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This Website talks about what life insurance is, and what different types of life insurance their are.  To begin it goes over talking about deciding if you need life insurance or not, and a few reasons as to why, and how that money can be allocated if you pass away.  It follows this up by talking about term life insurance vs permanent life insurance

I learned through this more about the different types of life insurance that you can get and i choose this website because it is a credible source coming straight from the government of canada

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Term life insurance, permanent life insurance and how to name a beneficiary.

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This website had a really cool tool to calculate life insurance, how much it would cost, and what you would get out of a plan.  By entering in information such as saving and investments, mortgages and outstanding debts, and your income, it would calculate results that were based around the information you put in.

I choose this website because it deals with Canadian rates and it was a very interesting tool to be able to use. One thing i learned was how relatively cheap life insurance is for me.

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Do you need life insurance?

Will your loved ones be financially impacted if something happened to you?

If you answer yes, then you should think about how you can help protect them with life insurance.

While you may have basic life insurance through work, it may not be enough to meet your needs, and your coverage typically ends when you leave your job.

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Will your loved ones be financially impacted if something happened to you? If you answer yes, then you should think about how you can help protect them with life insurance. While you may have basic life insurance through work, it may not be enough to meet your needs, and your coverage typically ends when you leave your job.

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This website talks about how the majority of Canadians don't have enough life insurance coverage, and those who do have life insurance don't actually have enough coverage for their debts upon death.

I choose this website because it talks directly about Canadians and our coverage when it comes to life insurance. I learned that the average life insurance plan does not have enough coverage for what the average Canadian needs.

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When I was four years old, my grandfather gifted me something that no four-year-old is capable of appreciating.

He purchased me a permanent life insurance policy.

That decision has left me incredibly fortunate. Over the years, annual dividends were used to purchase additional coverage and the policy has grown into a healthy amount of money with a cash value. But I've grown, too - from an unknowing four-year-old without an income, debt, or shared expenses into a 29-year-old with all of the above.

If I were to die tomorrow, there'd be funeral expenses to cover. There'd be my half of a car loan. There'd be my student loan, my line of credit, and my credit card all to pay off. There'd be my $700 a month in rent that my partner would lose. The list goes on. It's worth asking myself, then: will my current policy - one that I've largely ignored for the last 25 years - leave my loved ones with enough money after I die?

Last year, 22 million Canadians, or 60% of the population, owned $4.7 trillion in life insurance coverage, according to the Canadian Health and Life Insurance Association. That number includes both group life insurance offered by employers as well as individual policies. That works out to an average of $417,000 per household - or about five times the average household income. While it sounds like a lot of money, some experts believe that Canadians are actually underinsured.

I have never ran into a good life insurance group plan. They all need to be topped up

A 2017 Edward Jones study revealed that only 16% of Canadians had purchased a life insurance policy that could cover their remaining mortgage payments in the event of death. It also found that a quarter of Canadians have personal (not provided via an employer's group plan) term life insurance, and 18% have personal permanent life insurance. ( Permanent life insurance provides lifelong coverage, usually accompanied by a cash value that can be borrowed against the policy. Term insurance, on the other hand, provides coverage only for a set amount of years.)

As I've learned, there's a good chance a personal life insurance policy will need to be adjusted over time as people's lives and expenses change. The Edward Jones study found that only 26% of Canadians thoroughly reviewed their insurance needs within the past year, which it chalked up to a lack of understanding of insurance needs. That's a sound explanation, but it's only part of the puzzle. Industry experts have a few other theories about why Canadians are coming up short in the life insurance department.

1. We tend to rely on group plans

If you're fortunate enough to have benefits through your employer, then you probably have some amount of life insurance. This is what most people rely on for coverage. But over the decades, in an effort to offset rising premiums, companies have downgraded their offerings.

"It was fairly typical 10 or 20 years ago for group plans to provide 1 or 2 x base salary within a group plan," says Rona Birenbaum, a fee-only financial planner in Toronto. "These days, I'm seeing more and more plans as simply having a flat $25,000 worth of coverage." One or two times base salary is generally not even enough money to pay off a mortgage.

David Mendenhall, a life insurance broker with SurexDirect says group plans are great for disability, health and dental coverage, and sometimes critical illness. "But they're almost always lacking in the life insurance department," he says. "I have never ran into a good life insurance group plan. They all need to be topped up."

Employees can purchase an individual policy outside of their group plan. But there's a limit to the amount of life insurance someone can own. "There has to be what's called an 'insurable interest,'" explains Birenbaum. "A risk that needs to be covered. If somebody has a $100,000 net worth and a $50,000 annual salary and they're asking for $5 million worth of coverage, it doesn't make sense given their circumstance."

Even among households with $100,000 or more of annual income, one third of them believe that they are inadequately insured

Group life insurance plans are cost-effective in the short-term, but with the rise of the gig economy, rife with self-employment and contract work, many Canadians are without access to one. Earnings from precarious employment don't exactly make an individual policy affordable, either. A 2017 workplace review by the Ontario Ministry of Labour found that only 18% of workers in non-standard employment relationships have personal life or disability insurance.

