WATERLOO, ON, April 15 /CNW/ - According to a recent survey by Manulife
Financial, no matter how much life insurance Canadians own, half of us aren't
confident we bought the right amount. In addition, more than half (54 per
cent) underestimated the amount of insurance they need. Only 26 per cent knew
that 10 times' your annual income is the recommended benchmark.(1)
This means many Canadian families could face financial hardship if
something happens to their primary income earner. This becomes even more
relevant in today's economy, where many Canadians have seen their financial
cushion depleted as their investment portfolio declined.
"One reason Canadians aren't properly insured is because they don't
always know what type to buy or how much coverage they need. There are so many
insurance products on the market today it can be confusing, and the whole
process of buying insurance can be frustrating and intimidating," says Paul
Smith, Vice-President of Insurance Marketing and Product Development for
Manulife recently revised Insure Right - a program designed to help
Canadians get the right insurance to protect themselves and their families.
The basic principle of Insure Right is that there are five steps to having the
right amount of insurance.
"The first step," says Smith "is to find the right advisor. An
independent financial advisor can use Insure Right with you to assess your
needs and determine not only what kind of insurance, but how much you need."
The Insure Right program also includes an interactive video to help
consumers understand their need for life insurance, as well as critical
illness and disability insurance. Based on the survey, most Canadians are not
at all or only somewhat familiar with critical illness and disability
Another key component of the Insure Right program is an online calculator
that answers an important question consumers often ask, "How much coverage is
enough for me?" According to Smith, Insure Right helps consumers determine the
right type and right amount of coverage at a price they can afford. "It lets
them make informed decisions so they can feel confident that their family is
properly protected in today's economy and into the future."
For more information, visit www.insureright.ca.
1,2: The survey was conducted by Research House National Telephone
Omnibus Survey, between December 11 - 18, 2008 with a national random
sample of 612 Canadians between 25 - 45 years of age. The results have a
margin of error of +/- 3.96%, 19 times out of 20.
About Manulife Financial
Manulife Financial is a leading Canadian-based financial services group
serving millions of customers in 19 countries and territories worldwide.
Operating as Manulife Financial in Canada and Asia, and primarily through John
Hancock in the United States, the Company offers clients a diverse range of
financial protection products and wealth management services through its
extensive network of employees, agents and distribution partners. Funds under
management by Manulife Financial and its subsidiaries were Cdn$405 billion
(US$330 billion) as at December 31, 2008.
Manulife Financial Corporation trades as 'MFC' on the TSX, NYSE and PSE,
and under '945' on the SEHK. Manulife Financial can be found on the Internet
For further information:
For further information: Media contact: Tom Nunn, Manulife Financial,
(519) 594-8578, firstname.lastname@example.org