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September 25, 2013
Almost half of fathers don’t know about their life insurance coverage

Almost half of Canadian fathers do not know how much life insurance they own or how much life insurance their families may need, according to an RBC Insurance poll.

An Ipsos Reid poll of 1,127 Canadian fathers conducted for RBC Insurance indicates that 70 per cent of men who own life insurance policies make the financial decisions for their families, yet 40 per cent of them have no idea of how much their life insurance policies are worth.

While most respondents considered the purchase of life insurance to be the responsible thing to do, the Ipsos Reid survey found that key life events, such as marriage or the birth of a child, tended to trigger the insurance buying or upgrading decision, rather than a traditional needs analysis where a family’s long-term coverage needs are compared against its liabilities.

“Dads view purchasing of life insurance as the responsible thing to do,” says RBC Insurance Life and Health Vice-President Cathy Preston.  “Our survey found that it’s the big life events, such as marriage and having children, that trigger their investment in life insurance.”

The RBC survey said that 40 per cent of men purchased or upgraded their insurance when they got married while 76 per cent enhanced their coverage after they became a father.  Approximately half of the men surveyed said they estimated the value of their policies at between $100,000 and $500,000, with most believing they should have approximately $380,000 of coverage to feel secure.  

The survey found that 30 per cent of fathers carried no life insurance.  Approximately half of that group,
44 per cent, felt that their investments or assets would be enough to protect their family in the event of their death.

“It’s clear from the findings that far too many Canadians don’t know how much their life insurance policy is worth or how much they need,” Ms. Preston says.

Not knowing your family’s total life insurance coverage requirements, or purchasing inadequate amounts of coverage, could result in financial hardship for a family should the unexpected happen to either parent.   

Coughlin & Associates Ltd.’s Individual Financial Services Department can conduct a complimentary analysis of your personal life insurance needs and develop a comprehensive insurance program based on your family’s total coverage requirements. For more information, contact Matt Picciano at 613-231-2266, Extension 334 (email: mpicciano@coughlin.ca) or Richard Séguin at 613-231-2266, extension 204 (email: rseguin@coughlin.ca)

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