According to a 2013 Household Trends report on Life Insurance Ownership from LIMRA, a global research firm for more than 850 financial services firms around the world, the proportion of households with only group life insurance has increased over the years: 37% in 2013, up from 31% in 2006, and 28% in 1999. (LIMRA's report is done every six years, and an updated version will be released in the second half of this year.)

"Relying only on their group coverage leaves many households with only minimal life insurance protection," Louis Sklenarik, public relations and social media for LIMRA, told LowestRates.ca in an email. "At an average of $179,800."

Plus, says Birenbaum, "You don't own the policy. So if you leave the employment, either voluntarily or involuntarily, you can't take that coverage with you."

2. We just don't do the math

Life insurance pays out after you die. This much we're clear on. But knowing how much life insurance we actually need - or, in other words, the expenses life insurance should be able to cover - is where things get a little murky.

Most of us underestimate the importance of our income over the long term. We generally think of life insurance as something that should be able to pay off all our debts, including our mortgage. To cover those expenses is absolutely crucial, but we tend to leave it at that.

"That's only half the picture," says Birenbaum. "Once the debt is gone, then what?"

An adequate amount of life insurance should be enough to: cover funeral expenses; pay off all your debts, including your mortgage; replace your income (ideally through to the planned retirement age) for spouse and any children you leave behind; and, if there are children in the picture, be enough to allocate for their education.

Of course, the magic number is going to differ for everybody. But if life insurance should be able to cover all of those expenses, then we're not talking about a small sum of money whatsoever. Which brings us to reason number three.

3. We think life insurance is too expensive

We might recognize its importance, but that doesn't mean we believe life insurance is affordable, or even worthwhile. "People would much rather spend $1,000, $2,000, or $3,000 a year on a vacation than on life insurance," says Birenbaum.

"No one thinks life insurance is important until they have a mortgage and dependents," adds Mendenhall.

Yes, monthly life insurance premiums are yet another fixed expense to add to the pile, but in the world of life insurance, how "insurable" you are depends a lot on your age and your health. Generally speaking, the older you are, or the more health problems you have, the higher your premiums will be.

Life insurance might not seem like a good use of your money in the short-term, but that's actually when it can benefit you the most. If you buy a policy before the mortgage and dependents come along - when you're young and healthy and the premiums are relatively affordable - you'll be saving yourself a lot of money in the long run should you decide at 45, let's say, to purchase life insurance. In other words, you might think life insurance is too expensive now, but it will likely only get more expensive (and complicated to be approved for) the longer you wait to buy it.

4. We don't trust the insurance industry

Being encouraged to buy life insurance by a broker or insurance company is like being told by a chef that his restaurant is the best in the city. It doesn't quite feel like objective advice. The same holds true for the insurance industry. "There's a credibility gap," says Birenbaum. "Insurance agents probably don't rank too high up in the trust category."

She's right. According to the 2018 CanTrust Index conducted by Proof Inc. - an organization that measures Canadians' level of trust in a range of leaders, organizations, and information sources - only 30% of Canadians said they trust life and health insurers to do what's right for Canadians and society.

Mendenhall thinks this has a lot to do with education. "They don't trust because they don't know," he says. "We're influenced by the American market and media and we only tend to hear the negative stories. When people are educated and understand products, companies and markets, they have no problem trusting the industry."

Fair enough. But it's also important to be mindful of the fact that the life insurance industry, which was worth $23 billion in 2016, is a business with its own bottom line to meet. In 2013, life insurance ownership in Canada was at a 30-year low. That year, "Ownership of individual life and group life insurance declined among all markets," says Sklenarik. "Low-, middle-, and high-income households." In fact, almost three in 10 households carried no life insurance on anyone in the home.

While it's true that the industry is largely the one telling you to buy, concerns about adequate coverage are also coming from Canadians themselves.

LIMRA's 2013 report surveyed 3,244 Canadian households with 8,106 household members. The person most involved in making decisions about finances, investments, and life insurance was asked to complete a questionnaire. The results revealed that 45% of Canadian households don't believe they have enough coverage.

"Even among households with $100,000 or more of annual income," says Sklenarik, "one third of them believe that they are inadequately insured."

Life insurance is one of those products where you don't want to find out you had the wrong coverage when your loved ones actually need to use it. It's also one of the cheapest forms of insurance to get.

"The reason why it's generally inexpensive as opposed to other types of insurance is because the probability of the event is very low," says Birenbaum. "So if it's a low probability of someone dying in the next 10 or 15 years, then the cost to cover that very low risk will also be very low. The younger you are and the healthier you are, the lower the cost, and I think it would surprise many young couples or individuals with kids actually how inexpensive it is."

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Most Canadians don't have enough life insurance

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When I was four years old, my grandfather gifted me something that no four-year-old is capable of appreciating. He purchased me a permanent life insurance policy. That decision has left me incredibly fortunate. Over the years, annual dividends were used to purchase additional coverage and the policy has grown into a healthy amount of money with a cash value.

