- TD Insurance poll finds 28% of Ontarians have never discussed life
insurance with their partner -
TORONTO, June 13, 2011 /CNW/ - It may be tough to get most men to open
up and talk about their feelings, but when it comes to discussing their
family's financial security a new study reveals the 'Y chromosomes' are
leading the discussion. According to the TD Insurance Look Who's
Talking Poll, Ontarian men are more likely than women to brave the
taboo topic of life insurance in a relationship (60% versus 40%).
The report found 28% of Ontarians have never discussed life insurance
with their partner. Surprisingly, 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%).
"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."
When asked why, the majority of tight-lipped Ontario couples say the
topic hasn't been raised, because they never thought about it (68%) or
didn't think their relationship was serious enough (28%).
"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
Life events trigger life insurance
The survey found life events, like getting married or starting a family,
change Ontarians' appetite towards risk. One-in-five Ontarians who have
life insurance say they purchased it because they got married (24%),
bought a house (20%), or had a baby (18%).
"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 when 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 Ontario couples
More than one quarter of Ontarians who have discussed life insurance
with their partner have argued about it (28%) - the hottest points of
contention being whether it was necessary and the cost. When it comes
to making the big decisions, the survey found that Ontarians feel women
are more likely to be emotional (92%) and overly-cautious (78%), and
men are more likely to act self-centred (75%) and rash (68%).
"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 250 Ontario 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.
SOURCE TD Insurance
For further information:
Liz Christiansen / Falan Hamilton
Paradigm Public Relations
firstname.lastname@example.org / email@example.com
TD Bank Group