As with most insurance products, consumers remain most likely to prioritize monthly premiums rather than other experiential factors (eg the application process) when selecting a carrier. Life insurance is no different, with holders of this product likely to be more concerned with the immediate effects on their finances rather than the long-term benefits that life insurance provides.
Softening inflation does present an opportunity for life insurers to go beyond price-focused messaging, however. Consumers show an increasing interest in streamlined purchase journeys for one, providing insurers with the opportunity to supplement their marketing campaigns centered around premiums with other appealing features like the absence of medical exams, or completely digital application processes.
Despite cost being a major consideration, consumers’ openness to owning multiple policies shows that the demand for life insurance remains robust. Younger consumers are largely drawn towards life insurance for personal financial reasons – from supplementing one’s retirement to helping gain them market exposure – leading to ownership motives evolving beyond simply having coverage. This shift signifies that life insurance is not just a mundane necessity, but is rather one piece of an overarching financial planning strategy.
This report looks at the following areas:
- Market factors impacting the life insurance sector
- Life insurance ownership
- Motives behind owning life insurance
- Barriers to owning life insurance
- Most importance factors when choosing a life insurer
- Attitudes and behaviors toward life insurance
Through digital innovation and personalized products, life insurers have the opportunity to unlock new audience segments to continue driving growth.
Amr Hamdi, Senior Analyst – Financial Services
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Executive summary
- What you need to know
- Consumers become increasingly more likely to obtain life insurance directly through a provider as they grow older
- Graph 1: life insurance provider, by age, 2024
- New Canadians have unique motivations when buying life insurance
- Graph 2: life insurance ownership motives, by new Canadians and province, 2024
- Traditional life insurers maintain a significant competitive advantage when it comes to brand consideration
- Graph 3: openness to traditional vs digital life insurers, by generation, 2024
- Messaging about streamlined application solutions will catch the eye of younger prospects
- Market predictions
- Opportunities
- Half of Gen Zers and Millennials combined would consider life insurance purchase if the journey was simpler
- Graph 4: life insurance purchase consideration, by new Canadians and generation, 2024
- Carriers that offer expedited underwriting have significant potential to attract younger prospects
- Personal events significantly influence life insurance acquisition
- Graph 5: impact of life events on individual life insurance purchase, by age, 2024
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market dynamics
- Market drivers
- Life insurers possess a wellspring of opportunities in new Canadians
- Graph 6: distribution of foreign-born population by region of birth, 1996-2036 (projected)
- Canada’s population is ageing – a boon for carriers
- Graph 7: projected population growth scenarios among 65 and older, 2024-2073
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Consumer Insights
- Consumer fast facts
- Life insurance ownership
- Two thirds of consumers carry some form of life insurance
- Graph 8: life insurance ownership over time, 2022 and 2024
- Life insurance ownership is proportional to income level
- 35-54s have the highest ownership of term life insurance
- Graph 9: term life insurance ownership, by age, 2024
- There is a growing shift towards arranging one’s life insurance directly with a carrier
- Motives behind owning life insurance
- Life insurance ownership is largely driven by mental wellbeing and financial security
- Graph 10: motives to owning individual life insurance, 2024
- As consumers age, their motives behind life insurance purchases become more driven by the emotional aspect of protecting loved ones
- Graph 11: life insurance ownership motives, by new Canadians and province, 2024
- Mothers and fathers are split in motivation when it comes to life insurance ownership
- Graph 12: life insurance ownership motives, by parental status, 2024
- Barriers to owning life insurance
- No single barrier contributes to more than 24% of consumers’ choice of not purchasing life insurance
- The gap between interest and purchase timing of individual life insurance plans is highest among Gen Zers and younger Millennials
- Graph 13: barriers to life insurance ownership, by generation, 2024
- Affordability is a top barrier to new Canadians’ lack of life insurance ownership
- Graph 14: barriers to life insurance ownership, by new Canadians, 2024
- Most important factors in choice of provider
- Consumers are most likely to prioritize monthly premiums over things like provider reputation when seeking a life insurer
- Graph 15: most important factors in choice of provider, 2024
- Consumers’ elevated importance on premiums remains opportunistic for insurtechs
- Younger consumers evaluate carriers based on a diverse spectrum beyond just premiums
- Graph 16: most important factors in choice of provider, by generation, 2024
- Financially struggling consumers look beyond monthly premiums when choosing a life insurer
- Graph 17: most important factors in choice of provider, by generation, 2024
- Attitudes toward life insurance
- Younger life insurance owners believe their purchase process was lengthy, illustrating a common pain point with this product’s acquisition
- Graph 18: attitudes toward life insurance purchase process, by generation, 2024
- Incentives are an effective acquisition strategy when engaging with younger prospects
- Parents are the most interested in consolidating policy and investment management under one roof
- The majority of life insurance prospects compare rates across multiple providers
- Graph 19: importance of comparing rates across multiple life insurers, by financial situation, 2024
- Price-comparison charts are an effective messaging tools when reaching lower-earning prospects
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Competitive strategies
- Marketing and advertising
- Sun Life stresses an application process that takes just minutes to complete
- TD uses imagery of families to emphasize the financial protection life insurance provides to one’s family
- Canada Protection Plan showcases maximum coverage amounts and the absence of medical exams via paid Facebook
- Legacy life insurers highlighted their long-standing brand equity when engaging with prospects
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Appendix
- Consumer questions
- Consumer research methodology
- Generations
- Abbreviations and terms
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