New research from Toronto-based TD Insurance finds that not everyone takes the time to ensure they are properly insured.

Advisors can be proactive by asking clients about their current policies, and helping them understand their policies.

According to the State of Insurance Report, an annual report commissioned by TD Insurance to understand Canadians’ habits, attitudes and knowledge about insurance, only 55% of survey respondents review their insurance policies at least once a year.

In addition, 52% of respondents wouldn’t ask their insurance provider to clarify details they don’t understand in their policy.

They wouldn’t clarify their policy because they think it is too complicated (31%), don’t have time (31%), are embarrassed by their lack of knowledge (23%) or are simply uninterested (19%).

Dave Minor, a vice president at TD Insurance, says it is important for consumers to understand what protection their insurance offers in case the unexpected occurs.

“If you come across terms or conditions you are unfamiliar with in your policy, there is no need to feel embarrassed or daunted to seek help,” he says.

“Speak with your insurance provider whose job it is to clarify any questions you have about your policy to ensure you thoroughly understand your coverage, rights and responsibilities as a policyholder.”

Thirty-seven percent of respondents admit they didn’t bother to review, or even skim, the fine print on their insurance policies. As a result, 23% have been upset to learn that they weren’t covered for something they thought was covered, and 15% have been pleasantly surprised to find they had more coverage than they thought.

Minor says it is important for Canadians to review their coverage after buying a new care, a home or completing renovations.

“Your insurance needs may change from one year to the next and your coverage could have changed, too. Call your insurance provider if you have any questions about adjustments or if your coverage no longer reflects your lifestyle,” he says.

“At the end of the day, insurance should give you peace of mind,” Minor says. “If you feel uncertain or have questions about the terms or conditions within your policy, ask your insurance provider for clarification before you sign on the dotted line.”

TD Insurance commissioned Environics Research Group to conduct an online custom survey of 2,583 Canadians aged 18 and older. Responses were collected from February 7 to 18.