Why 42% of Canadians have no life insurance
Price, misconceptions, or distribution?
Two in five Canadians have no life insurance at all. The gap is not about cost alone — it is about how the industry sells.
1. The number
BNN’s 2026 survey puts the uninsured rate at 42%. Among new Canadians and younger families it is even higher, despite mortgage and childcare obligations that make coverage most valuable.
The underinsured are a second hidden gap: many policies cover only 1-2 years of income.
2. Why people skip it
Price perception tops the list — people assume term life is expensive. A healthy 30-year-old can get $500k for about the price of a coffee a week, which few realize.
Misconceptions (“I’m single”, “my employer covers me”, “I can’t qualify”) and advisor access complete the gap. New Canadians often simply never get quoted.
3. What the gap costs
For a family with a mortgage and children, the uninsured scenario can mean selling the home or a decade of lost earning power after a death. Term life exists precisely to transfer that risk for a small monthly cost.
Our needs calculator turns the abstract gap into a number in 30 seconds — the first step is usually just seeing the number.
FAQ
Is life insurance really that cheap?＋
For term life, yes — healthy applicants in their 30s commonly pay $25-45/month for $500k-$1M of coverage. Permanent coverage is a different, much more expensive product.
Who needs life insurance?＋
Anyone whose death would create a financial loss: income earners, parents, and anyone carrying a mortgage or co-signed debt. Single people without dependents often do not need it.