As costs rise, it becomes even more difficult to maintain a family if a parent or guardian dies unexpectedly,” he said. “We’re also seeing that many families rely entirely on their work benefits for life insurance, which is almost never enough.”
The firm’s research found that, more than half of those with life insurance through their employer are aged 30-50 without additional coverage.
70% of respondents across all age groups said they only have six months or less to save in the event of a lack of income, with one in three having a month or less.
Ostro continued that half of parents without coverage believe it’s expensive, but it can provide peace of mind for less than a dollar a day.
While this may be a relatively small amount, struggling households can take some persuasion as PolicyMe published its 2022 Canadians and Money Survey which suggests that nearly a third of homeowners with mortgages are concerned about rising rates. .