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Price, misconceptions, or distribution?
Two in five Canadians have no life insurance at all. The gap is not about cost alone — it is about how the industry sells.
BNN’s 2026 survey puts the uninsured rate at 42%. Among new Canadians and younger families it is even higher, despite mortgage and childcare obligations that make coverage most valuable.
The underinsured are a second hidden gap: many policies cover only 1-2 years of income.
Price perception tops the list — people assume term life is expensive. A healthy 30-year-old can get $500k for about the price of a coffee a week, which few realize.
Misconceptions (“I’m single”, “my employer covers me”, “I can’t qualify”) and advisor access complete the gap. New Canadians often simply never get quoted.
For a family with a mortgage and children, the uninsured scenario can mean selling the home or a decade of lost earning power after a death. Term life exists precisely to transfer that risk for a small monthly cost.
Our needs calculator turns the abstract gap into a number in 30 seconds — the first step is usually just seeing the number.
For term life, yes — healthy applicants in their 30s commonly pay $25-45/month for $500k-$1M of coverage. Permanent coverage is a different, much more expensive product.
Anyone whose death would create a financial loss: income earners, parents, and anyone carrying a mortgage or co-signed debt. Single people without dependents often do not need it.