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Some Albertans may be putting their insurance at risk by purposely omitting facts
- Part one of theTD Insurance 2011 State of Insurance Report also reveals eight-in-ten Albertans don't properly read their insurance policies -
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CALGARY, April 27 /CNW/ - Withheld facts and small white lies may be putting some Albertans' insurance policies at risk. According to a report released today by TD Insurance, one-in-ten Albertans (13%) admit they have purposely omitted certain facts or lied when filling out an insurance application.
"Our poll uncovered some really eye-opening information. Whether intentional or not, failing to disclose important information to your insurance provider can put your insurance coverage at risk," says TD Insurance Vice President and Chief Underwriter Henry Blumenthal. "It's great to see that so many Albertans recognize the value of investing in insurance but it's very important to be honest about your needs and personal circumstances so that your insurer can recommend the best policy for you. At the end of the day, insurance should give you peace of mind. If you feel uncertain or have questions, it's always best to check with your insurer."
In addition, the report found three-in-ten Albertans aren't sure what their insurance policies actually cover. In fact, nearly half (49%) of Albertans admit they only skim the fine print of their policies and 30% don't read the fine print and file their policy away in case they need it. It's no wonder than of those who have made an insurance claim, Albertans were most likely in the country to be surprised by the results of their claim. In addition, those who only file away their policy are more likely to say they're not sure of everything they're covered for (32%) and conversely, those who reviewed the details are more likely to say they know exactly what is included (19%).
"While it's unrealistic to know your policy line by line, the basics of your coverage shouldn't be a mystery," says Blumenthal. "Just like you wouldn't buy a car without knowing what features you paid for, it's important to understand what's covered by your insurance. It can save you from costly headaches in the event that something unexpected happens." TD Insurance goes through coverage options and policy details with customers when they purchase or modify their policy and this information is also outlined in the certificate of insurance that comes with the policy. "It's also worth taking a few minutes when you receive your policy to review it again to make sure that you understand everything. Knowing what your insurance covers not only gives you peace of mind, it can help you to better understand how to take care of your home and avoid problems altogether," adds Blumenthal.
Moreover, when it comes to learning the outcome of their claim, the report also found that Albertans who know what they are covered for (53%) are more likely to say they were not surprised by anything unexpected.
These results are from Part one of a two part series called the TD Insurance 2011 State of Insurance Report, which was commissioned to identify Canadians' understanding of, and attitudes towards insurance. Part two, which will delve into Canadians' habits and knowledge of specific insurance products will be released in the third quarter of 2011.
Do Albertans have enough insurance?
Seventy-one percent of Albertans claim they have the right amount of coverage. Ten percent say they don't have enough insurance, and another 14% aren't sure whether they have the right amount.
"It's always best to call your insurer if you have questions about your coverage," says Dave Minor, TD Insurance Vice President, Life and Health. "Insurance needs change over time and if you haven't looked at your coverage recently, it might be time to revisit your policy to make sure it reflects your needs. This is especially important after certain key milestones like buying a house or starting a family. Insurance shouldn't be something that you think about once and then tuck away in a drawer."
TD Insurance also has an online calculator to help customers learn about how much life insurance coverage they need. "It's a great first step towards gaining a better understanding of insurance and it only takes a few minutes," adds Minor. Only 29% of Albertans have used an online calculator to determine their insurance needs. Furthermore, Albertans who aren't sure if they have the right amount of coverage are more likely to say that they have not used an online insurance calculator (81%).
About the TD Insurance 2011 State of Insurance Report
TD Insurance commissioned Environics Research Group to conduct a custom online survey of 1,000 Canadian adults, including 131 from Alberta. Results were collected between March 5 - 13th, 2011.
About TD Insurance
TD Bank 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.
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