Canadian couples avoiding insurance talk

When it comes to communication skills, women are often considered innately advantaged. Except when the subject of discussion is life insurance.

According to a TD Insurance poll, it’s men who are driving the conversation about insurance on the rare occasions that it is broached.

Aptly titled Look Who’s Talking, the poll revealed discussing life insurance is still considered a taboo for Canadian couples. Thirty-one per cent of Canadian couples have never discussed life insurance with their partners, many of whom have children; among those who did, men led the conversation 57% of the time, as opposed to 43% women.

“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.”

Canadians under 35 were the least likely to have had the discussion around insurance, the survey noted.

“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.”

Of those who have been tight-lipped about insurance, 59% said they never thought about it while 35% attributed it to the lack of seriousness in their relationship.

“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 Minor.

The survey found life events, like getting married or starting a family, change Canadians’ appetite towards risk. One-in-five Canadians who have life insurance say they purchased it because they had a baby (19%), got married (19%) or bought a house (19%).

According to the findings of the pan-Canadian study, Albertans are least likely to have discussed life insurance with their better halves (38%). Not far behind are the Atlantic Canadians (34%), followed by British Columbians and Ontarians, tied at 28% apiece.