COVID has Canadians thinking…about life insurance!
Looking back on the past year and a half, it’s hard not to see everything in a different light. So much has changed. From the way we work and socialize to the way we purchase goods and services, our lives have been turned upside down and inside out. With so much change, and uncertainty, it’s no wonder that Canadians are giving serious thought to how to protect their loved ones should anything happen to them.
What do 3 million Canadians have in common?1
They all shopped for insurance during the COVID-19 pandemic. And, 1 in 6 Canadians reported that the pandemic has increased the likelihood that they’ll purchase life insurance in the next year.2 This increased need to protect loved ones is no doubt fueled, at least in part, by the fact that half of Canadians who have indicated intent to purchase life insurance within the next 12 months knew someone who had COVID.3
Even with everything we’ve been through with COVID-19, Canadians are optimistic about the future, and they are less concerned about the economy than they were just a year ago. This optimism is translating into clients thinking about their future, and the future of their loved ones. In fact, over half (57%) of Canadians who said that they are “likely to buy” life insurance in the next year are optimistic about a return to normal!4
Taking to Advisor Google
During the pandemic, much of our lives have gone online. That is why 4 out of 5 people researching insurance options started on the internet. That’s up from 3 out of 5 pre-COVID.5 But this online research is only the beginning. A full 77% of those who went online still want information about insurance from an agent, broker or advisor.6
And for clients who are ready to talk about protecting their family, ivari has My Insurance View. This easy-to-use interactive tool helps clients understand their personal insurance needs before your first meeting!
The door is open. Canadians are ready. Don’t let this opportunity pass you by.
ADVISOR AND DISTRIBUTOR USE ONLY - This material is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal, or tax advice. While reasonable efforts have been made at the time of publication to ensure that the contents of this material have been derived from reliable and accurate sources, including third party sources, ivari provides the information “AS IS” and ivari does not warrant the accuracy, completeness, usefulness, or timeliness of the information contained herein
1 Canadians and Life Insurance in the Time of COVID-19, LIMRA Research, 2021 2 Ibid 3 Ibid 4 Consumer Sentiment in the Time of COVID-19, LIMRA Research, April 2021 5 Canadians and Life Insurance in the Time of COVID-19, LIMRA Research, 2021 6 Ibid