A recent poll done for the Bank of Montreal shows Canadians continue to feel indestructible, as fewer than 20 per cent are financially prepared to deal with an emergency.
“The most difficult thing in the world is convincing people they need life insurance,” says Yaffa Sakkejha, the general manager at Beneplan Co-operative in Toronto, Ont. “Not until it is too late. To put it into better perspective, you don’t go looking for home insurance when your house is on fire.”
In its annual Rainy Day online survey, conducted by Pollara, 17 per cent of respondents say they have less than $1,000 in savings to draw upon in the event of an emergency.
Another 20 per cent have up to $5,000, 14 per cent have up to $9,999 set aside and 18 per cent say they have set aside $50,000 or more for an emergency.
Brett Boadway, the director of Broker Relations & Communications for the Insurance Brokers Association of Ontario, feels brokers are crucial to helping clients prepare for the worst. (continued.)