Ownership of individual life insurance at its lowest level in 30 years
The Life Insurance and Market Research Association (LIMRA) 2013 study shines a light on a developing problem for Canadian households:
Why Group Life Insurance may not be all that you need
If your goal is to replace income for your family for more than 2 years, you may want to add an individual policy to your group insurance coverage.
According to the same LIMRA study, on average, households with only group coverage can replace the household’s income for less than 2 years. While households with both group and personal life coverage can replace income for more than 5 years.
While group life insurance provided by an employer is a valuable benefit, it does have limitations when used as the only source for life insurance protection. Some of the reasons group insurance should not be relied on solely for family life insurance include:
5 reasons why consumers don’t act
The LIMRA study also lists five difficulties that consumers have when making decisions about their family protection options.
Contact me if you are one of the many Canadians who would benefit from a review of your options to determine if you have an adequate mix in your insurance portfolio. As always, please feel free to use the sharing buttons below to forward this information to anyone you may think would find this of interest.
305 Lakeshore Road E, Suite 3
Toll free: 1.866.811.2711