Based on these findings, what should Canadians know about life insurance?
RBC Insurance offers these tips:
- Life insurance works by providing beneficiaries with a tax-free benefit after the policy holder's death. This money can help pay off loans and debts; maintain lifestyle and pay day-to-day expenses; pay for children's education and cover expenses like funeral costs, while protecting retirement or rainy day savings.
- While major life events, such as getting married and having children, motivate people to buy life insurance, Canadians need to re-evaluate their needs as their family grows and changes.
- Life insurance should be tailored to suit an individual's budget, lifestyle and needs at every stage of life — and offer the flexibility to make changes as needs evolve.
- Employer-provided plans can leave families unprotected because coverage amounts may be insufficient and may not continue if the individual leaves the job or becomes disabled.
About the RBC Insurance Poll The RBC Insurance Poll was conducted online via Ipsos Reid's national I-Say Consumer Panel to 1,127 Canadians parents. Weighting was then employed to balance demographics and ensure that the sample's composition reflects that of the adult population according to Census data and to provide results intended to approximate the sample universe. Data collection was March 27 to April 5, 2013. The accuracy of Ipsos online polls is measured using a credibility interval. In this case, the poll is accurate to within ±3.3 percentage points of the entire Canadian parent population.
About RBC Insurance RBC Insurance®, through its operating entities, provides a wide range of travel, life, health, home, auto, wealth and reinsurance products and solutions, as well as creditor and business insurance services, to individual and group clients. RBC Insurance has more than four million clients globally. We are one of the largest Canadian bank-owned group of insurance companies and among the fastest growing insurance organizations in the country. RBC Insurance employs more than 3,200 employees around the globe, and is the brand name for the insurance operating entities of Royal Bank of Canada.SOURCE RBC