Canadians worry about family finances after death

By Staff | August 5, 2015 | Last updated on August 5, 2015
1 min read

Half of Canadians are concerned that their deaths will put their family’s financial stability in jeopardy, finds a BMO survey. Of those surveyed, 26% feel very concerned.

Fewer than half (43%) say they own or will purchase life insurance in the next 12 months. And, 31% of people don’t have life, travel, accident, disability, critical illness or long-term care. An equal proportion says they’re confident their financial plans address their insurance needs.

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Half of Canadians felt they had some level of understanding about the insurance products most appropriate for their life stage and 16% stated they have a very good understanding.

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The report also looked at the types of insurance that Canadians in different age groups currently own or will purchase in the next 12 months:

Millennials (ages 18-34)

– Life (46%)

– Travel (42%)

– Accident (33%)

– No insurance in place (24%)

– Disability (20%)

Generation X (ages 35-54)

– Life (44%)

– Travel (33%)

– No insurance in place (33%)

– Accident (22%)

– Critical illness (21%)

Boomers (ages 55-64)

– Travel (41%)

– No insurance in place (37%)

– Life (32%)

– Accident (27%)

– Long-term care (15%)

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The staff of have been covering news for financial advisors since 1998.