Household debt and living benefits
Did you know that the Canadian household credit market debt as a proportion of household disposable income had increased to 183.3% by the end of 2022?
For every dollar of disposable income, Canadian households therefore have an average of $1.83 of debt. This is significant, especially given that ownership rates for living benefit insurance are quite low:*
|
Product types |
Household ownership rate |
|
Disability insurance — individual |
10% |
|
Disability insurance — group |
21% |
|
Critical illness insurance |
13% |
As you can see, there is considerable market potential here, but you will also notice that there is still much to be done to help Canadian families protect their wealth and living standards.
Living benefits products can be ideal solutions to help your clients cover their financial obligations in the event of a disability or critical illness.
To learn more
*According to the market study: LIMRA – Canadian Life Insurance Ownership Study, 2019, page 38.
