[Survey] For 47.4% of Canadians, life insurance is a way to ensure their financial security
While life insurance is generally seen as an essential financial tool to ensure the financial security of your family and the protection of your estate in the event of death, Canadians also seem to see other benefits in terms of saving for retirement or for their children's education. In a survey of 949 Canadians conducted on our platform from April 1 to 30, 2023, we asked people about this popular product.
- $78.7: this is the average monthly life insurance premium paid in Canada
- According to the answers collected, 21.6% of Canadians say they subscribe to a life insurance plan
- Ensuring their financial security is the main reason for our respondents to have a life insurance plan (for 47.4% of them)
- In Canada, 53.6% of life insurance policies are term life insurance products
- Among Canadians covered by life insurance, 39% pay an average premium of less than $50 per month
Only 21.6% of Canadians say they have a life insurance protection
Is life insurance a popular investment product for Canadians? Our survey shows that in Canada, 21.6% of the people say they subscribe to a life insurance plan in 2023. This represents only 1 in 5 Canadians covered by this type of product.
Life insurance is a way to ensure financial security for 47.4% of our respondents
We looked more deeply into what might encourage Canadians to buy life insurance. Among the answers collected, we observe the following:
- For 47.4% of our respondents, life insurance allows them to ensure the financial security of their relatives in case of death or illness, which represents almost half of the responses collected
- 19.30% of our respondents invest in life insurance to prepare for their retirement
- 17.54% of Canadians say they buy life insurance to finance their children's education
- 8.8% of Canadians purchase life insurance to build long-term savings, while 7% take out life insurance to benefit from tax advantages
Good to know
Methodological note: Survey respondents could choose up to 3 responses.
More than 1 in 2 life insurance policies is term in Canada
What type of life insurance do Canadians buy? According to our survey, 53.66% of life insurance policies in Canada are term, which is more than half of all policies. On the other hand, 14.63% of life insurance policies are mortgage policies and 31.71% are permanent policies.
$78.7: the average monthly life insurance premium paid in Canada
"How much do you pay each month for your life insurance?" This is the question we asked Canadians to estimate the average amount paid each month by policyholders. It appears from the collected answers that :
- 39% of Canadians covered by life insurance pay a premium of less than $50 per month
- In Canada, the average life insurance premium is $78.6
- 29.3% of Canadian respondents pay between $100 and $200 for life insurance, while 26.83% pay between $50 and $100
- Only 4.9% of policyholders pay a premium of more than $200 each month.
87.8% of our respondents say they are satisfied with their current life insurance policy
When asked "Are you satisfied with your current life insurance policy?", 85.7% of our Canadian respondents answered "yes". This is a sign that life insurance policies in Canada are effective and offer coverage adapted to each individual's needs.
Methodology
In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.
This study in based on a survey conducted on HelloSafe's website during the month of April 2023 and to which 949 people answered from all across Canada, representative of the demographic and geographic diversity of the country.
About HelloSafe Canada
HelloSafe is an insurtech specialist in travel insurance on the Canadian market. Using proprietary technology, we provide access to the best travel insurance solutions and expert advice via a single, anonymous platform. Our team supports thousands of travellers every month with dedicated products, continuously updated content and innovative digital tools.
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Alexandre Desoutter
Head of PR
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