CANADIANS WORRY ABOUT FAMILY FINANCES AFTER DEATH

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.

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.

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%)

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– 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%)