Welcome!

Agile Computing Authors: Liz McMillan, Yeshim Deniz, Zakia Bouachraoui, Elizabeth White, Pat Romanski

News Feed Item

REPEAT/BMO Study: Three-Quarters of Canadians Have Some Form of Life Insurance, But Most Not Confident with Their Level of Coverage

- Seventy per cent of Canadians are not fully confident with their amount of life insurance coverage

TORONTO, ONTARIO -- (Marketwired) -- 07/19/14 -- BMO Insurance today released a study revealing that while 74 per cent of Canadians have life insurance either through coverage they have bought themselves or through work, 70 per cent are not fully confident that their life insurance policy will provide enough money to take care of loved ones in the case of death.

Further, the study revealed that 88 per cent of Canadians are not very familiar with the different types of life insurance options available to them. This finding could play a role in the low levels of confidence that Canadians feel towards their amount of life insurance coverage.

"Learning about the various kinds of life insurance and choosing which is best for you and your family can be a challenge," said Rocco Casullo, Head, Direct to Consumer Insurance, BMO Insurance. "While there are many choices available, it's critical that you take the time to learn what is out there and go through your options step by step. Canadians need to make sure that they are well protected with life insurance coverage that suits their specific needs."

Mr. Casullo noted that there is no magic number for the dollar amount of life insurance coverage needed. There are many factors that determine this, including age, family status, health, level of debt and income. For those who are unsure of the amount they need, it is important to start with the basics. For instance, BMO Insurance offers a variety of easy-to-use online resources to help customers understand coverage levels and product options specific to their situation. For those who would like a bit more help, convenient over-the-phone guidance and sales support from a Licensed Insurance Advisor is available.

It's never too early

When asked when they think is the 'right time' to buy life insurance, 63 per cent of respondents stated that the best time to buy is as soon as one can afford it, to take advantage of low premium rates.

The study also examined the top reasons why Canadians get life insurance:

--  They do not want to burden their family financially after death (53 per
    cent) 
--  They have a sense of responsibility to buy it (49 per cent) 
--  They were told by family and/or friends that they should have it (16 per
    cent)

"We can't control unexpected life events, but we can control if we have developed a plan," said Mr. Casullo. "BMO Insurance offers an array of affordable coverage options to fit your needs. We have suitable coverage for everyone, from new parents who want to protect their growing family to retirees looking for that added sense of security."

How to choose the policy that's right for you

Mr. Casullo provided the following insights to Canadians who are considering purchasing a life insurance policy:

--  Understand your options: Take the time to learn and understand the types
    of insurance available. 
--  Work within your comfort zone: Whether buying online or with the help of
    an Advisor, there is no shortage of resources and purchase options
    available.  
--  Know what is important to you: Insurance is not only about making sure
    that you have enough coverage to take care of financial commitments, it
    is also about ensuring that the plans you made for the future are still
    achievable. 

Regional Breakdown

----------------------------------------------------------------------------
Region                                                        % who think it
                             % who are not    % who are not   is best to buy
             % who have a   confident with    very familiar   life insurance
           life insurance          current    with types of    as soon as it
                   policy         coverage   life insurance    is affordable
----------------------------------------------------------------------------
National               74               70               88               63
----------------------------------------------------------------------------
Atlantic               72               63               90               72
----------------------------------------------------------------------------
Quebec                 85               72               94               69
----------------------------------------------------------------------------
Ontario                71               66               85               63
----------------------------------------------------------------------------
Prairies               84               64               82               57
----------------------------------------------------------------------------
Alberta                70               77               85               61
----------------------------------------------------------------------------
B.C.                   62               74               95               55
----------------------------------------------------------------------------

For more information on BMO Life Insurance: www.bmo.com/insurance/life-insurance.

Get the latest BMO press releases via Twitter by following @BMOmedia.

The BMO Life Insurance Survey was conducted by Pollara between July 2nd and 4th, 2014, with an online sample of 1,005 adult Canadians. Data has been weighted using the latest Canadian census information to be representative in terms of age, gender and region.

About BMO Financial Group

Established in 1817 as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $582 billion and more than 45,500 employees at April 30, 2014.

Contacts:
Media Contacts:
Jennifer Feeney, Toronto
416-867-3996
[email protected]

Ronald Monet, Montreal
514-877-1873
ronald.mone[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

IoT & Smart Cities Stories
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Charles Araujo is an industry analyst, internationally recognized authority on the Digital Enterprise and author of The Quantum Age of IT: Why Everything You Know About IT is About to Change. As Principal Analyst with Intellyx, he writes, speaks and advises organizations on how to navigate through this time of disruption. He is also the founder of The Institute for Digital Transformation and a sought after keynote speaker. He has been a regular contributor to both InformationWeek and CIO Insight...
When talking IoT we often focus on the devices, the sensors, the hardware itself. The new smart appliances, the new smart or self-driving cars (which are amalgamations of many ‘things'). When we are looking at the world of IoT, we should take a step back, look at the big picture. What value are these devices providing. IoT is not about the devices, its about the data consumed and generated. The devices are tools, mechanisms, conduits. This paper discusses the considerations when dealing with the...
IoT is rapidly becoming mainstream as more and more investments are made into the platforms and technology. As this movement continues to expand and gain momentum it creates a massive wall of noise that can be difficult to sift through. Unfortunately, this inevitably makes IoT less approachable for people to get started with and can hamper efforts to integrate this key technology into your own portfolio. There are so many connected products already in place today with many hundreds more on the h...
SYS-CON Events announced today that IoT Global Network has been named “Media Sponsor” of SYS-CON's @ThingsExpo, which will take place on June 6–8, 2017, at the Javits Center in New York City, NY. The IoT Global Network is a platform where you can connect with industry experts and network across the IoT community to build the successful IoT business of the future.
CloudEXPO New York 2018, colocated with DXWorldEXPO New York 2018 will be held November 11-13, 2018, in New York City and will bring together Cloud Computing, FinTech and Blockchain, Digital Transformation, Big Data, Internet of Things, DevOps, AI, Machine Learning and WebRTC to one location.
Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settlement products to hedge funds and investment banks. After, he co-founded a revenue cycle management company where he learned about Bitcoin and eventually Ethereal. Andrew's role at ConsenSys Enterprise is a mul...
DXWorldEXPO | CloudEXPO are the world's most influential, independent events where Cloud Computing was coined and where technology buyers and vendors meet to experience and discuss the big picture of Digital Transformation and all of the strategies, tactics, and tools they need to realize their goals. Sponsors of DXWorldEXPO | CloudEXPO benefit from unmatched branding, profile building and lead generation opportunities.