Although a healthy majority of of Canadians have life insurance, 61% of those who have coverage review it less than once a year, according to a recent RBC Insurance/Ipsos-Reid survey.
“Canadians should review their insurance coverage on a regular basis, particularly around major life events, such as a marriage, the purchase of a home or the addition of children. Making sure you have enough insurance can make a big difference if you ever need to use it,” said Neil Skelding, president and CEO, RBC Life Insurance Co. in release.
The survey also found that many Canadians have concerns when it comes to choosing the right life insurance coverage.
When asked what they consider to be the most difficult part about buying life insurance, Canadians with coverage offered a variety of responses, including;
- choosing the right coverage and policy terms, 34%); deciding on the amount of coverage, 11%; and
- understanding the policy, 7%.
According to the survey, just under half (48%) of Canadians say they purchased life insurance on their own. One quarter (25%) say they have coverage both at work and on their own, and 24% say they only have coverage through work.
Regionally, Quebecers most likely to have life insurance coverage Regionally, the survey found that Quebec residents are most likely to have life insurance coverage (78%), while residents of British Columbia and Alberta are least likely (62%).
These are the findings of an RBC Insurance/Ipsos-Reid poll conducted between August 10 and August 12, 2004. The poll is based on a randomly selected sample of 2,000 adult Canadians. With a sample of this size, the results are considered accurate to within plus or minus 2.2 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled.