Products in need of rethinking

Jimmy Lacoursière, a tax specialist at Desjardins Insurance, shares this view. “We need to innovate and offer solutions that are better tailored. For example, adjustable premiums whose amounts can be flexible to accommodate certain life events, such as maternity leave,” he says.

He also emphasizes the crucial role of financial education. “Advisors should focus on supporting female clients and clearly explaining the various needs that life insurance can cover, whether in terms of estate planning, ensuring business continuity, or as an investment,” he adds.

Life insurance premiums that are significantly lower for women than for men can also factor into the equation. This means women would pay 15 to 35% less because of their longer life expectancy and lower risk profile. That’s a compelling argument that can help convince them!

Not enough women in the industry

However, Lacoursière notes that in practice, the lower number of women among advisors can be detrimental, in that a man may be less sensitive to or aware of the challenges specific to a female clientele.

In 2025, the Chambre de l’assurance counted 5,416 female professionals in life and health insurance, compared to 9,968 male colleagues – nearly twice the number.

At UV Assurance, where women make up 78% of the staff and hold 61% of management positions, it is perhaps no coincidence that female mutual insurance policyholders far outnumber their male counterparts. The fact that this company specializes in simplified issue life insurance products is undoubtedly a factor as well, according to Guillaume Fauteux, Executive Vice President, Business Development and Marketing for Individual, Group, and Investment Insurance. “We focus on both affordability and simplicity, and it’s obvious that women are buying our products. The process is also less invasive, with no medical exam,” he says.

Like Jimmy Lacoursière, he is calling for a rethink of the system to offer protections more specifically geared toward women. “Ultimately, we aim to develop flexible products that take different stages of life into account, such as parental and maternity leave, or even caregiving,” he says.

Paradigm shift

For his part, economist, lecturer and consultant Francis Gosselin notes that the industry has every reason to adapt so as not to miss the boat, especially since we are currently witnessing a major movement toward catching up in terms of wealth. “We’re seeing a sharp rise in women’s net worth. More and more women are at the helm of companies, and because their life expectancy is longer than men’s, significant assets are ending up in their hands,” he says. According to a report by McKinsey,[1] by 2028 women are expected to control 45% of Canada’s financial wealth, compared to 37% a decade earlier, equivalent to C$4 trillion. This paradigm shift could well have a notable impact on life insurance ownership…