Nearly a Third of Canadians Lack Life Insurance, TD Survey Reveals
A recent TD survey highlights a significant coverage gap, finding that 32% of Canadians do not hold any life insurance policy. The findings underscore ongoing concerns about financial preparedness and the need for greater awareness around life coverage options.
What happened
A TD survey has found that roughly 32% of Canadians report having no life insurance coverage at all. The results point to a notable protection gap across the country, with nearly one in three adults going without this core financial safety net.
What it means for consumers
For uninsured Canadians, the absence of life insurance can leave families exposed to significant financial risk in the event of an unexpected death. Dependents may face challenges covering mortgage payments, daily living expenses, education costs, or outstanding debts. The survey results suggest many households have not yet evaluated their coverage needs or may underestimate the importance of life insurance as part of a broader financial plan.
What it means for premiums
No direct premium change has been announced.
Coverage considerations
The survey highlights an opportunity for consumers to reassess their existing coverage or explore policies they may have overlooked. Life insurance products available in Canada range from term life to whole life and universal life options, each with different premium structures, benefit periods, and features. Consumers without coverage may want to compare quotes across multiple providers, as pricing can vary considerably based on age, health status, lifestyle, and the type and amount of coverage selected. Those who already hold policies should periodically review their coverage levels to ensure they keep pace with changing life circumstances such as marriage, the birth of children, or home purchases.