Gaps in access to voluntary insurance benefits in Canada

Employees Want More Coverage, Few Ask for It

Our recent research with Perigon Life, featured in Benefits and Pension Monitor, reveals that while Canadian employees strongly value workplace benefits, many face barriers in accessing voluntary insurance. The study found that 93% of employees believe benefits impact their job satisfaction and retention, yet only 2% would proactively request more options from employers. Cost remains the leading obstacle, with one-third of respondents feeling underinsured, even though a majority would be willing to spend between $15 and $50 monthly for additional coverage if made easily available at work. Mental health coverage, critical illness insurance, and wellness programs ranked among the most desired yet underprovided offerings, particularly for younger adults and women.

In response to these insights, Perigon Life has launched a new digital platform to offer portable, group-rate voluntary benefits through employers and associations. The system simplifies access to coverage such as life, critical illness, legal, and pet insurance, consolidating what would traditionally require multiple providers. Notably, employees can maintain their benefits even after changing jobs, with Perigon overseeing offboarding at no cost. Company founder Martin Shaw emphasized that Canada’s traditional insurance model excludes average earners and lacks long-term protection. Perigon’s approach, he says, ensures stability and accessibility through employer-led, digitally enabled enrolment with minimal paperwork.

It’s been a pleasure supporting Martin Shaw and team as they launch a platform that helps address the gap for many working Canadians who lack adequate support in planning for unforeseen financial challenges. Innovative products and solutions are now more accessible than ever before, and it’s exciting to see fintech playing a role in reshaping how people engage with their financial wellbeing.

Bernice Cheung

VP Financial Services

In response to these insights, Perigon Life has launched a new digital platform to offer portable, group-rate voluntary benefits through employers and associations. The system simplifies access to coverage such as life, critical illness, legal, and pet insurance, consolidating what would traditionally require multiple providers. Notably, employees can maintain their benefits even after changing jobs, with Perigon overseeing offboarding at no cost. Company founder Martin Shaw emphasized that Canada’s traditional insurance model excludes average earners and lacks long-term protection. Perigon’s approach, he says, ensures stability and accessibility through employer-led, digitally enabled enrolment with minimal paperwork.

Benefits and Pension Monitor