CAFII News

New national Pollara research commissioned by CAFII finds Canadians are getting paid at the highest rate on record, with satisfaction and perceived value both up significantly

FOR IMMEDIATE RELEASE

TORONTO, ON [September 23, 2026] — Canadians who hold Credit Protection Insurance (CPI) on their mortgage or Home Equity Line of Credit (HELOC) are seeing their claims paid at the highest rate on record, according to new national research from Pollara Strategic Insights commissioned by the Canadian Association of Financial Institutions in Insurance (CAFII). Among Canadians surveyed in 2026 who have made a CPI claim, nine in ten processed claims were paid, including 95% of life insurance claims specifically, and confidence, perceived value and complaint satisfaction have all climbed.

The 2026 study surveyed 1,482 Canadians nationally April 13-30, 2026, including 1,007 current CPI holders and 484 Canadians who have ever made a CPI claim, regardless of when that claim occurred.

“A 95% payout rate on life coverage claims tied to a mortgage or HELOC is an excellent result, and it’s one of several data points in this study showing that Credit Protection Insurance is delivering for Canadian families at a difficult time,” said Keith Martin, Executive Director, CAFII. “We’re also seeing more Canadians agree the product is good value, more doing their own research before they buy, and more confidence in coverage overall. These gains reflect real work by the industry to close the gaps consumers and regulators identified.”

Claims from the 2026 survey are being paid more often, and paid faster

• 90% of processed CPI claims were paid, up from 83% in 2022 and 78% in 2018
• 95% of processed life coverage claims, the most commonly held form of CPI, were paid
• 90% of claimants were satisfied with their overall claims experience, up from 79% in 2022
• 89% rated their insurer’s explanation of the claim outcome as good, up from 79% in 2022
• Claim incidence itself is also up: more than one-third of CPI holders have now made a claim, an increase since 2022

Complaint satisfaction rebounds to 2018 levels

Among the claimants who did file a complaint during the claims process, 85% said they were satisfied with how it was handled, matching the 85% recorded in CAFII’s 2018 study and a sharp rebound from just 62% in 2022.

“In 2022, this research showed a real decline in how satisfied people were with complaint handling, and we didn’t sit on that result,” said Martin. “We shared those findings with regulators, and we said publicly that closing that gap was a priority for the industry. Seeing satisfaction back to 2018 levels this year tells us that commitment translated into real improvement for consumers.”

Perceived value for money up significantly

Overall impressions of CPI have improved across the board since 2022, with the industry’s own analysis of the data describing the gains in value perception as significant:

• 78% of holders agree CPI provides good value for the money, up from 66% in both 2022 and 2018
• 91% agree CPI is a convenient way to protect themselves and their family (up from 87%)
• 91% agree CPI effectively protects them and their family (up from 84%)
• 76% agree CPI is an affordable insurance option (up from 69%)

More Canadians are doing their own research before they buy

Seventy-four per cent of CPI holders said they did additional research beyond speaking with their financial institution representative before purchasing, comparing options with a co-borrower, family or friends, researching online, or speaking with another institution, up from 56% in 2022 and 54% in 2018.

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For further information and media requests:

Contact: Wendy Bairos, Media Consultant
Email: wendy.bairos@cafii.com
Phone: 416-831-9820

About the Study

The 2026 CPI study was conducted by Pollara Strategic Insights on behalf of CAFII via an online survey of 1,482 Canadians aged 18 and over, fielded between April 13 and 30, 2026. The sample included 1,007 respondents who currently hold Credit Protection Insurance on a mortgage or HELOC, 475 who have a mortgage or HELOC but do not hold CPI, and 484 who have made a CPI claim. Results are compared against prior CAFII-commissioned research: CPI Wave 1 (2018), a study of purchase behaviour changes due to COVID-19 (2021), and CPI Wave 2 (2022).

Link to the CPI Study: https://www.cafii.com/pollaras-2026-credit-protection-insurance-research-report/

About CAFII 

The Canadian Association of Financial Institutions in Insurance is a not-for-profit industry association dedicated to the development of an open and flexible insurance marketplace. CAFII believes that consumers are best served when they have meaningful choice in the purchase of insurance products and services. CAFII’s 14 members include the insurance arms of Canada’s major financial institutions — BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, and TD Insurance — along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company), and Securian Canada.

Julie Gaudry, Vice President, Creditor & Travel at RBC Insurance appointed as the new Chair of the Board of Directors as Valerie Gillis steps down.  

