34% skip reviewing coverage because they assume their workplace plan is enough
Forty-four percent of Canadians with workplace life insurance either do not know how much coverage they have or are not sure whether it is enough.
According to TD Insurance research released for Life Insurance Awareness Month, another 34 per cent say they have put off purchasing or reviewing their life insurance because they assume their workplace coverage is sufficient.
Thirty-two percent of Canadians polled say they do not have life insurance at all.
Among the generations closest to retirement, the survey found 42 percent of Boomers and 32 percent of Gen X respondents say they do not currently have coverage.
Patricia Foley, associate vice president, delivery excellence life, health and credit protection at TD Insurance, said in the release that workplace life insurance can provide meaningful coverage, but should be assessed within a broader financial plan.
She said reviewing coverage during retirement or career changes can help avoid "unexpected gaps."
Perceived cost was the most commonly cited reason for going without life insurance, at 35 percen.
Thirty-one percent said they do not think it is needed at their current life stage, 26 percent pointed to competing financial priorities, 21 percent were uncertain about where to start, and 17 percent cited a lack of understanding.
Forty-six percent of those without life insurance said they cannot envision a life event that would motivate them to consider coverage.
As Foley put it in the release, people don't often review life insurance regularly, and figuring out how much coverage is needed isn't always straightforward.
She said reviewing coverage can feel less urgent amid competing financial priorities, but major life milestones "can be valuable moments to reassess" whether existing protection still fits.
Fifty-six percent of Gen Z respondents believe life insurance is something that can be put off until later in life, compared with 41 percent of Canadians overall.
Seventy-three percent say they have put more thought into other major financial decisions than into how much life insurance coverage they might need.
The research also recorded demand for clearer information: 74 percent of Canadians polled said they would benefit from clearer guidance on how factors such as age or health may affect their life insurance options and costs.
