Around 70% of Canadians are not sure whether their life insurance policy will provide enough money to take care of loved ones in case of death, reveals a BMO study.

The research further points that 74% of Canadians have life insurance either through coverage they have bought themselves or through work, but they do not know how sufficient it would for their monetary needs.

In addition, the reported highlights that 88% of Canadians are not very familiar with the different types of life insurance options available to them.

BMO Insurance direct to consumer insurance head Rocco Casullo said: "Learning about the various kinds of life insurance and choosing which is best for you and your family can be a challenge.

"While there are many choices available, it’s critical that you take the time to learn what is out there and go through your options step by step.

"Canadians need to make sure that they are well protected with life insurance coverage that suits their specific needs."

According to the study, there are many factors that determine life insurance coverage, including age, family status, health, level of debt and income.

When asked about their thoughts on the ‘right time’ to buy life insurance, 63% of respondents stated that the best time to buy is as soon as one can afford it, to take advantage of low premium rates.

The study also examined the top reasons why Canadians get life insurance, 53% said that they do not want to burden their family financially after death, while 49% noted that they have a sense of responsibility to buy it and 16% said they were told by family and/or friends that they should have it.

The BMO Life Insurance Survey was conducted in July 2014, with an online sample of 1,005 adult Canadians.