Almost half of Canadians are risking the family home

By Steve Randall

Almost half of Canadians say they are not confident in the family being able to meet mortgage payments if they were to pass away.

That’s because they don’t have life insurance coverage, despite 58% saying they worry about their family’s financial security if they weren’t around to provide for them.

A new RBC survey reveals that, even with concerns about current or future finances keeping 74% of respondents awake at night, relatively few are prepared to forego luxuries or conveniences to buy insurance.

"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," says Maria Winslow, Senior Director, Life & Health, RBC Insurance. "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.

 

More Mortgage Guide