The Key to Lifetime Financial Security = Having a Holistic Plan

TORONTO, September 27, 2021 /CNW/ – Life is full of important moments – following your passions, buying your first home, growing your family, giving back, reaching retirement. Then there are the events no one wants – fixing a leaky roof, being laid off from a job, or a serious illness that prevents you from earning an income. One of the biggest differentiators between those who achieve lifelong financial security and those who don’t? A financial plan. Yet most Canadians do not make a plan their priority. A recent survey conducted by Sun Life revealed that more than half of Canadians (52%) do not have a financial plan in place.

Of the 43% of Canadians who have a plan, more than a third (33%) do not have life or critical illness insurance. Insurance coverage is even lower among people aged 55 and over, with 44% saying they have no insurance. Then come the 35-54 year olds (27%) and the 18-34 year olds (21%). When asked why they don’t have insurance in their financial plan, almost a third (29%) said, “I don’t need insurance.” Men were significantly more likely than women to say they didn’t need insurance, at 41% versus 19%.

“Insurance is an important part of a financial plan that will support you and your loved ones for years to come,” said Vineet Kochar, Senior Vice President, Insurance Solutions, Sun Life Canada. “Life can be unpredictable – many of us can face challenges that leave us unprepared. Whether you are married with children or have a partner or parents who depend on you financially, life insurance life ensures that they are supported,” Mr. Kochhar added. “Insurance can seem daunting to manage on your own – advisors are here to help you understand the insurance solutions available to you and the products that meet your needs and complement the rest of your financial plan. .”

While many Canadians delay setting up a plan and buying life insurance, financial concerns remain at the forefront. Sun Life asked Canadians what their biggest financial concern is – the cost of living was ranked number one at 36%. This is followed by having enough money saved for the future and/or retirement (23%), repaying debts (17%) and affording a house (13%).

Canadians aged 55 and over rated “having enough money for the future and/or retirement” as their second concern after the cost of living. Yet this same age group has not created a financial plan. Among those aged 55 and over, the group closest to retirement, nearly half (47%) have not created a plan.

“At Sun Life, our goal is to provide each client with a personalized financial plan and help them live their best life,” said Rowena ChanPresident, Sun Life Financial Distributors (Canada) Inc. and SVP, Distribution. “A financial plan, combined with advisors’ unique ability to provide clients with holistic advice, opens up endless possibilities for Canadians. When an advisor helps clients build a holistic financial plan, they approach the conversation with three themes at the core. mind: wealth, health and insurance needs – all equally important to achieving your goals,” added Ms. Chan.

Financial security is an essential pillar of Sun Life Sustainability Strategy. By providing Clients with innovative products and services, we help secure their financial future and that of their families. Sun Life recently announcement a collaboration with Conquest Planning Inc. to provide its best digital financial planning tool to empower Canadians to achieve their life goals. Sun Life is the first Canadian organization to introduce the digital tool in all its wealth management and insurance platforms.

About the survey
The survey is based on the results of an Ipsos poll conducted between August 27 and August 30, 2021. A sample of 1,502 Canadians aged 18 and over was drawn from the Ipsos I-Say online panel. Data on Canadians surveyed have been weighted to ensure that the regional, age and gender composition of the sample reflects that of the actual Canadian population. The accuracy of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to +/- 2.9% 19 times out of 20, if all Canadians had been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to, methodological changes, coverage errors, and measurement errors.

About Sun Life
Sun Life is a leading international financial services organization providing insurance, wealth and asset management solutions to individuals and businesses. Sun Life operates in a number of markets worldwide, including Canada, United Statesthe UK, Ireland, hong kong, The Philippines, Japan, Indonesia, India, China, Australia, Singapore, Vietnam, Malaysia and Bermuda. From June 30, 2021Sun Life had total assets under management of $1.36 trillion. For more information, please visit

Sun Life Financial Inc. trades at the Toronto (TSX), New York (NYSE) and the Philippine Stock Exchanges (PSE) under the symbol SLF.

Note to editors: All figures are in Canadian dollars

Contact person for media relations:
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SOURCE Sun Life Financial Canada

Sarah J. Greer