Canadians admit that they are not actively planning to financially protect their families after they’re gone. Research from RBC Insurance reveals that the majority (82%) of Canadians feel it is important to ensure their family receives money quickly to avoid paying out-of-pocket for a funeral or other end-of-life expenses. As many as 76% want to ensure their estate is taxed as little as possible to leave their family a larger inheritance. Some 70% want to pass money to their family.
However, just 15% of Canadians have a plan for how their money and belongings will be transferred to loved ones after they’re gone. This only increases to 24% for current retirees. Meanwhile, less than four in ten (38%) retirees have set aside money or have life insurance to pay for final expenses. Retirees are also the least likely to be knowledgeable about various types of insurance policies, overlooking the potential that could help achieve their goals.
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“We often hear people say, ‘I had no idea how hard it would be’,” says Selene Soo, director, Product Management at RBC Insurance, referring to the process of managing a loved one’s assets after they have died. “This is followed quickly by: ‘If I had known, I would have helped to prepare their finances differently.’ It’s hard to hear because we know there are ways to make it easier.”
RBC is urging consumers to engage and work with professionals early to develop strategies based on their goals and unique situation to alleviate stress for their family later.
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