Insurance for dads - MoneySense

Insurance for dads

Roughly 30% of Canadian fathers don’t have life insurance and the rest barely understand their coverage. This and more in the daily roundup.

  • Some 70% of Canadian fathers have life insurance though 40% have no idea what their policy is worth or how much their families will need, says RBC. As for the 30% without coverage, nearly half said they have enough other streams of income to support their family. Whether you have it already or are considering it, we recommend everyone read the MoneySense guide to life insurance.
  • A full one-third of Canadians belonging to Gen Y find it nearly impossible to save, according to a new poll for TD Canada Trust. Education costs, low salaries, debt and shopping are bigger obstacles for Gen Y compared to when Boomers were in their 20s. “There is no question that the job market is tighter, university costs higher and salary growth lower for young people today,” TD’s Raymond Chun said in a release. “With planning and discipline, young Canadians can lay the foundation for a solid financial future by diligently tracking their cash flow and creating a plan for saving and spending.” Below are the bank’s some saving tips for Gen Y.