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Fewer Canadians than ever have savings. Here’s how to keep your family protected

By Lin Ray on 22 Apr. 2024

According to the Organisation for Economic Co-operation and Development, Canadians were able to save just 3.21% of their disposable income in the last couple of years, or about $1,277 on average per household. This places us in the bottom half of 29 countries studied, with Americans able to save more than triple that amount.

The three main reasons it is so difficult to save nowadays are:

  1. Rising household debt - with debt to income ratio currently 181.44% in Canada, a large chunk of the income is going towards covering the debt.  

  2. Cost of living is going up - we are paying more for necessities like gas, groceries, daycare and housing. In fact, since wages are not keeping up with this cost, up to 45-50% of income is going towards housing for some households.

  3. Keeping up with the Joneses - in large part due to social media and seeing our peers with a certain lifestyle, there is an intense pressure to keep up by spending our income on things we wouldn’t have otherwise.

Talking to a financial advisor is a smart first step to creating a savings plan.  However, if you're one of the
many Canadians who are struggling to save money right now, there's a simple way to keep your loved ones protected should the worst happen—an affordable term life insurance policy that won’t turn you down.

Why is this important? If you were to suddenly pass away, your family would need to find a way to cover your income. And for Canadians, without a financial cushion that simply may otherwise not be possible.

How Term Life Insurance acts as a safety net:

Income replacement

The benefit is paid tax-free to your loved ones and can be used to cover all expenses that depended on your income: from mortgage, to bills, to outstanding debt, to childcare costs or any other cost of living.


Funeral costs

If your loved ones are ever faced with unexpected funeral costs, life insurance can cover it. Better yet, your benefit can also cover any existing debt. That way, it doesn’t get passed along to the people you love.


Fast & Easy application

No Medical Term Life Insurance is both an affordable and convenient way to get coverage. You never have to meet with an agent nor do you have to fill out any paperwork. You can get instant coverage all from the comforts of your home!

If you're struggling to save money, don't wait until it's too late!

While it may seem like an added expense, a no medical life insurance policy serves as an affordable safety net for people without savings. That’s why getting coverage may be one of the best things you can do for you and your loved ones.

Here is how to get started:

To search for a plan best for you, without going through hundred of companies or talking to various agents simply:
  1. Select your age
  2. Complete a 1 minute questionnaire and receive a personalized quote. 
Get Your Free Quote >
It takes less than a minute >>