TORONTO, July 20, 2021 — A new survey by PolicyMe, digital life insurance platform, found that 77 per cent of Canadian parents with dependent children have life insurance. While this is promising news, the unfortunate reality is that many parents are still making four common mistakes when it comes to their life insurance coverage.
According to the findings, only 33 per cent of parents with children under the age of 18 have term life insurance, a product designed to meet the needs of the vast majority of parents with dependents, compared to the 70 per cent of Canadians parents with life insurance as a benefit through their employer. Of those parents with life insurance as a work benefit, 44 per cent rely on it solely, which is typically insufficient to protect their family. The reality that many parents have costly life insurance products, rather than the more affordable term life insurance, helps to explain why half of parents (50%) who don’t have life insurance say they haven’t bought it because it is too expensive.
“Most parents should have life insurance to protect the financial future of their family, but we need to educate more parents about the best way to protect their family. Too often we see the same mistakes happening over and over again due to poor financial advice,” says Andrew Ostro, Co-founder and CEO, PolicyMe. “Parents have a lot of expenses, and most don’t have a lot of extra money at the end of the day. There’s simply no reason parents should have to spend more than what is necessary to protect their loved ones.”
PolicyMe’s fully digital life insurance platform offers the most competitive pricing in Canada for term life insurance, allowing families to protect their loved ones easily and affordably. The majority of applicants receive approval within 15 minutes.
PolicyMe is a fully digital life insurance company, built for the modern consumer who values ease, transparency, and affordability. PolicyMe makes it easy to get a quote online, apply for coverage, and get approved in minutes, not weeks. Our fully-underwritten term life insurance policies are stripped of unnecessary bells and whistles, resulting in fewer steps, lower costs, and the same high quality coverage you deserve. PolicyMe is currently licensed in Ontario, Alberta, British Columbia, Manitoba, Nova Scotia, and Prince Edward Island.
These are the findings of a study/survey conducted by PolicyMe from July 5 to July 7, 2021 with a representative sample of 1,505 Canadians who are members of the online Angus Reid Forum, balanced and weighted on age, gender, region and education. The survey was conducted in English and French. For comparison purposes only, a sample of this size would yield a margin of error of +/- 2.5 percentage points, 19 times out of 20.
These are the findings of a study/survey conducted by PolicyMe from August 12 to August 16, 2020 with a representative sample of 1,001 online Canadians with life insurance who are members of the Angus Reid Forum. The survey was conducted in English and French. For comparison purposes only, a sample of this size would yield a margin of error of +/- 3.1 percentage points, 19 times out of 20.
The Angus Reid Forum is Canada's most well-known and trusted online public opinion community consisting of engaged residents across the country who answer surveys on topical issues that matter to all Canadians.