- TD Insurance Poll reveals one-third of Canadians don't have life insurance -

TORONTO, Nov. 24 /CNW/ - A new poll shows that Canadians are conservative, and it has nothing to do with politics.  According to the TD Insurance Risky Business Poll, the majority of Canadians say they're cautious and risk-avoiders (55%), with only 8% saying they are risk-takers. No surprise, given the reputation of Canadians as careful and reserved. However, many are actually leaving themselves and their families open to unnecessary financial risk and worry: 3-in-10 Canadians don't have life insurance and 6-in-10 don't have critical illness insurance.

"Canadians may say they're risk averse, but when it comes to insurance many are making choices that would be outside of their comfort zone," says Dave Minor, Vice President, TD Insurance. "Whatever your tolerance for risk, it just doesn't make sense to roll the dice when it comes to protecting your family and lifestyle. The right insurance can give you the peace of mind that comes from being protected against the unexpected."

Of the 31% of Canadians who do not have life insurance, 40% say they don't think it's necessary, 23% admit they probably should have it and another 23% feel they can't afford it. Additionally, one-third of Canadians worry they aren't adequately protected by their insurance policies.

"There are enough things in life to worry about, your insurance coverage shouldn't be one of them," says Minor. "With insurance, something is always better than nothing.  Whether you need a policy to cover basic expenses or something more sophisticated, it's worth contacting your insurer to find out how to make investing in insurance work for you, rather than leaving yourself open to risk and worry."

Who's taking the most risks?
Younger Canadians are the most likely to be taking risks and the least likely to have life insurance.  Fifteen per cent of Canadians 18-29 consider themselves risk-takers.  However, only 59% of Canadians in this age group have life insurance, compared to 77% of Canadians 30 -39, 78% of those 40 - 49 and 75% of those 50 - 59.

"It's only natural to lose some of our adventurous spirit as we age and have more responsibilities like kids and a home," says Minor. "Canadians are clearly less willing to take a gamble when they have more to lose and while most claim to be cautious, many are still leaving themselves open to risk by not updating their insurance as they adjust their lifestyles over time."

Who's riskier, men or women?
Canadians agree men are riskier than women when it comes to a number of activities. Eighty-one per cent think men are riskier when it comes to outdoor activities, 72% say men are riskier drivers, 56% think men are riskier eaters and 51% also say men are riskier when it comes to travelling. Only in terms of taking care of their health are men and women perceived to be relatively close in risky behavior, with 48% saying men are riskier and 44% citing women as riskier.

Life's milestones
When asked what life events have changed their appetite towards risk, the top answer from Canadians was having children (48%), followed by buying a house (23%) and getting married (18%).

"Life is always changing and your insurance needs change with it," adds Minor. "Whether you're hitting one of life's milestones or not, it's important to re-evaluate your insurance from time to time to make sure that it still suits your needs."

The Life Insurance Calculator at www.tdinsurance.com can help you determine how much coverage you need or you can speak to an expert by calling 1.877.397.4187.

About the TD Insurance Risky Business Poll
Results for the TD Insurance Risky Business Poll were collected through an Environics Research Group telephone omnibus, conducted October 27 - November 11, 2010.  A total of 1,500 completed surveys were collected with Canadian adults.

About TD Insurance
TD Bank Financial Group's insurance companies and operations carry on business under the TD Insurance brand. TD Insurance offers a wide range of products to help protect clients from the 'accidents of life' including credit protection, life, health, travel, home and auto insurance. With more than three million clients, TD Insurance authorized products and services are available through a network of more than 1,000 TD Canada Trust branches, the Internet and telephone. The TD Insurance brands include TD Insurance Credit Protection and TD Insurance Life and Health, which are the number one provider of critical illness insurance and direct life and health premium origination in Canada. And through its TD Insurance Meloche Monnex and TD Insurance Home and Auto brands, TD Insurance is the largest direct-response insurance group in the country. For more information, visit www.tdinsurance.com.