{"id":31204,"date":"2025-10-06T13:35:44","date_gmt":"2025-10-06T17:35:44","guid":{"rendered":"https:\/\/silver.rbcinsurance.com\/en-ca\/?p=31204"},"modified":"2025-10-14T12:12:17","modified_gmt":"2025-10-14T16:12:17","slug":"why-many-older-parents-of-young-children-are-underinsured","status":"publish","type":"post","link":"https:\/\/silver.rbcinsurance.com\/en-ca\/discover-share\/life-insurance\/why-many-older-parents-of-young-children-are-underinsured","title":{"rendered":"Why Many Older Parents of Young Children are Underinsured \u2013 and How they Can Get Protected"},"content":{"rendered":"\n<div class=\"wp-block-rbc-template-selector templateSelector template__article articleSingle\" data-template=\"article\">\n<div class=\"wp-block-group articleSingle__container tabListStickyWrapper is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__hero__inner is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"rbc-yoast-breadcrum-span\"><span><a href=\"https:\/\/silver.rbcinsurance.com\/en-ca\/\">Home<\/a><\/span><\/span>\n\n\n\n<div class=\"wp-block-group articleSingle__featuredImage__group is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__title__group is-layout-flow wp-block-group-is-layout-flow\"><h1 class=\"wp-block-post-title\">Why Many Older Parents of Young Children are Underinsured \u2013 and How they Can Get Protected<\/h1>\n\n\n<div class=\"wp-block-group articleSingle__date__group is-layout-flow wp-block-group-is-layout-flow\"><div class=\"wp-block-post-date\"><time datetime=\"2025-10-06T13:35:44-04:00\">October 6, 2025<\/time><\/div>\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__readTime\">4 Min Read<\/span>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__author__group is-layout-flow wp-block-group-is-layout-flow\">\n<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/Avatar.webp?quality=80&w=128&h=128&crop=1\" alt=\"Deanne Gage, Globe Advisor Reporter\">\n\n\n\n<div class=\"wp-block-group articleSingle__author__details is-layout-flow wp-block-group-is-layout-flow\">\n<span class=\"wp-block-rbc-html-element articleSingle__author__name\">Deanne Gage, Globe Advisor Reporter<\/span>\n\n\n\n<span class=\"wp-block-rbc-html-element articleSingle__author__designation\"><\/span>\n<\/div>\n<\/div>\n<\/div>\n\n\n<figure class=\"articleSingle__featuredImage wp-block-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-1168969720-converted-from-jpg.webp?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"Life Insurance for older parents.\" style=\"object-fit:cover;\" srcset=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-1168969720-converted-from-jpg.webp 2121w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-1168969720-converted-from-jpg.webp?resize=300,200 300w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-1168969720-converted-from-jpg.webp?resize=768,512 768w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-1168969720-converted-from-jpg.webp?resize=1024,683 1024w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-1168969720-converted-from-jpg.webp?resize=1536,1024 1536w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-1168969720-converted-from-jpg.webp?resize=2048,1365 2048w, https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/uploads\/sites\/2\/2021\/06\/iStock-1168969720-converted-from-jpg.webp?resize=420,280 420w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/figure><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__container__main is-layout-flow wp-block-group-is-layout-flow\">\n<div class=\"wp-block-group articleSingle__container__page__nav is-layout-flow wp-block-group-is-layout-flow\">\t\t<div class=\"socials-block\">\n\t\t\t\t\t\t<p class=\"socials-block-title\">\n\t\t\tShare this article\t\t<\/p>\n\t\t<div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n\t\t\t\t\t<a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=Why Many Older Parents of Young Children are Underinsured \u2013 and How they Can Get Protected &#038;body=Hi, I thought you might be interested in this article from RBC Insurance: https:\/\/silver.rbcinsurance.com\/en-ca\/discover-share\/life-insurance\/why-many-older-parents-of-young-children-are-underinsured\" aria-label=\"Email\">\n\t\t\t\t<img decoding=\"async\" src=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n\t\t\t\talt=\"envelope icon\">\n\t\t\t\t<span>\n\t\t\t\tEmail\t\t\t\t<\/span>\n\t\t\t<\/a>\n\t\t<div class=\"social-button-wrapper sharing-copy-wrapper\">\n\t\t\t<button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/silver.rbcinsurance.com\/en-ca\/discover-share\/life-insurance\/why-many-older-parents-of-young-children-are-underinsured\" aria-label=\"Copy URL\">\n\t\t\t<img\n\t\t\t\tsrc=\"https:\/\/silver.rbcinsurance.