LSM Insurance President, Chantal Marr, was quoted by CTV News’ Chief Financial Commentator, Patricia Lovett-Reid on Canada AM. Pattie shared Chantal’s top 5 reasons why someone with dependents should buy life insurance.
According to a BMO survey, over half of all Canadians are concerned that their death will put their family’s financial stability in jeopardy. The survey revealed that 26% are very concerned. However, only about 43% (less than half of all respondents) say they already have or plan to purchase life insurance in the next 12 months. Of the people surveyed, 31% reported not having any life, accident, disability, travel, critical illness or long-term care coverage. Approximately the same proportion stated they are confident that their financial plans are sufficient to cover any insurance needs.
High net-worth individuals are a key demographic when it comes to life insurance. However, with their complicated financial investments and riskier lifestyle, their life insurance needs can be very complex.