TORONTO, June 22, 2021 / CNW / – Inspired by the challenges of the past year, Canadians are now having more conversations on difficult topics. According to a recent survey by RBC Insurance, Canadians are more likely to talk to their partner or family about topics that not everyone likes to talk about, including their children’s future (56 percent), worries about their finances / financial goals / debt (38 percent). ) and the family’s ability to do without them financially (28 percent).
“These conversations can be stressful, but it is important to be as open as possible about all aspects of your life with those who are close to you. This is an important first step in finding solutions or alleviating potential financial problems in the future, ”says Maria Winslow, Senior Director, Life & Living Benefits, RBC Insurance. “If we have learned anything in the last year, it is that life can bring unexpected events and risks. Therefore, it is important that Canadians also take steps to protect themselves and their families.”
Canadians can be made financially vulnerable
While the majority of Canadians express confidence in their family’s ability to manage financially should they die without life insurance coverage, there are still a significant proportion of Canadians who are not confident that their family could make it. More than a quarter (26 percent) of Canadians are not confident that their family could pay the mortgage / rent / housing costs if they die. Of all Canadians, respondents between the ages of 35 and 54 are the least confident that their family could pay for things like housing costs (32 percent), groceries, clothing, and other necessities (22 percent), or childcare costs (33 percent).
The survey also found that a majority of Canadians (63 percent) believe insurance coverage is a way to take control of an unforeseen situation. In addition, two thirds of the Canadians surveyed have life insurance, only one third (35 percent) remain without life insurance protection.
Wide range of insurance options not well understood
The survey also found that over a quarter (28 percent) of Canadians rated their insurance coverage in the past year, but many still don’t understand the different types of life insurance available to them in different circumstances. Survey responses show that Canadians have limited knowledge of key life insurance options – some types of coverage are better known than others – suggesting the importance of speaking with an insurance advisor to get the correct information to help determine whether and which insurance coverage might work best.
“While Canadians are more open to difficult discussions with their loved ones, we hope they will now have similar discussions with an insurance advisor,” added Winslow. “By educating yourself about all of your options, you can be sure that the choices you make will help ensure the financial security of your loved ones.”
The global pandemic has underscored the unpredictability of life and the need to be financially prepared for the future. Canadians can also take the following steps to help secure themselves and their loved ones financially:
- Continue the conversation with a qualified insurance advisor. It is important to find an insurance professional who fits your family, your situation and your goals. As with any other trusted advisor, look for someone who communicates well and provides detailed answers about your finances. They should take the time to get to know you and help you understand the different types of policies and insurance options so that you can decide what best fits your needs and show that they care about your interests.
- Review your financial goals. When it comes to reviewing your financial plans, sooner is better than later. Take a look at the current state of your finances and explore what you and your family may need as you approach different stages of life, whether it be buying a home or saving up for your child’s education.
- Create an emergency fund. While this is not possible for everyone, especially now as you are building your emergency fund, try to set aside 3-6 months of expenses. This gives you easy access to funds in the event of unexpected emergencies and helps to cover costs for you and your loved ones, at least in the short term.
To learn more, visit rbcinsurance.com/life-insurance.
Via the RBC Insurance Survey
These are the results of an Ipsos survey carried out on behalf of RBC Insurance. For this survey, a sample of 1,501 Canadians over the age of 25 was interviewed between March 26th and 28th, 2021. The accuracy of online surveys is measured using a confidence interval. In this case, the results are accurate to within ± 2.9 percentage points, 19 out of 20, which is what the results would be if all Canadian adults aged 25 and over had been surveyed. The credibility intervals are wider for subgroups of the population.
About the RBC insurance
RBC Insurance® offers a wide range of life, health, residential, auto, travel, wealth and reinsurance advice and solutions, as well as creditor and corporate insurance services for individual, business and group clients. RBC Insurance is the brand name for the insurance companies of the Royal Bank of Canada, one of North America leading diversified financial services company. With around 2,500 employees, RBC Insurance is one of the largest Canadian insurance companies serving more than four million customers worldwide. More information is available at www.rbcinsurance.com.
SOURCE RBC Insurance
For more information: Harleen Sandhu, RBC Corporate Communications, 437-770-5082, [email protected]