Majority of B.C. parents invest in life insurance, but some admit they don't have enough

Majority of B.C. parents invest in life insurance, but some admit they don't 
have enough 
-- TD Insurance poll reveals more than half of B.C. parents with life 
insurance don't think they have enough coverage to support their children up 
until their 18(th) birthday -- 
VANCOUVER, Nov. 26, 2012 /CNW/ - All parents worry if their kids will lead a 
happy and healthy life. According to research from TD Insurance, parents in 
British Columbia are most likely to worry about their children's financial 
security (82%), followed by their health (75%) and education (79%). 
"As a dad, I know that worrying comes with the territory. You're constantly 
thinking about how you can protect your kids and make sure that they're living 
the best lives possible," says Dave Minor, Vice President, TD Insurance. "One 
way to help minimize the 'what if' and ensure that your children will be 
financially protected if the unexpected happens, is by making sure you have 
enough life insurance." 
Nearly nine-in-10 British Columbia parents (89%) agree that knowing they have 
the right amount of life insurance would give them peace of mind that their 
children would be financially secure in the event that something happened to 
them or their partner. In fact, Canadian parents who understand what 
protection their life insurance offers are less likely to be quite worried or 
extremely worried about their children's financial security in comparison to 
those who don't understand their coverage (34% versus 42%). 
Most parents have life insurance, but more than half don't think they have an 
adequate amount 
TD Insurance found 88% of B.C. parents surveyed have life insurance. However, 
more than half (54%) don't think their policy will leave enough money to 
financially support their children up until their 18(th) birthday. 
"New shoes, hockey equipment, braces and class trips - raising a child to the 
age of 18 costs close to a quarter-million dollars(i)," says Minor. "No parent 
wants to think about the worst-case scenario, but it's important to think 
about what it will take to maintain your family's lifestyle." 
Minor recommends parents consider the following expenses as they crunch the 
numbers to calculate how much coverage they need: 


    --  Your current debts: By purchasing enough life insurance to
        cover your mortgage and other personal debts, you can ensure
        your important assets, like your home, are retained by your
        family.
    --  Final expenses and taxes: Consider funeral expenses plus any
        tax you may owe following your death, such as capital gains tax
        or inheritance tax. Your insurance should cover these expenses
        without having to sell any important assets like your home.
    --  Child care and education costs: A four-year post-secondary
        degree away from home can cost up to $84,000(ii), so it's
        important you consider this cost. If you have young children
        and are the stay-at-home spouse in your relationship, you'll
        have to consider additional childcare expenses, too.
    --  Ongoing income for your family: Determine how much you wish to
        provide for your family in your absence to help them maintain
        their current lifestyle. Even smaller costs, such as sports
        activities can really add up.

For parents who do not own life insurance, British Columbia parents are among 
those most likely to say it's because they can't afford it (56% versus 47% 
nationally) and 13% don't think it's necessary.

"Life insurance doesn't have to cost a fortune. One of the advantages of 
purchasing life insurance early in life is that it is more affordable since 
premiums are based on life expectancy, which naturally decreases over time," 
says Minor. "For example, a healthy (non-smoker) 35 year-old female could 
typically obtain term life coverage worth $100,000 for as little as $11 per 
month.(iii)"

Visit the new online tool from TD Insurance to help you understand how much 
coverage you need, the different types of life insurance available to you and 
estimate your costs at: http://www.tdlifeguide.ca.

About the TD Insurance Poll

TD Insurance commissioned Environics Research Group (www.environics.ca) to 
conduct an online custom survey of 1,018 Canadian parents with children of any 
age living at home, including 130 respondents in British Columbia. Responses 
were collected from October 4 to October 11, 2012.

________________________________
(i) MoneySense, 
http://www.moneysense.ca/2011/08/10/the-real-cost-of-raising-kids/
(ii) TD Economics, 
www.td.com/document/PDF/economics/special/sf0911_education.pdf
(iii) TD Insurance, 
http://www.tdlifeguide.ca/content/pdf/FINAL%20_%2011-2750%20-%20TD%20Insurance%
20-%20Life%20Insurance%20Guide%20-%20REV%206.pdf

Liz Christiansen / Caitie Wallman Paradigm Public Relations 416-203-2223 
lchristiansen@paradigmpr.ca /cwallman@paradigmpr.ca  Samson Yuen TD 
416-308-8905 samson.yuen@td.com  

SOURCE: TD Insurance

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CO: TD Bank Group
ST: Ontario
NI: INS FIN 

-0- Nov/26/2012 13:30 GMT