Half of Canadians are concerned that their deaths will put their family’s financial stability in jeopardy, finds a BMO survey. Of those surveyed, 26% feel very concerned.

Fewer than half (43%) say they own or will purchase life insurance in the next 12 months. And, 31% of people don’t have life, travel, accident, disability, critical illness or long-term care. An equal proportion says they’re confident their financial plans address their insurance needs.

Read: Are your employees’ long-term savings goals insured?

Half of Canadians felt they had some level of understanding about the insurance products most appropriate for their life stage and 16% stated they have a very good understanding.

The report also looked at the types of insurance that Canadians in different age groups currently own or will purchase in the next 12 months:

Millennials

  • Life (46%)
  • Travel (42%)
  • Accident (33%)
  • No insurance in place (24%)
  • Disability (20%)

Read: Some early retirees would be broke within a year

Generation X

  • Life (44%)
  • Travel (33%)
  • No insurance in place (33%)
  • Accident (22%)
  • Critical illness (21%)

Read: Canadians think they need $266K in life insurance

Boomers

  • Travel (41%)
  • No insurance in place (37%)
  • Life (32%)
  • Accident (27%)
  • Long-term care (15%)

This story originally appeared on our sister site, Advisor.ca.

Copyright © 2017 Transcontinental Media G.P. Originally published on benefitscanada.com

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