(April 11 – 10:40 ET) – A recent survey conducted on behalf of Finactive, the online division of Imperial Life Assurance Co. of Canada, reveals important gaps in what Canadians know about life insurance.

The survey shows that although 89% of Canadians agree that life insurance should be part of sound financial planning, just 40% of respondents would know what to look for if they had to buy it today.

That figure drops to just 11% among 18 to 34 year olds — the demographic most likely to require life insurance.

The survey indicated that relatively few respondents know what types of life insurance products are on the market. Of those surveyed, only 14% have heard of universal life insurance, 25% have heard of critical illness insurance, and 33% have heard of whole life insurance. Term life insurance is the most well-known product with 57% of respondents answering that they have heard of it, with 46% of that portion being able to describe it.

The findings released today result from a telephone survey of 500 adults in the Toronto area. It is accurate within +/- 5%.

“Life insurance is an important purchase that people tend to make when they have a child, get married or buy a house,” says Ray Bhanji, financial advisor, Finactive. “With this in mind, it is alarming that so few people in this demographic know how to buy life insurance.”

To help close the insurance knowledge gap, Finactive has developed a complimentary shopping guide entitled, “I know I Need Insurance, Now What? What’s Out There?” The guide helps readers learn the main types of insurance available, define their individual needs, and isolate questions to ask an insurance representative.

The shopping guide is available online at www.finactive.com or through Finactive’s salaried, licensed advisors.