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B.C. couples avoid life insurance talk because it's 'uncomfortable'
- TD Insurance poll finds 28% of British Columbians have never discussed life insurance with their partner -
VANCOUVER, June 13, 2011 /CNW/ - British Columbians are most likely in the country to admit they have never tried to talk to their partner about life insurance because it was an 'uncomfortable' subject they'd rather avoid (20% versus 6% nationally), according to the TD Insurance Look Who's Talking Poll.
In fact, 28% of B.C. residents who are in a relationship admit they've never discussed life insurance with their partner. Surprisingly, the survey found that one third of Canadians who have been in a relationship for five to nine years admit they've never broached the issue, along with almost one-in-five (17%) Canadians with children. Canadians under 35 were most likely to have never discussed it (41%).
For those B.C. lovebirds brave enough to broach the taboo topic, more often than not it was men who led the discussion (55% versus 45% of women).
"It doesn't matter who's driving the conversation, the important thing is to talk about it," says Dave Minor, Vice President, TD Insurance. "Considering how integral finances are to a family's well-being, it was surprising and concerning to find that some couples aren't talking about life insurance at all."
"Thinking about what you would do if something were to happen to you or your partner is hard, so it's no surprise that many couples find it difficult to raise the subject of life insurance. But if you're serious about your partner and starting to build a life together, it's time to get some of the tougher issues, like money, out in the open," says Minor.
Life events trigger life insurance
Overall, British Columbians were least likely in the country to have life insurance (61% versus 68% nationally), but the survey found life events, like getting married and having children, change their appetite towards risk. Those British Columbians with life insurance were most likely in the country to say they purchased it because they bought a house (23% versus 19% nationally), and one-in-five say they invested in life insurance when they had a baby (22%) or got married (20%).
"Not surprisingly, younger Canadians are least likely to have talked about life insurance since there's a common misconception that it's something you should start thinking about only after you have a family," says Minor. "In reality, life insurance should be an integral part of everyone's overall financial health. One of the advantages of thinking about it sooner is that it can be more affordable since premiums are based on life expectancy which naturally decreases over time. At the same time, life insurance is something you should especially consider and revisit whenever you hit one of life's milestones like being in a serious relationship, buying a home or starting a family."
Insurance is a hot topic for some B.C. couples
Thirty percent of B.C. residents who have discussed life insurance with their partner have argued about it - the hottest point of contention being whether it was necessary. When it comes to making the big decisions, the survey found that B.C. residents feel women are more likely to be emotional (94%) and overly-cautious (83%), and men are more likely to act self-centred (79%) and rash (74%).
"Talking about life insurance isn't always an easy conversation, but it's an important one that's easier to have if you're armed with the right information," says Minor. "Doing some research or using an online calculator to estimate how much coverage you may need is a great first step towards understanding your insurance. The cost of things like your mortgage, children's education and living expenses, among other things, all come into play.
"It's also very important to speak to your insurer so that they understand your needs and can recommend a policy that works for you and your family," adds Minor. "Everyone's situation is different so it's important to have a discussion with your family and your insurer so that you can feel confident that you have the right coverage in place."
About the TD Insurance Look Who's Talking Poll
TD Insurance commissioned Environics Research Group to conduct a custom online survey of 1,000 Canadian adults. Results were collected between March 5 - 13th 2011, including 129 B.C. residents.
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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