6 life insurance myths that are holding Gen Z Canadians back from peace of mind

Myth 1: Life insurance is only for older people

A lot of people think life insurance is something you only need once you have kids, a mortgage or grey hair. In reality, for Gen Zs, getting covered earlier usually means cheaper rates — like, cheaper than brunch or a workout class — that stay locked in for up to 30 years.

Not only is it a myth that life insurance is for older people, but getting covered when you're younger and healthier can save you thousands in the long run.

Myth 2: Life insurance is too expensive

Cost is one of the top reasons people delay obtaining coverage. The study found that Canadians often overestimate the price by up to three times. In reality, monthly premiums can be as little as $15 — about the same as a streaming subscription.

Blue Cross Life makes the process effortless. In just a few clicks, you can get a personalized online quote and see how affordable coverage can be.

Myth 3: It's not worth it if I don't have dependents

Nearly one in four uninsured Canadians say they don't think they need life insurance because they don't have dependents. But even if you don't have kids, a partner or a mortgage, the unexpected could still leave loved ones with expenses — from final costs to shared bills.

Life insurance helps protect the people you care about most from financial hardship. It's about providing peace of mind, for them and for you, through every stage of life. With the right coverage in place, you can focus on achieving your biggest goals, knowing your loved ones are financially secure no matter what the future holds.

Myth 4: Getting life insurance is a hassle

Traditionally, life insurance involved long forms, medical exams and back-and-forth with advisors. That's no longer the case.

Your Blue Cross Life application takes less than 20 minutes. In many cases, no medical exam is required, and if you do need one, Blue Cross Life advisors can help you book the appointment, so you don't have to figure it out yourself. It's designed to be simple, stress-free, and built for the way Gen Z lives now.

That means less stress, fewer barriers, and peace of mind from day one.

Myth 5: It's a waste of money

Some people assume life insurance is just another monthly bill. But plenty of Canadians who waited say they wish they'd purchased coverage earlier. Why? Because coverage doesn't just help down the road — it can reduce financial anxiety today.

The study found that 92% of Gen Z respondents with coverage said it supports their mental well-being. That's a benefit you can feel right away. Plus, 26% of Millennials and 32% of Gen X said they would tell their younger selves to prioritize life insurance before investing. That's proof the value goes beyond dollars.

Myth 6: Work or credit card coverage is enough

Workplace life insurance or credit card insurance can be helpful, but it usually isn't enough. Workplace coverage often only amounts to one or two years of salary, and it can disappear if you switch jobs.

In fact, 70% of Canadians are concerned about relying solely on workplace life insurance, and 43% worry about losing coverage if they get laid off or switch jobs.

Plus, over a third of Canadians (34%) admitted they're not confident workplace benefits alone would be enough to cover their family's needs.

Blue Cross Life puts you in control with personal coverage that stays with you, tailored to your needs, so you're not left with gaps when you need protection most. Having your own coverage gives you control and peace of mind, no matter where your career takes you.