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n\t\t\t\talt=\"copy icon\">\n\t\t\t<span id=\"sharing-copyUrl-Label\">\n\t\t\t\tCopy URL\t\t\t<\/span>\n\t\t\t<\/button>\n\t\t\t<input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n\t\t<\/div>\n\t<\/div>\n  \t\t<\/div>\t\n\t\t\n\n\n<div class=\"wp-block-rbc-tabs-list tabsList\" data-switch=\"lgBp\" data-target-heading=\"h2\"><p class=\"tabsList__heading\">On this page<\/p><div class=\"tabsList__wrapper\"><button class=\"selectDropdown__button\" aria-haspopup=\"listbox\" aria-expanded=\"false\"><span class=\"selectDropdown__title\">Premiums are higher as people age, and assets are worth more<\/span><span class=\"selectDropdown__chevron\"><\/span><\/button><ul class=\"tabsList__items selectDropdown__list\"><li class=\"selectDropdown__list__item tabsList__item selected\"><a href=\"#h-premiums-are-higher-as-people-age-and-assets-are-worth-more\">Premiums are higher as people age, and assets are worth more<\/a><\/li><li class=\"selectDropdown__list__item tabsList__item \"><a href=\"#h-insurance-solutions-for-older-parents\">Insurance solutions for older parents<\/a><\/li><\/ul><\/div><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group articleSingle__content__main tabListHeadings is-layout-flow wp-block-group-is-layout-flow\">\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner \" style=\"border-radius:0x\">\n<p>This is a re-post of an original article from The Globe and Mail, you can view the full article <a href=\"https:\/\/www.theglobeandmail.com\/investing\/globe-advisor\/insurance\/article-why-many-older-parents-of-young-children-are-underinsured-and-how-they\/\" target=\"_blank\" data-dig-id=\"LP-Retirement-LifeInsurance-31204-dd904d97\" data-dig-category=\"LP-Retirement-LifeInsurance\" data-dig-action=\"link click\" data-dig-label=\"here.\" class=\"rbc-link-format externalsite-link\" data-icon-class=\"externalsite-link\" rel=\"noreferrer noopener\">here.<\/a><\/p>\n\n\n\n<p>As more Canadians get married and have children in their later years, they may be overlooking opportunities to protect their assets and loved ones using life insurance.<\/p>\n\n\n\n<p>Advisors warn that the longer people wait, the more expensive it becomes to purchase an insurance policy because of their age and potential health issues.<\/p>\n\n\n\n<p>A new report from Angus Reid and PolicyMe shows Canadians are cutting back on insurance amid the rising cost of living, yet 25 per cent aren\u2019t sure their families would be secure financially if they passed away unexpectedly.<\/p>\n\n\n\n<p>About two-thirds of uninsured Canadians are unlikely to get life insurance in the next five years, the report states. It notes that 34 per cent of younger Canadians aged 18 to 34 are the most likely to purchase life insurance, but that number falls to 22 per cent for<br>Canadians aged 35 to 54 and to just 4 per cent for those over 55.<\/p>\n\n\n\n<p>The report also shows that 26 per cent of Canadians cite required medical tests as a barrier to purchasing life insurance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-premiums-are-higher-as-people-age-and-assets-are-worth-more\">Premiums are higher as people age, and assets are worth more<\/h2>\n\n\n\n<p>Farzana Damji, senior director of individual insurance development at RBC Insurance, says parents who delayed having children may not have purchased insurance in their younger years because they had no spouse or children at that point in their lives.<\/p>\n\n\n\n<p>She says older parents acknowledge the need to protect their families from an unexpected death. But some balk at the cost, not just because of their age, but also because of how much insurance it will take to replace their standard of living.<\/p>\n\n\n\n<p>\u201cAny hiccup in their financial plan will set them back more than it would someone in their 30s,\u201d she says.<\/p>\n\n\n\n<p>Ms. Damji explains that as people age, they tend to own more assets, and it costs more to protect them.<\/p>\n\n\n\n<p>\u201cMany have also become used to a higher standard of living, so the amount of insurance they need \u2026 will be a lot more,\u201d she says.<\/p>\n\n\n\n<p>Andy Kovacs, certified financial planner (CFP) with Moments of Truth Insurance Services Corp. at Sun Life Canada in Markham, Ont., says even some parents with significant investments can be vastly underinsured.