The study highlights that 74% of Canadians have life insurance either through coverage they have bought themselves or through work; however, they do not know how much it would be to fulfill their financial needs.
Apart from this, the survey in which 1,005 adult Canadians participated, highlights that 88% of Canadians are not very familiar with the various types of life insurance options available to them.
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BMO Insurance direct to consumer insurance head Rocco Casullo said: "Learning about the various kinds of life insurance and choosing which is best for you and your family can be a challenge."
"Canadians need to make sure that they are well protected with life insurance coverage that suits their specific needs."
The report says there are many factors that determine life insurance coverage, including age, family status, health, level of debt and income.
The study also focuses on the top reasons why Canadians get life insurance; 53% said that they do not want to burden their family financially after death, while 49% noted that they have a sense of responsibility to buy and 16% said they were told by family and/or friends that they should have it.
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