For many Canadians, filing income taxes ranks near the top of the annual to‑do list they’d rather avoid. But a survey suggests there may be something even less appealing: reviewing insurance coverage.
A TD Insurance survey found 43 per cent of Canadians say they would rather do their taxes than review their insurance policies. TD's Dominic Bruno told Barrie 360 the hesitation is common - and potentially risky.
“Many delay reviewing coverage year after year, even as their financial situation and family responsibilities change.
Why Tax Time Is a Key Moment
Bruno says tax season can actually be the ideal time to take another look at life insurance, since most people already have their financial details in front of them.
“During tax time, you have your whole financial picture in front of you, and you probably reflected on major life milestones, such as having a child, getting married or buying a home,” he said. “So this is a great time to also review your life insurance needs.”
He recommends starting with a simple calculation - combining your income, your partner’s income, and the value of your mortgage - and comparing that total to your current life insurance coverage. If the numbers don’t line up, it may be time for an update.
Listen below to our interview with Dominic Bruno. It's the first item.
The Cost of Waiting
Putting off a review can have consequences beyond inconvenience. Bruno says the biggest risk is leaving loved ones financially exposed if the unexpected happens.
“If you put off your life insurance review, you’re not prepared for that unexpected,” he said. “That’s what can leave your family exposed.”
He also notes that waiting longer can increase costs. Life insurance is generally more affordable when people are younger and healthier, making early planning an important advantage.
Making It Less Intimidating
While the subject of life insurance can feel overwhelming, Bruno emphasized that getting started doesn’t have to be time‑consuming.
In many cases, you’re able to obtain a price in 60 seconds or less, he said, adding that applications often take under 15 minutes. He also encourages Canadians to review beneficiaries regularly to ensure their wishes are up to date and avoid potential complications later.
For anyone feeling hesitant, Bruno says even taking the first step - asking questions or running the numbers - can provide peace of mind.
“Taking that extra step to make sure your family is protected is well worth it,” he said.
As tax season wraps up, experts say it may be worth extending that financial checklist just a little further - beyond forms and filings, and into long‑term protection.
