PolicyAdvisor.com survey shows 63% of Canadians plan on saving more; life insurance makes the cut and stays in the budget
Toronto, ON (Dec 9, 2021) – Research from Canada’s leading online insurance brokerage PolicyAdvisor.com finds that only 48% of Canadians feel their insurance coverage adequately protects their families from the financial impact of death or illness from COVID-19. While the survey found consumer budgets will be trimmed across the board in 2022, life insurance will be spared from the cutting floor. The company’s State of the Nation: Life Insurance Trends 2021 report takes a temperature on Canadians’ attitude towards saving, spending, and life insurance in a post-pandemic economy.
Over half of Canadians surveyed (59%) are concerned about the rising cost of living due to inflation and expected increases in interest rates. Job security is another top concern for some Canadians (14%) looking at a stalled economy. The survey results reflect the short-term concerns many have as they return to the workforce in a new normal.
“Canadians know they are going to feel some pain in their pocketbooks in the next 12 months,” said Jiten Puri, CEO and Founder of PolicyAdvisor.com. “But, it’s the immediate uncertainty of pricing, be it grocery bills or mortgage rates, that is top of mind, and may lead to across the board spending cuts..”
Faced again with COVID-related budgeting decisions for the second year in a row, Canadians plan on cutting their spending on entertainment (51%), travel (43%), and clothing (42%). Life and health insurance is considered the least expendable amongst Canadians as insurance owners worry about their family’s protection through the ongoing health crisis.
More than half (52%) of Canadians feel uncertain that they have adequate financial protection for themselves or their loved ones should they be stricken with a COVID-related sickness or death. Those that haven’t purchased life insurance primarily (45%) worry about the cost of buying coverage. While vaccination status does not have any impact on insurance availability or its pricing, many in fact are hoping for discounts based on vaccination status to make life insurance more affordable!
Find the full analysis in PolicyAdvisor’s State of the Nation: Insurance Trends 2021 report.
PolicyAdvisor.com is an innovative Canadian online insurance broker providing a digital solution to an archaic industry. Using its modern quoting technology, intuitive design, and real-world advisor expertise, PolicyAdvisor makes insurance buying simpler, straightforward and stress-free.
SOURCE: PolicyAdvisorTags: coronavirus, epidemic, InsurTech, InsurTech Spotlight, PolicyAdvisor, survey