RBC Insurance has completed a survey via its Life & Health division to determine how many Canadians have life insurance and protection for their mortgage.
- RBC says that almost 4 in 10 Canadians do not have life insurance.
- Almost half of Canadians say they are not confident in the family being able to meet mortgage payments if they were to pass away
- Concerns about current or future finances keep 74% of respondents awake at night
- Even with the added stress relatively few are prepared to forego luxuries or conveniences to buy insurance
Maria Winslow, Senior Director, Life & Health, RBC Insurance offered the following comments: “It only takes small lifestyle changes, such as making coffee or lunches at home, or even buying one less item to afford coverage that can help Canadians sleep at night. These are small sacrifices that could provide future financial security for family and loved ones should you pass away and save them from potentially facing long-term financial hardship once they can no longer depend on your income.”
RBC says that almost 4 in 10 Canadians do not have life insurance and while 54% are confident in the family meeting mortgage payments if the worst should happen, that rises to 71% among those with insurance.