No matter how much life insurance they own, half of Canadians aren’t confident they bought the right amount, according to a recent survey by Manulife Financial.

In addition, 54% underestimated the amount of insurance they need. Only 26% knew that 10 times’ your annual income is the recommended benchmark.

“One reason Canadians aren’t properly insured is because they don’t always know what type to buy or how much coverage they need. There are so many insurance products on the market today it can be confusing, and the whole process of buying insurance can be frustrating and intimidating,” says Paul Smith, vp of insurance marketing and product development for Manulife Financial.

Manulife recently revised Insure Right, a program designed to help Canadians get the right insurance to protect themselves and their families. “The first step,” says Smith “is to find the right advisor.”

The program also includes an interactive video to help consumers understand their need for life insurance, as well as critical illness and disability insurance. Based on the survey, most Canadians are not at all or only somewhat familiar with critical illness and disability insurance.

Another key component of the program is an online calculator that answers an important question consumers often ask, “How much coverage is enough for me?” According to Smith, Insure Right helps consumers determine the right type and right amount of coverage at a price they can afford. “It lets them make informed decisions so they can feel confident that their family is properly protected in today’s economy and into the future.”

The survey was conducted by Research House National Telephone Omnibus Survey, between Dec. 11 to 18, with a national random sample of 612 Canadians between 25 – 45 years of age. The results have a margin of error of +/- 3.96%, 19 times out of 20.

IE