Canadians prefer to buy in-person

Of the 25 percent of Canadian households that prefer to purchase through non-face-to-face methods, the Internet was the most popular (11 percent), followed closely by workplace and direct by phone or mail. By comparison, in the United States 43 percent say they prefer to buy through the Internet or direct. (See chart)

While Canadian consumers may prefer personal contact, LIMRA’s Canadian Recruiting Trends data show that 14 percent fewer sales professionals were recruited in 2012 compared to five years earlier (13,500 versus 15,600). This combination of fewer agents and slow adoption of non-face-to-face purchasing “creates a real challenge for Canadian insurance companies,” LIMRA reports. Among the other key findings from the report: 

• Only 68 percent of Canadian households have any life insurance at all compared to 79 percent in 2006. 
• Among those polled, the top financial concern is the government’s ability to fund health care in which 84 percent answered “very” or “somewhat concerned.”
• Some 80 percent of Canadians worry about having enough money for retirement. The same percentage also expresses concern over the cost and availability of long term care. 
• Married households with children under age 18 are underinsured: three in four say they would have difficulty with living expenses if a primary wage earner were to die.