This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Many Dads Don't Know How Much Life Insurance They Own: RBC Insurance Poll

Seventy per cent of Canadian fathers have a life insurance policy, yet two-in-five don't know how much it's worth

TORONTO, June 4, 2013 /CNW/ - Most Canadian fathers have a plan in place if something were to happen to them, according to a recent RBC Insurance survey. With 70 per cent holding life insurance, dads are making financial decisions with family in mind, yet almost 40 per cent of them don't know how much the policy is worth or how much their families will need.

"Dads view purchasing life insurance as the responsible thing to do. Their top reasons for purchasing a policy include income for their partner and children; paying off the mortgage; and financing their children's education," said Cathy Preston, vice-president, Life and Health, RBC Insurance. "And it's no surprise that our survey found that it's the big life events, such as marriage and having children that trigger their investment in life insurance."

Almost 40 per cent of men purchased or upgraded their policy when they got married and 76 per cent did so when they became a father. While half of fathers estimate they hold policies worth between $100,000 and $500,000, many dads believe they need, on average, another $380,000 of coverage to feel secure.

"Life insurance is one of the simplest and most affordable ways to protect the financial future of families. It's clear from the findings that far too many Canadians don't know how much their life insurance policy is worth, nor how much they need," said Preston. "Today's families are busy, so convenience and simplicity are important when purchasing a policy. You also want to ensure that you are getting the best value for money."

As for the 30 per cent of fathers without a policy, almost half (44 per cent) say they have enough investments and other financial resources, or that their household income will ensure the family is protected.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,976.31 +263.65 1.49%
S&P 500 2,086.24 +25.22 1.22%
NASDAQ 4,947.4410 +56.2220 1.15%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs