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More than half of Canadians only have life insurance by their employers

According to a recent nationwide poll, 62% of Canadians with life insurance ought it to employers, writes Global News.
More than half of Canadians only have life insurance by their employers

“If you have insurance provided by employer, it only covers aid to family in case you die. If a person loses his job or gets sick, he will be left without income,” says personal finance expert Barry Choi.

Only 38% of respondents have Disability insurance, which will cover the costs of a person if he loses his ability to work. This policy will help cover expenses such as children's education, utilities, and other bills. “The problem with such a policy is the high cost. Besides, the service cost depends on the age of the insured. I saw many people at the age over 50 who were suddenly fired and unable to get affordable life insurance,” says Choi.

For healthy 30-year-olds, the average cost of a $500,000 term life insurance is less than $26 per month for men and less than $20 per month for women.

Source: https://globalnews.ca/news/7833503/group-life-insurance-survey/

Photos are from open sources.

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