One-in-three Canadians are navigating life changes without life insurance: TD Insurance survey

Nearly half of Boomers and one-third of Gen X polled don't have life insurance, while nearly one-third of Canadians have delayed reviewing their coverage because they assume workplace benefits are enough.

TORONTO, Sept. 23, 2026 /CNW/ -- Canadians revisit major financial decisions as they move through life's milestones, whether it's buying a home, starting a family, changing jobs or preparing for retirement. Yet many may not be revisiting their life insurance needs at the same time. According to new TD Insurance research released for Life Insurance Awareness Month, life insurance may be a financial knowledge gap for many Canadians.

Key findings from the TD Insurance survey:

• 32% of Canadians polled say they don't have life insurance.
• Nearly half of Boomers (42%) and one-third of Gen X (32%), the generations closest to retirement, say they don't currently have life insurance.
• Among Canadians without life insurance, 46% can't envision a life event that would motivate them to consider coverage.
• For Canadians without coverage, 35% cite cost as a barrier to purchasing or reviewing existing life insurance needs, while 31% don't think it's needed at their current life stage.
• Among Canadians with workplace life insurance, 44% don't know how much coverage they have or aren't sure whether it's enough.

Major life milestones aren't always prompting Canadians to review their coverage

While financial responsibilities can change throughout life, many Canadians still view life insurance as a future need rather than a current one. That mindset is particularly evident among younger Canadians, with most of Gen Z (56%) believing life insurance is something that can be put off until later in life, compared with 41% of Canadians overall.

Nearly three-quarters (73%) say they have put more thought into other major financial decisions than into how much life insurance coverage they might need.

Among those without life insurance, top reasons for not having coverage include:

• Perceived cost (35%)
• Thinking it's not currently needed (31%)
• Competing financial priorities (26%)
• Lack of understanding (17%) and uncertainty about where to start (21%)

"Life insurance isn't necessarily something people review regularly, and knowing how much coverage you may need isn't always straightforward," said Patricia Foley, Associate Vice President, Delivery Excellence Life, Health & Credit Protection at TD Insurance. "When Canadians are juggling competing financial priorities, reviewing their life insurance may not feel urgent. Yet, major life milestones can be valuable moments to reassess whether existing protection still aligns with their circumstances."

The findings also point to a demand for greater clarity, with 74% of Canadians polled saying they would benefit from clearer guidance on how factors such as age or health may affect their life insurance options and costs.

Many Canadians may not fully understand their workplace life insurance coverage

For many Canadians, workplace life insurance coverage may provide reassurance, but not a clear understanding of how much protection they actually have or whether it's enough.

Among those with workplace life insurance:

• 44% either do not know how much coverage they have or aren't sure whether it's enough.
• 34% of Canadians say they've put off purchasing or reviewing their life insurance needs because they assume their workplace coverage is sufficient.

"Workplace life insurance can provide meaningful coverage for many Canadians, but it's important to understand how that coverage fits into a broader financial plan," said Foley.  "As people approach retirement or experience career changes, reviewing what life insurance coverage they have, what may change in the future, and whether additional protection may be needed, can help avoid unexpected gaps."

Life Insurance Awareness Month serves as a reminder that life insurance coverage is not necessarily a set-it-and-forget-it financial decision. As circumstances change over time, taking stock of existing coverage, understanding workplace benefits and considering evolving financial responsibilities may help Canadians make more informed decisions about their life insurance protection needs.

Common life insurance questions for Canadians

 1. When should I review my life insurance coverage?

Major milestones such as buying a home, starting or growing a family, changing jobs and preparing for retirement can be useful opportunities to review your coverage. Consider whether the protection you have still reflects your financial responsibilities and current circumstances.

 2. Is workplace life insurance enough?

Workplace life insurance can provide meaningful coverage, but it may not address every person's broader protection needs. Start by confirming how much coverage you have, what it includes and how a job change or retirement could affect it. Then consider whether there may be gaps in your overall financial plan.

 3. What should I do if I don't understand life insurance or know where to start?

Begin by considering the people and financial responsibilities you may want to protect. Review the coverage you already have, including workplace benefits, and seek clear information about the options available based on your circumstances from a licensed life insurance advisor. This TD Insurance survey found that uncertainty about where to start is a commonly cited barrier among Canadians without coverage (21%).

 4. Why is it important to revisit life insurance over time?

Financial responsibilities and goals can change. Periodically taking stock of your coverage and speaking with a licensed life insurance advisor can help you determine whether it continues to align with your current financial circumstances and whether potential gaps need to be addressed.

About the TD Insurance survey

This TD Insurance survey, conducted using the Leger Opinion panel, ran from August 31 to September 2, 2026, with a nationally representative sample of 1,500 Canadian adults. Results were weighted by age, gender and region, and in Quebec, language, to match the population according to Census data. For comparison purposes, a probability sample of 1,500 has an estimated margin of error of ±2.5 percentage points, 19 times out of 20.

About TD Bank Group

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by assets and serves 28.2 million clients in four key businesses operating in a number of locations in financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; U.S. Banking, including TD Auto Finance U.S. and TD Wealth (U.S.); Wealth Management and Insurance, including TD Wealth (Canada), TD Direct Investing and TD Insurance; and Wholesale Banking, including TD Securities and TD Cowen. TD also ranks among North America's leading digital banks, with more than 14 million active mobile users in Canada and the U.S. TD had $2.1 trillion in assets on July 31, 2026. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto Stock Exchange and New York Stock Exchange.

SOURCE TD Bank Group

For further information please contact: Megan Sampson, [email protected]