(Toronto, Ontario, June 22, 2026) – The Canadian Association of Financial Institutions Insurance (CAFII) is pleased to announce the appointment of Julie Gaudry, Vice President, Creditor & Travel at RBC Insurance, as the incoming Chair of its Board of Directors. Ms. Gaudry succeeds Valerie Gillis, SVP, Head of Life, Health and Credit Protection at TD Insurance, who has completed her term as Board Chair as of June 2024. Ms Gaudry assumes the role at a pivotal time for the industry, bringing a distinctive combination of insurance leadership, client strategy and health sector expertise to the position. 

“Insurance products, such as credit protection insurance, play a real and meaningful role in the financial security of Canadians, and I am deeply committed to ensuring CAFII continues to advance that cause,” says Julie Gaudry, Vice President, Creditor & Travel at RBC Insurance. “I am grateful to Valerie for her leadership and look forward to working alongside our members including her to shape a marketplace that delivers real value to consumers.” 

In her new role, Ms. Gaudry will work closely with CAFII’s member institutions to advance the association’s advocacy priorities, deepen engagement with federal and provincial regulators, and ensure that the association remains a credible and effective voice for innovation in financial services insurance. Her appointment reflects CAFII’s commitment to leadership that is both strategically focused and grounded in deep industry experience. 

“Over the last two years we have strengthened CAFII’s position and impact in building a more accessible, consumer focused insurance marketplace. It has been a privilege to serve as CAFII’s board chair,” says Valerie Gillis, SVP, Head of Life, Health, and Credit Protection at TD Insurance. “Julie is a thoughtful and accomplished leader who understands both the complexity of this industry and the responsibility we have to the Canadians we serve. CAFII is in excellent hands.” 

CAFII represents a broad coalition of financial institutions committed to making insurance accessible, transparent, and relevant to Canadian consumers. Since 1997, the association has worked to foster a competitive and open insurance marketplace, distributed through a wide range of channels including contact centres, agents, brokers, direct mail, and digital platforms. The association also works closely with government regulators at both federal and provincial levels to help shape a legislative and regulatory framework that ensures Canadian consumers have access to insurance products that suit their needs. CAFII remains dedicated to maintaining high standards in the distribution and marketing of all insurance products and services. 

As Vice President, Creditor & Travel at RBC Insurance, Ms. Gaudry leads a team of insurance professionals responsible for product development and management, and the strategic direction of the Creditor & Travel insurance businesses. She works closely with Personal and Commercial Banking to ensure insurance solutions are seamlessly integrated within the client journey, helping to address insurance coverage gaps for Canadians. A trained healthcare  professional, Ms. Gaudry joined RBC in 2006 and has held progressively senior roles across Human Resources, Group Benefits, and Insurance leadership. She began her career as a Doctor of Chiropractic and holds a Bachelor of Kinesiology from McMaster University and a Doctor of Chiropractic from the Canadian Memorial Chiropractic College. 

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About CAFII: The Canadian Association of Financial Institutions in Insurance is a not-for-profit industry association dedicated to the development of an open and flexible insurance marketplace. CAFII believes that consumers are best served when they have meaningful choice in the purchase of insurance products and services. CAFII’s 15 members include the insurance arms of Canada’s major financial institutions–BMO Insurance, CIBC Insurance, Desjardins Insurance, National Bank Insurance, RBC Insurance, Scotia Insurance, Canadian Western Bank and TD Insurance, along with major industry players Assurant Canada, The Canada Life Assurance Company, Canadian Tire Bank, Chubb Life Insurance Company of Canada, CUMIS Services Incorporated, Manulife (The Manufacturers Life Insurance Company), and Securian Canada. 

For further information and media requests: 

Contact: Wendy Bairos, Media Consultant 
Email: wendy.bairos@cafii.com 
Phone: 416-831-9820 

_{By CAFII, Kingsville Times}

Half of Canadian mortgage holders could only maintain their lifestyle for less than six months without their primary income, according to groundbreaking research from Pollara, commissioned by The Canadian Association of Financial Institutions in Insurance (CAFII).

The comprehensive Credit Protection Insurance (CPI) Segmentation Study surveyed more than 3,000 Canadians and reveals widespread financial stress alongside troubling gaps in protection confidence, even among those who already have insurance coverage.

The research, the first in Canada to map behavioural segments among current and potential CPI customers, found that 44% of mortgage holders report the current economic situation is negatively impacting their personal finances, while 57% have concerns about job loss in the next 12 months.

Perhaps most concerning: 50% say they would have serious problems paying bills if their main earner were unable to work.

Despite widespread insurance ownership, Canadians lack confidence in their existing safety nets. The study found that 35% don’t know how long their life insurance policy would last if needed, while only 38% feel confident they could pay their mortgage if the main earner lost income.

Even among those who believe they have sufficient life insurance (73%), experts note this confidence appears emotional rather than informed.