<\/p>\n\n\n\n<p>Clients in their 50s are often in their peak-earning years, juggling a mortgage, retirement savings, child care costs, extracurriculars and sometimes the care of aging parents, he adds.<\/p>\n\n\n\n<p>\u201cThey have a shorter runway and more competition for every dollar,\u201d Mr. Kovacs explains. \u201cBut there\u2019s very little underpinning if the worst happens.\u201d<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-insurance-solutions-for-older-parents\">Insurance solutions for older parents<\/h2>\n\n\n\n<p>Joint first-to-die term insurance &#8211; in which both spouses or partners purchase the policy and they\u2019re given a blended age and premium &#8211; is an option for older parents to consider. Ms. Damji says it\u2019s more affordable and fits into many family budgets.<\/p>\n\n\n\n<p>\u201cIt takes into account the risk for both parents,\u201d she says.<\/p>\n\n\n\n<p>The death benefit is payable on the first death, and from there, the surviving spouse builds out their own policy, Ms. Damji says.<\/p>\n\n\n\n<p>A joint last-to-die policy is another option, which pays out on the second death and allows for more estate planning for the kids, she says.<\/p>\n\n\n\n<p>\u201cSome parents don\u2019t need the income right away but want to leave something behind for their kids,\u201d she says.<\/p>\n\n\n\n<p>When Hervin Pesa, CFP at Aware Financial in Calgary, started in the insurance business a decade ago, he says he was taught that wealth preservation and estate planning were strategies to focus on for people in their 50s.<\/p>\n\n\n\n<p>The thinking was that the 50s cohort was comprised of mortgage-free, empty-nesters. But looking at his current client base, that\u2019s not the case for some families.<\/p>\n\n\n\n<p>\u201cThey\u2019re not necessarily as established as people assume,\u201d he says, noting some parents in their late 40s, 50s and 60s are raising young kids, tweens, and teens. In addition, young adults are living with their parents longer, which can add to their parents\u2019 expense load.<\/p>\n\n\n\n<p>\u201cPeople are definitely keeping their insurance policies longer for the risk needs,\u201d Mr. Pesa says. \u201cJust because you get to a certain age doesn\u2019t mean your needs are specifically for wealth building.\u201d<\/p>\n\n\n\n<p>\u00a9 Copyright 2025 The Globe and Mail Inc. All rights reserved. The Globe and Mail and globeandmail.com are divisions of The Globe and Mail Inc., The Globe and Mail Centre, 351 King Street East, Suite 1600, Toronto, ON M5A 0N19. Andrew Saunders, President and CEO.<\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse2de7ba0a\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse2de7ba0a\" data-dig-id=\"LP-10384-2de7ba0a\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things Our Lawyers Want You to Know\"><div>Things Our Lawyers Want You to Know<\/div><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse2de7ba0a\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p class=\"has-text-sm-font-size\">*Home and auto insurance products are distributed by RBC Insurance Agency Ltd. and underwritten by Aviva General Insurance Company. In Quebec, RBC Insurance Agency Ltd. Is registered as a damage insurance agency. As a result of government-run auto insurance plans, auto insurance is not available through RBC Insurance in Manitoba, Saskatchewan and British Columbia.<\/p>\n\n\n\n<p class=\"has-text-sm-font-size\">This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\n\n<\/div>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As more Canadians get married and have children in their later years, they may be<br \/>\noverlooking opportunities to protect their assets and loved ones using life insurance.<\/p>\n","protected":false},"author":208,"featured_media":31213,"comment_status":"open","ping_status":"open","sticky":false,"template":"templates\/new-rbci-design.php","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[54],"tags":[3,4],"article-type":[88],"ppma_author":[169],"class_list":["post-31204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-life-insurance","tag-family","tag-life-insurance","article-type-discover-share"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.5 (Yoast SEO v27.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why Many Older Parents of Young Children are Underinsured \u2013 and How they Can Get Protected | RBC Insurance<\/title>\n<meta name=\"description\" content=\"As more Canadians get married and have children in their later years, they may be overlooking opportunities to protect their assets and loved 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