent on group coverage as their only protection.
A 2013 Manulife study of middle market Canadians shows a similar trend, including troubling health insurance data with 43 per cent having no individual life insurance, 79 per cent without individual disability insurance and 87 per cent lacking individual critical illness insurance.
Even among those with some life insurance, the coverage amounts indicate a market that is generally underinsured: 45 per cent have less than $250,000 of life insurance, 70 per cent have less than $500,000 of life insurance and 60 per cent have less life insurance than four times their income.
A couple in their 20s and 30s were killed in a car accident in Stoney Creek, leaving their two children, eight-year-old Paige and five-year-old Nathan, orphans. The couple didn’t have life insurance, placing tremendous financial strain on the husband’s parents.
This sad event offers the opportunity for brokers to remind young and middle-aged Canadians that they are not indestructible and need life insurance.
This incident backs up data from LIMRA Canadian Life Insurance Ownership study that shows while 61 per cent of Canadians have some type of life insurance, only 38 per cent own individual life coverage. Four in 10 have some form of group insurance, and many are dependent on group coverage as their only protection.
A 2013 Manulife study of middle market Canadians shows a similar trend, including troubling health insurance data with 43 per cent having no individual life insurance, 79 per cent without individual disability insurance and 87 per cent lacking individual critical illness insurance.
Even among those with some life insurance, the coverage amounts indicate a market that is generally underinsured: 45 per cent have less than $250,000 of life insurance, 70 per cent have less than $500,000 of life insurance and 60 per cent have less life insurance than four times their income.