“This study shows a troubling contradiction: Canadians know they’re vulnerable, yet many remain underinsured or uncertain about the protection they do have. Only 38% feel confident they could cover their mortgage if the main earner lost income, and more than a third don’t even know how long their life insurance would last,” said Keith Martin, Executive Director, CAFII.

“With average household debt levels so high, these blind spots leave families exposed at the worst possible time. The challenge for our industry is not just providing insurance, but making sure Canadians understand and trust the protection available to them.”

The research identified five distinct consumer segments, with two groups standing out as having the greatest need for protection and support:

• The Confident Planner (26% of mortgage/Home Equity Line of Credit holders): Despite strong financial positions, this segment values CPI for asset protection, with 45% likely to purchase or renew coverage.
• The Anxious Realist (25% of mortgage/Home Equity Line of Credit holders): Struggling with affordability but standing to benefit most from protection, with 27% likely to purchase or renew despite financial constraints.

Together, these two segments represent 46% of the mortgage holders and point to clear gaps in confidence and coverage that leave many families financially vulnerable.

The study reveals that even among current CPI holders, concerns persist: only 30% agree the product provides good value for money, and just 29% find it affordable or trust it more than other insurance types. Among non-holders, 41% cite expense-related reasons for not having CPI, while 40% indicate lack of perceived need.

Communication gaps also make it harder for consumers to make informed decisions. Only 39% of non-holders recall being informed about CPI options, while 24-32% of non-holders don’t know enough to rate basic product attributes.

Although some mortgage and Home Equity Line of Credit holders have CPI (29% and 22% respectively), important gaps remain especially in job loss protection. Only 66% of mortgage-related CPI includes job loss coverage, compared to 94% for life coverage. The gap is particularly pronounced among those over 40, with only 48-54% having job loss protection compared to 79-95% of those under 40.

Most Canadians learn about Credit Protection Insurance from banks and credit unions (67%), and more than half of purchases (53%) take place there. However, the research found that 48% of non-holders were advised against CPI by financial professionals, highlighting that consumers may be receiving mixed messages and need better support in making informed choices.

Canadians are most likely to explore protection options when their finances feel stretched. Nearly half (44%) of respondents said they would consider CPI if bills became hard to manage, while others pointed to economic uncertainty, rising cost of living and major life events as moments when insurance feels most relevant.

“This research provides the CPI industry with a roadmap for better meeting the needs of financially vulnerable Canadians,” continued Martin. “The opportunity exists to close protection gaps, improve communication, and demonstrate value, particularly during life transitions and economic stress when families need protection most.”

https://kingsvilletimes.ca/2025/11/national-study-finds-mortgage-holders-face-rising-financial-vulnerability/

_{By Kate McCaffery, Insurance Portal}

New research conducted by Pollara and commissioned by the Canadian Association of Financial Institutions in Insurance (CAFII) makes a number of findings – about Canadians’ concerns about job loss, their insurance coverage and where they get their information – and notes that financial professionals are often advising Canadians against the use of credit protection insurance (CPI).

The July 2025 survey of more than 3,000 mortgage and home equity line of credit (HELOC) holders found that half could maintain their lifestyle for less than six months without their primary income. The Credit Protection Insurance (CPI) Segmentation Study “reveals widespread financial stress alongside troubling gaps in protection confidence, even among those who already have insurance coverage,” they write.

Notably, 57 per cent said they have concerns about job loss in the next 12 months. They say concern is highest among

younger adults, households with children under 18, immigrants coming to Canada within the last nine years and those in Quebec.

The research looks at the average mortgage held (over $200,000) and when mortgage holders expect to have this debt paid off.

Confidence may be more emotional than informed 
Regarding insurance uptake, they say few considered insurance to be unimportant, but only half said it was very important. “A majority had life insurance, often provided by employer benefits. While more feel they have enough insurance, this confidence may be more emotional than informed, as many can not say how long it would last,” they write.

The report also looks at personal financial concerns, how often survey respondents made payments into savings, debt, investments and time horizons and financial literacy. It additionally looks at advisor usage and at clients’ sources of information.

“Knowledge is highest when it comes to managing money and debt, but lower when it comes to planning, investing or insurance. That said, less than half feel very knowledgeable on any topic,” the report states.

30% held creditor protection insurance for mortgage 
About three in ten held CPI for their mortgage while roughly one in five held it for their HELOC. “Research found that 48 per cent of non-holders were advised against CPI by financial professionals, highlighting that consumers may be receiving mixed messages and need better support in making informed choices.” 

They also say the majority of survey respondents had life insurance but coverage varied by source: 47 per cent had it through employer benefits while 41 per cent said they had a personal policy. “Among those insured, term (24 per cent) and whole life (23 per cent) are most common, while one in four (25 per cent) are unsure what type of policy they hold,” they note.

https://insurance-portal.ca/article/consumers-may-be-receiving-mixed-messages-about-credit-protection-insurance

_{By Liezel Once, CMP}

Half of mortgage holders could not maintain their lifestyle for six months without their main income

A new national study has revealed that Canadian mortgage holders are facing growing financial vulnerability, with many lacking confidence in their insurance coverage despite widespread ownership.

