TD Insurance Survey Reveals 32% of Canadians Lack Life Insurance Despite Major Life Milestones

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.

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.

"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.

"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."

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.