SASKATCHEWAN — Research provided by insurance technology company PolicyMe shows 69 per cent of Saskatchewan and Manitoba respondents reported having some form of life insurance, 12 percentage points higher than the previous year's result.
Nationally, 68 per cent of respondents reported having coverage, according to the survey.
Andrew Ostro, CEO and co-founder of PolicyMe, told SaskToday changing life circumstances and economic uncertainty could be contributing to the increase.
“Canadians are getting older, buying homes, having kids, taking on the kinds of responsibilities that make life insurance feel less abstract and more necessary. Economic uncertainty is likely playing a role too. When people feel less financially secure generally, they tend to think harder about protecting what they have.”
Ostro cautioned that the research does not identify a single reason for the increase and said a significant coverage gap remains.
“While the research doesn't point to a single cause, the direction is encouraging. There's real momentum here, but 31 per cent of Saskatchewan and Manitoba residents still report not having coverage, so there's still real work to do.”
Ostro said the increase in Saskatchewan and Manitoba is part of a broader national pattern, although the proportion of respondents reporting coverage in the two provinces was slightly higher than the national figure.
“It's part of a national pattern, though Saskatchewan and Manitoba stand out. Across Canada, 68 per cent of people report having some form of life insurance, and Saskatchewan and Manitoba have actually outpaced that national number, rising to 69 per cent. So this region isn't an outlier trend-wise, it's simply moving a little faster than the rest of the country.”
According to PolicyMe's findings, cost was among the reasons uninsured Saskatchewan and Manitoba respondents gave for not having coverage. Ostro said misconceptions about who needs life insurance and how much it costs can influence whether people consider purchasing it.
“Two stand out. First, that it's only necessary if you have significant debt or dependents. Second, that it's automatically out of reach financially.”
He said the financial impact of an unexpected death can extend beyond a mortgage or other major debts.
“But the reality is more nuanced. Even without a mortgage or kids, an unexpected death still leaves someone to cover funeral costs, outstanding bills, all the loose ends that don't disappear just because there's no dependent counting on that income. In fact, cost is one of the top reasons uninsured people in Saskatchewan and Manitoba gave for skipping coverage. And cost is often more assumption than reality. Term life insurance in particular can provide real protection at a genuinely manageable price,” Ostro said.
Ostro said families considering their financial preparedness may focus on larger expenses, such as a mortgage, while overlooking the combined impact of other costs and household responsibilities.
“More often than you’d think, mainly because they think in terms of the "big" expense, the mortgage, and overlook everything else: childcare, day-to-day household responsibilities, funeral costs, etc.”
PolicyMe's research indicates respondents are also feeling more confident about their family's financial security. The share of Saskatchewan and Manitoba respondents who reported being unsure or not confident about their family's financial security following an unexpected death fell from 19 per cent to 13 per cent compared with the previous year's result.
Ostro said increased confidence, however, does not necessarily mean households have calculated whether their savings and existing insurance would be enough.
“The share of Saskatchewan and Manitoba residents who are not confident or unsure about their family's financial security did drop, from 19 per cent to 13 per cent, but feeling confident isn't the same as having actually done the math. Families should sit down and compare their savings and current coverage against the real income and expenses an unexpected death would leave behind.”
For people considering whether they need coverage, Ostro suggested looking at who would be financially affected by their death, how long those people could manage without their income and which household expenses would remain.
Ostro said, “From there, look at whether savings and workplace benefits would actually cover the gap, and whether that protection survives if you change jobs. Most people skip straight to "I probably don't need it" without ever running any of these numbers.”
Workplace life insurance was the most common type of coverage reported in the region, with 38 per cent of Saskatchewan and Manitoba respondents saying they had it, according to PolicyMe.
Ostro said employees should examine how much their workplace plan provides, whether it would meet their family's financial needs and what happens to the coverage if their employment changes.
“Workplace coverage is a valuable benefit, but it's not automatically sufficient, and it's tied to your job. It's worth checking three things: how much your plan actually provides, whether that matches what your family would need, and what happens to it if you change jobs or leave the workforce for any reason,” Ostro said.
“For many people, yes. Cost depends on things like age, health, coverage amount and term length, but term life insurance specifically can offer protection for a defined period at a price that's usually a lot more manageable than people expect.”
Ostro said PolicyMe's data shows younger Canadians, particularly members of Generation Z, are increasingly engaged with life insurance compared with previous years.
He said milestones such as marriage, having children and purchasing a first home continue to influence people's interest in coverage, while digital tools have changed how younger adults can research, compare and purchase insurance.
“Younger Canadians still face real affordability pressures, but they've got digital tools that make researching, comparing and actually buying coverage a lot easier than it used to be. That combination, more life stage triggers plus easier access, is probably why we're seeing the shift.”
For Saskatchewan and Manitoba families, Ostro said people should assess their existing savings and coverage rather than assume they are adequately protected or that additional coverage is unaffordable.
“My advice is not to assume; check. Don't assume you're adequately protected, and don't assume coverage is out of your budget, until you've actually looked at the numbers. Think about who depends on you, what expenses your family would actually face, and how far your current savings and benefits would really go. The growth we're seeing this year is genuinely encouraging, but with so many families still uninsured or uncertain, this is a conversation worth having now, not after an unexpected loss forces it.”
