Manulife Calls for Life Insurance Review as Life Milestones Evolve
TORONTO, June 22, 2026 /CNW/ – Manulife Canada is urging Canadians to reassess their life insurance coverage, highlighting that many remain financially vulnerable due to gaps in protection as their responsibilities change. The call comes ahead of National Insurance Awareness Day on June 28, prompting individuals to evaluate whether their coverage aligns with current financial obligations and dependents.
According to the World Life Insurance Report 2026 from LIMRA and Capgemini, 63 percent of people under 40 have no immediate plans to marry, and 84 percent have no immediate plans to have children. This shift from traditional life milestones—such as marriage, homeownership, or parenthood—means many Canadians may not realize they need coverage until it is too late.
Nearly One-Third of Canadians Need More Coverage
The Canadian Insurance Barometer Study from LIMRA and Life Happens indicates that nearly one-third of Canadians say they need or need more life insurance coverage, underscoring a widespread protection gap. Financial responsibilities continue to emerge at various life stages, but many still rely on conventional triggers to act, leaving them exposed.
“Many Canadians don’t realize how many people in their lives could be affected if something happened to them,” said Paul Savage, Head of Individual Insurance at Manulife Canada. “You may have loved ones who rely on your income or others in your life who could be affected financially if something happened to you, and reviewing your coverage helps ensure they’re protected.”
Changing Career Paths Create Coverage Gaps
As Canadians follow less traditional life and career paths, they may experience periods without workplace coverage while moving between roles, working part-time, or transitioning in and out of the workforce. Since benefits are often tied to employment, these transitions can reinforce the need for coverage beyond the workplace.
“Canadians aren’t experiencing life in a straight line,” said Pamela Wong, Head of Affinity at Manulife Canada. “As people move between jobs, explore entrepreneurship, or plan for what’s next, it’s important they have options that help them stay protected along the way.”
A Timely Moment to Reassess Financial Protection
Regularly reviewing coverage helps ensure it reflects current responsibilities, relationships, and long-term goals. Manulife recommends starting with core coverage—such as health insurance—and considering how life, health, mortgage, and income protection can work together to support evolving needs. Taking time to assess these areas can help identify potential gaps and ensure appropriate protection as life evolves.
