Do you have good insurance
83% of Quebecers have life insurance compared to 71% of Canadians. That might be good news in itself, but the problem is that their coverage is woefully inadequate, averaging $ 40,000 less in benefits than the Canadian average.
In terms of insurance, are Quebecers "badly" covered? The opinion of Natalia Sandjian, financial planner at the National Bank *.
Make sure, looks like it's still too expensive ...
It is the day you experience an unfortunate event that you realize the usefulness, even the need for insurance. Before that, you feel like you're paying "for nothing", and you think it's too expensive. And after the fact, it often becomes more difficult to insure or the premium is much more expensive. For this same reason, many people shop for personal insurance with the only thing in mind to find the cheapest premium, without looking at the details of the coverage. But when it comes to insurance, the devil is often in the details.
Are people generally uninsured?
They don’t hesitate to shell out for a warranty on their appliances, nor do they question insuring their car, but when it comes to life or income insurance, that’s a whole different story!
Having insurance is not in itself sufficient either: we must make sure that all the terms of a policy are understood and adapted to our situation. What will our loved ones receive in the event of premature death? This is an answer few Quebecers can answer, even though 4 in 5 have life insurance.
I also notice that disability insurance is also often omitted from their personal coverage. Yet the chances of dying prematurely are less than the chances of living with a disability. If you are sick and unable to earn an income, what will happen?
We all know we need to protect our assets, but the pandemic is reminding us of the need to insure our liabilities. If you lost your income as a result of job loss or illness, would you be able to make all of your payments? In 2019, according to The annual BDO Affordability Index, 53% of Canadians lived pay-to-pay. This leaves no room for the unexpected. But be reassured, because there are solutions to support you in the event of loss of income. If you have loan insurance that protects your financing or your credit card, check to see if it has Involuntary Job Loss protection. If you are covered on your credit card, this protection could pay your monthly balance up to 20%. The best way to protect yourself is to check with our advisors.
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