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State of the Nation: Canadian Life Insurance Trends 2021

SUMMARY

According to PolicyAdvisor’s latest research, nearly 60% of Canadians are worried about rising prices and inflation and thus they are cutting back on spending in 2022. Additionally, 63% of Canadians plan on saving more money next year; that said, life insurance is one item they won’t be removing from their budget. Check out the full report for more data and analysis. 

By Mark Cluett
Director of Content
3 min read

PolicyAdvisor’s latest research finds that only 48% of Canadians feel their insurance coverage adequately protects their families from the financial impact of COVID-19 should they become ill or pass away from the virus.

Our State of the Nation: Life Insurance Trends 2021 report takes the temperature on Canadians’ attitude towards spending, saving, job security, and life insurance in a near post-pandemic economy. 

While the data found consumers plan to trim budgets across the board in 2022, life insurance is spared from major cuts at this point in the pandemic.

Canadians know they’ll feel some pocketbook pain in the next 12 months. Cost uncertainty of pricing for items like grocery bills and mortgage rates are top of mind and may lead to spending cuts across the board.

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More insights from State of the Nation: Life Insurance Trends 2021

  • Over half of Canadians surveyed (59%) are concerned about inflation’s effect on the cost of living and rising interest rates. 
  • Job security concerns worry many Canadians (14%) facing a stalled economy. 
  • Canadians plan on spending less on entertainment (51%), travel (43%), and clothing (42%). 
  • The least expendable budget item for surveyed Canadians is life and health insurance. Eighty percent (80%) will maintain their current level of insurance protection throughout the ongoing health crisis, or even purchase more.
  • Over half (52%) of Canadians feel uncertain as to whether they have adequate financial protection for themselves or their loved ones should they be stricken with a COVID-related sickness or death.
  • The perceived expense of life insurance is a primary barrier for 45% of those that haven’t purchased life insurance.

Stay tuned for more in-depth analysis and breakdowns of each insurance trend in 2022. Browse the report below or download the full resolution version for free.

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The survey was conducted via Survey Monkey’s Canadian panel in November 2021 and included 500+ qualified respondents. All graphs rounded to the nearest percentage point.

By Mark Cluett
Director of Content
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