A recent poll from a major Canadian insurer reveals that many Canadian couples are leaving an important topic out of their conversations: life insurance. In fact, the poll found that almost a third (31%) of couples — many of them with children — had never discussed life insurance. And those under 35 were the least likely to have talked about it.

This oversight potentially has serious implications. Not discussing insurance could mean not having any coverage, having insufficient coverage, or even having the wrong type of insurance.

Understanding life insurance can seem overwhelming and many people don’t properly prioritize having conversations about their life insurance coverage. Why don’t couples talk about insurance? Of those who were reluctant, 59% said they had never thought about it while 35% attributed it to a lack of seriousness in their relationship.

If you’ve never thought about it, now’s the time. Life insurance is essential to your family’s financial well-being. It ensures that your surviving partner — and children if you have them — will be financially secure.

If you should both pass away, it ensures that your children’s guardians will have the financial resources needed to provide your children with the lifestyle you want them to have.

And the sooner you have the conversation, the better. Understanding life insurance includes understanding that life insurance premiums are based on age and life expectancy, so the younger and healthier you are, the less you’ll pay. In addition, if you purchase permanent insurance or term insurance that’s guaranteed renewable, you can ensure you’ll have coverage even if you later develop health issues that would otherwise make you uninsurable.

Even if you already have insurance, it’s important to revisit it at least every few years. Understanding life insurance includes understanding that your life insurance needs will change over time as your life changes. For example, you should definitely review your coverage if you undergo a significant life event, such as the birth or adoption of a child, a change in marital status, or the purchase of a home or vacation property.

You may need to increase your coverage, decrease it, or select new beneficiaries based on your new circumstances.

We understand how difficult it is to talk about life insurance. After all, it means considering the consequences if you or your partner were to pass away. But the death of a family member is difficult enough to manage without having to face the prospect of financial hardship or a major change in lifestyle.

Sitting down with an objective, knowledgeable third party can give you a chance to discuss some of your goals, and help ensure that your overall financial strategy is a joint effort that suits both your needs, as well as those of your children.

Then you’ll have the peace of mind of knowing that, in the case of a negative life event, there’s better financial security in your family’s future.