A large majority of Canadians own life insurance, but most remain uncertain about whether their coverage levels are adequate, according to new research. BMO Insurance, a unit of BMO Financial Group, discloses this finding in an online survey of 1,005 adult Canadians. The research was conducted by Pollara between July 2nd and 4th, 2014.
The report reveals that while 74 percent of Canadians have individual or (through their employer) group life insurance policies, 70 percent are not confident their coverage is adequate to care for policy beneficiaries in the event of an insured's death.
The study also reveals that nearly 9 in 10 (88 percent) of Canadians are not well acquainted with the types of life insurance options available to them. This finding may contribute to the low levels of confidence they express about coverage.