The Pollara Credit Protection Insurance (CPI) Segmentation Study, commissioned by the Canadian Association of Financial Institutions in Insurance (CAFII), surveyed more than 3,000 Canadians in July and found that half of mortgage holders could only maintain their lifestyle for less than six months if their primary income disappeared.

The research, the first in Canada to map behavioural segments among current and potential CPI customers, painted a stark picture of household resilience.

Forty-four percent of mortgage holders reported that the current economic climate had negatively affected their personal finances, while 57% expressed concerns about job loss in the coming year.

“This study shows a troubling contradiction: Canadians know they’re vulnerable, yet many remain underinsured or uncertain about the protection they do have,” Keith Martin, executive director of CAFII, said.

“Only 38% feel confident they could cover their mortgage if the main earner lost income, and more than a third don’t even know how long their life insurance would last.”

Confidence crisis and coverage confusion
Despite 73% of respondents believing they have sufficient life insurance, only 38% felt confident they could pay their mortgage if the main earner lost income.

The study flagged that 35% of Canadians did not know how long their life insurance would last if needed—a gap that experts described as “emotional rather than informed” confidence.

Opportunity segments and persistent barriers
The study identified five consumer segments, with two groups—Confident Planners and Anxious Realists—standing out for their need for better protection.

While 45% of Confident Planners were likely to purchase or renew coverage, only 27% of Anxious Realists, who struggle with affordability, said the same.

Affordability and trust remain major barriers: just 30% of current CPI holders agreed the product provided good value, and only 29% found it affordable or trusted it more than other insurance types.

Among non-holders, 41% cited cost as a reason for not having CPI, and 40% pointed to a lack of perceived need.

Job loss protection and industry response
Coverage gaps were especially pronounced in job loss protection. Only 66% of mortgage-related CPI included job loss coverage, compared to 94% for life coverage.

The gap widened among those over 40, with only 48–54% having job loss protection, compared to 79–95% of those under 40.

Most Canadians learned about CPI from banks and credit unions, but the study found that nearly half of non-holders were advised against CPI by financial professionals, highlighting the need for clearer communication.

Martin said, “The opportunity exists to close protection gaps, improve communication, and demonstrate value, particularly during life transitions and economic stress when families need protection most.”

https://www.mpamag.com/ca/mortgage-industry/industry-trends/canadian-mortgage-holders-face-rising-financial-stress/557036

_{By Steve Randall, Wealth Professional}

New study shows nearly half of mortgage-holders could last less than six months without income

Many Canadians are risking their most valuable asset by being underinsured, leaving them vulnerable if they were to lose their income.

A newly released survey reveals a worrying financial picture for many homeowners with mortgages or HELOCs who, even with insurance coverage, remain financially exposed. Half of these households believe they could not maintain their lifestyle for more than six months if their main income source disappeared.

The study, commissioned by the Canadian Association of Financial Institutions in Insurance (CAFII) and conducted by Pollara, also found that 44% of respondents say the current economic climate is hurting their finances, while 57% worry about job loss in the coming year.

Although insurance is widespread, many homeowners are unsure of how well they’re actually protected. Only 38% feel confident they could keep paying their mortgage if the primary earner lost income, and just 35% know how long their life-insurance coverage would last.

“With average household debt levels so high, these blind spots leave families exposed at the worst possible time,” says CAFII’s executive director Keith Martin. “The challenge for our industry is not just providing insurance, but making sure Canadians understand and trust the protection available to them.”

The study grouped borrowers into five categories, with two standing out: the “Confident Planner,” representing 26% of respondents and showing strong financial footing and a higher likelihood of purchasing coverage, and the “Anxious Realist,” at 25%, feeling pressured financially but still seeing the need for protection. Together they account for almost half the participants and reflect substantial gaps in preparedness.

Although 29% of mortgage holders and 22% of HELOC borrowers have credit-protection or similar insurance, many question whether it is worthwhile. Only 30% of those with coverage believe the product offers good value, and fewer than one third consider it affordable or more trustworthy than other insurance. Among those without coverage, 41% cite cost as a barrier, while 40% say they don’t see its relevance.

Consumer awareness is also limited. Just 39% of mortgage or HELOC holders without CPI recall being informed about it, and about a quarter to a third say they received too little information to even judge key product features.

https://www.wealthprofessional.ca/investments/alternative-investments/hidden-financial-crisis-insured-canadian-homeowners-found-alarmingly-vulnerable/390865