Life insurance coverage won’t have been high of thoughts for a lot of Canadians earlier than COVID-19 hit, however it appears to have develop into a extra frequent consideration since.
Amongst Canadians who stated they’ve just lately began to ponder buying life insurance coverage, 67 % stated they had been doing so due to COVID-19-related issues, in line with a brand new survey by on-line life insurance coverage platform PolicyMe amongst members of the Angus Reid Discussion board.
Virtually one quarter (24 %) of Canadian adults who didn’t have life insurance coverage previous to the pandemic reported both buying or contemplating buying it because the onset of COVID-19.
Thirty-six % of individuals on this state of affairs stated they’ve develop into extra conscious of threats to life, whereas 29 % stated the present financial local weather has compelled them re-evaluate their monetary state of affairs.
Twelve % stated loss or worry of shedding their job–and consequently shedding employer-provided life insurance coverage coverage–motivated them to contemplate life insurance coverage, whereas eight % cited the danger of turning into sick with COVID-19 as a driving issue.
4 % stated concern over not being eligible for all times insurance coverage in the event that they had been to get sick was the explanation behind their considering.
“We’re seeing a new dialogue emerge around mortality, illness, and job security like we’ve never seen before,” PolicyMe cofounder and CEO Andrew Ostro stated in an announcement. PolicyMe is a digital platform the place individuals can examine quotes, get recommendation, and apply for and purchase life insurance coverage
“COVID-19 has opened our eyes to the threats that we face and the need to safeguard against them,” Ostro stated. “In the past few months, we’ve seen a doubling of the number of life insurance applications.”
The survey discovered that 41 % of Canadian adults do not need life insurance coverage. Of those that don’t have it and are not contemplating it, 49 % stated they do not want it, whereas 35 % stated they couldn’t afford it.
Not everybody wants life insurance coverage. In keeping with the discharge, PolicyMe advises roughly 26 % of its customers towards buying protection. Individuals who have companions, kids, or getting older mother and father who rely upon them for monetary assist are suggested to have protection.