As Life Milestones Shift, Manulife Urges Canadians to Review Their Financial Protection
Many Canadians continue to rely on traditional life events like marriage or homeownership – potentially leaving gaps in coverage as financial responsibilities evolve
TORONTO, June 22, 2026 /CNW/ - Manulife Canada is encouraging Canadians to reassess their life insurance coverage, as many remain financially exposed due to gaps, especially as responsibilities evolve beyond traditional life milestones.
Ahead of National Insurance Awareness Day on June 28, Canadians are urged to consider whether their coverage reflects their current financial obligations and the people who rely on them.
For previous generations, life insurance conversations were often triggered by a wedding, a mortgage, or a new baby. Today, those milestones are arriving later, or not at all. According to the World Life Insurance Report 2026 from LIMRA and Capgemini, 63 per cent of people under 40 have no immediate plans to get married and 84 per cent have no immediate plans to have a child.
Financial responsibilities, however, continue to emerge at various life stages. Many Canadians still rely on these traditional triggers as signals to act, which can contribute to gaps between their coverage and their current needs. According to the Canadian Insurance Barometer Study from LIMRA and Life Happens, nearly one-third of Canadians say they need or need more life insurance coverage, underscoring a widespread gap in financial protection.
"Many Canadians don't realize how many people in their lives could be affected if something happened to them," said Paul Savage, Head of Individual Insurance, Manulife Canada. "You may have loved ones who rely on your income or others in your life who could be affected financially if something happened to you, and reviewing your coverage helps ensure they're protected."
Life insurance helps ensure those who depend on you aren't left carrying the financial burden alone – providing security and continuity when it matters most, no matter your life stage.
Changing life and career paths are reshaping how Canadians access coverage
As more Canadians seem to follow less traditional life and career paths, they may also experience periods without workplace coverage as they move between roles, work part-time, or transition in and out of the workforce. Because access to benefits is often tied to employment, these transitions can leave gaps in protection and reinforce the need for coverage that extends beyond the workplace.
"Canadians aren't experiencing life in a straight line," said Pamela Wong, Head of Affinity at Manulife Canada. "As people move between jobs, explore entrepreneurship, or plan for what's next, it's important they have options that help them stay protected along the way."
A timely moment to reassess financial protection
Regularly reviewing coverage helps ensure it reflects current responsibilities, relationships, and long-term goals. For many Canadians, this may mean starting with core coverage – such as health insurance – and considering how life insurance and other forms of protection can work together to support their needs over time. Taking time to assess life, health, mortgage and income protection needs can help identify potential gaps and ensure appropriate protection as life evolves.
Manulife offers a range of insurance solutions to help Canadians protect what matters most at every stage of life and make more confident, informed decisions about their financial protection. To learn more, Canadians should speak with an advisor or visit Insurance Solutions for Every Life Stage | Manulife Canada or Manulife CoverMe to explore coverage options and find an approach that fits their needs.
Protecting families and financial futures is fundamental to overall well-being, and reflects Manulife's commitment to empowering health, wealth, and longevity as part of its enterprise strategy and through the Manulife Longevity Institute.
About Manulife
Manulife Financial Corporation is a leading international financial services provider, headquartered in Toronto, Canada. Anchored in our ambition to be the number one choice for customers, we operate as Manulife across Canada and Asia, and primarily as John Hancock in the United States, providing financial advice, insurance and health solutions for individuals, groups and businesses. Through Manulife Wealth & Asset Management, we offer global investment solutions, financial advice, and retirement plan services to individuals, institutions, and retirement plan members worldwide. At the end of 2025, we had more than 37,000 employees, over 106,000 agents, and thousands of distribution partners, serving over 37 million customers with operations across 25 markets globally. We trade as 'MFC' on the Toronto, New York, and Philippine stock exchanges, and under '945' on the Hong Kong stock exchange. Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.
About Manulife Longevity Institute
The Manulife Longevity Institute is a global research, thought leadership, innovation, advocacy, and community investment platform to drive action that can help people live longer, healthier, and more financially secure lives. Underpinned by a $350 million signature commitment, its focus is on helping people extend their healthy years, promoting greater financial resilience for all. As a global insurer, retirement plan provider, and asset manager, Manulife is uniquely placed to help lead this change. The Institute's work will support Manulife's Impact Agenda strategy by investing in organizations that are growing the longevity economy, convening research collaborations with leading academic institutions and think tanks, and producing thought leadership to advance awareness and action on the issues impacting populations as they age. The Institute will be known as the John Hancock Longevity Institute in the United States. The actions of the Institute will be guided by a Steering Committee of members of Manulife's Executive and Global Leadership Teams and in partnership with a robust ecosystem of partners and experts who champion longevity across Canada, Asia, and the US.
Media contact
Dominique Bomberry
(437) 446-1704
Dominique_Bomberry@manulife.com
SOURCE Manulife Financial Corporation
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2026/22/c4472.html