Blog Article

24 Feb 2023 | Life Insurance

Insurance surveys are fun!

Seriously. I like surveys. I just did a random search “What is the purpose of a survey?” 245 million answers are available. The top response. ‘They’re used to find out what people think about a subject and why they feel that way about it.’

As the owner of an Insurance Agency, I wanted to get some answers. Here’s what I found.
·      49% had some level of understanding of insurance.
·      16% had a very good understanding of insurance.

Okay. Those aren’t great numbers. I looked further. I found these fascinating.
·      38% of Canadians perceive insurance to be too expensive.
·      27% think they are too healthy to need insurance.
·      26% think they have enough insurance through their work.

Then these.
·      6 million Canadians believe they are UNDER insured.
·      35% think they need MORE Life Insurance and intend to buy it soon.
·      Two-thirds, WITHOUT Life Insurance say they need coverage. Only 1 in 4 plan to buy it this year.

In doing this research it reminded me that a few months ago, I was talking with a couple. She said, and I quote, “I know we need insurance. We’ve never done this before. What do we do? What do we need?’

I asked. ‘What are you trying to accomplish with insurance? What do you want to have happen?’ He responded. “I just want the right thing at the right price.” I showed them this general guide. I received this several years ago from a colleague at one of the major insurance companies. I find it incredibly helpful.

Based on their ages, protecting their income, was the first thing I suggested.

Both had Long Term Disability through their work. However, it did not start until 6 months after an incident. They felt that Personal Disability coverage, to fill that gap, was too expensive. I agreed. They both felt that Critical Illness would be a great bridge.

When they took their mortgage, they declined to take mortgage insurance. They said that the mortgage broker told them that they were better off taking a Life Insurance policy instead. They were three years into the mortgage and still hadn’t taken a policy. I explained how it worked and suggest an appropriate benefit amount. They decided to take a small amount of Permanent Life coverage and make up the larger difference needed with Term Life.
I said, “that way you are protecting your needs now and in the future.”

I made one last point. Life is not static. As your needs change so too should your insurance. I’m glad I had said that because they just emailed me saying they are expecting their first child!

Congratulations Dan and Danielle! You’ll make great parents.

Benchmark Insurance Ltd, is a niche insurance agency providing Life, Critical Illness, Long-Term Disability, and Group benefits to individuals and businesses throughout Ontario.

When you decide to invest in Insurance it’s vital to understand what, you, are trying to accomplish. We help provide solutions with that one goal in mind. Please let us know how we can help. 647-955-1242

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