A new survey by Edward Jones reveals that while Canadians say they value the financial well-being of their families and their own quality of life in old age, many are not investing in key forms of protection to safeguard these assets.
While almost two thirds (64 per cent) say they have purchased life insurance, other important forms of protection, including disability (23 per cent), critical illness (11 per cent) and long-term care (11 per cent), are purchased far less often.
While critical illness, disability, and long-term care insurance are seemingly not the top insurance priorities for Canadians, when asked to rank the top three things they would invest their money in to protect, 68 per cent ranked ‘the financial well-being of [their] family’ and 61 per cent ranked ‘my quality of life in old age’ among their top three. Both of these things can be severely negatively affected by an unexpected illness or disability, a risk that can be offset with insurance products.
“Insurance is a crucial part of a long-term investment strategy,” says James McKeown, senior insurance specialist with Edward Jones. “It’s clear that Canadians want to protect the financial future of their families, but we’re seeing a “say-do” gap here between intentions and actions. Insurance closes that gap, and in doing so, serves a dual purpose—it protects your family’s financial security, and it protects what you’ve worked hard to build.”