Life Insurance Quotes

Though numbers are low, life insurance remains a priority

10/11/11

A recent poll of 1500 Canadians found that many of the low participation trends seen in the United States in recent years extend to Canada as well. The survey, conducted by TD Insurance, found that 31 percent of Canadians owned no life insurance coverage. Of the uninsured group, about half said they either could not afford life insurance or admitted that while they could afford it and probably should have some form of coverage, they remained uninsured, according to the Globe and Mail.

Among Canadians who did have life insurance coverage, about one in three said they didn't feel they owned enough coverage. But the greater take away, according to the Globe and Mail, is that in difficult economic times, purchase of a life insurance policy is simply too difficult for many people struggling to save for retirement and pay off debt.

Some financial advisers say that an adequate policy should cover between five and seven times a person's annual salary, but a comprehensive budgetary analysis is the best way to analyze need.

In the United States, the numbers are similar. The Insurance Information Institute notes that in 2010, only about one in three Americans owned an individual life insurance policy.

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