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This website addressed a wide variety of concerns and things to consider when looking at purchasing life insurance. It addressed reasons for purchasing life insurance and why you would consider it. and it also gave a clear understanding of the different types of life insurance that are offered.

I choose this website because i really liked that it talked about a wide variety of things relating to life insurance. i also liked the fact that it is posted by a local newspaper for me. One thing i learned from this was a more in depth understanding of the different types of life insurance, and why you would pick one of the other for different life-styles.

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You may be used to insuring key assets - such as a car or home - against loss or damage. But it's important not to overlook insurance protection for your most important asset which is you.

While the chance of your premature death is remote, there are significant financial risks to those you leave behind if you don't have life insurance protection. So it pays to understand how it works, the coverage options available and the role that it can play in protecting the financial well being of your family.

How much life insurance is enough is a balance between your lifestyle and how much you can afford. (Shutterstock)

Here are 10 things you need to know about life insurance.
1. How life insurance works
Life insurance is a contract, called a policy, that you have with an insurance company. In exchange for you paying a fee or premium, the insurance company promises to pay a tax-free, lump-sum amount to your beneficiaries upon your death. So if you buy a $100,000 insurance policy, this is the amount the insurance company will pay upon your death.

The cost of life insurance will depend upon many factors, most notably the type of policy you buy, the amount of the death benefit, your age, sex, smoker status, and health. Before you are accepted for insurance coverage, you may need to undergo a simple health exam, depending on the insurer and amount of the policy.
2. Why you may need life insurance
Life insurance can be used to meet many potential financial needs. Here are some of the key ones:

* Income replacement. If your family relies on your income, life insurance proceeds can provide the money your spouse or dependants need should you die unexpectedly.

* Repayment of debts. This includes a mortgage, ensure your dependants don't have to sell the house and can maintain their standard of living.

* Child care and education. This includes daycare and ongoing costs and post secondary school expenses.

* Funeral expenses and estate fees. Even a modest funeral can cost thousands of dollars, and estate costs - such as probate and executor fees - can add thousands more. Life insurance can provide your dependents or your estate with the cash it needs to settle these expenses - without the sale of key estate assets.

* Estate planning. Life insurance is often used to meet longer-term estate planning needs, such as covering capital gains taxes due at death or providing a guaranteed pool of money for a beneficiary, such as a disabled dependant.
3. How much coverage do you need?
To calculate this amount, consider:

*The amount needed to pay off your debts

*Any final expenses and taxes that will be owing on your death

*The amount your family will need to maintain its lifestyle

*The education costs for your children
4. Factor group benefits into your plan
If you or your spouse has group insurance coverage through an employer, life insurance coverage is likely part of the package and you should factor this into your planning.

For example, a basic life insurance benefit that's equal to your current salary may be adequate at an early career stage if you are single and relatively debt-free. But if you have dependents or debt obligations such as a mortgage, this level of coverage is likely far less than what you need. Most group benefit plans let you pay for additional levels of insurance at very cost-effective rates - an option worth considering if you need more coverage. And if you leave your employer, you may be able to convert your coverage to an individual policy.
5. Term and permanent insurance
There are two main categories of life insurance: term insurance and permanent insurance. In a nutshell, term insurance provides protection for a specified number of years. Permanent insurance provides insurance protection for your lifetime. Under the permanent insurance banner, there are three main policy types that you can purchase: whole life, universal life, and term to 100 insurance.

The life insurance types under both categories are explained in the sections below.
6. Term insurance explained
Term is the most affordable and common type of insurance. It pays a tax-free lump sum benefit upon death, and provides this coverage for a specified renewable term that you choose (typically 5, 10, 15 or 20 years). Unlike permanent insurance, term insurance policies only provide guaranteed coverage to a specified age, usually between 60 and 75.

With term insurance, your payments are the same for the length of the term you choose and are cheaper than permanent insurance. Your insurance is also guaranteed to be renewable, even if you are in poor health and would not otherwise qualify.

However, term insurance premiums increase with each renewal term - often significantly - so renewals can be quite expensive. If the term life policy is convertible, you can also convert the policy to a permanent policy without a medical exam, up to a specified age.

With higher rates upon renewal, and life insurance coverage ending at a specified age, term insurance is best suited for shorter-term insurance needs (20 years or less) rather than for longer-term estate planning needs that require guaranteed insurance coverage into old age.
7. Creditor life insurance
When you take out a mortgage or other loan, the financial institution will most likely offer you a form of term insurance known as creditor life insurance that will pay off the debt upon your death. While this coverage can be a convenient option, it's important to realize that the policy proceeds are paid to the financial institution, not to your beneficiaries, so you lose flexibility in how the proceeds are used. In many cases, a more cost-effective and flexible option is to buy individual term insurance to cover the debt amount.
8. Permanent insurance - Whole life
With whole life insurance, death benefits are fully guaranteed for your lifetime, so these policies are ideal for longer-term insurance needs, such as estate planning. The premium is fixed when you purchase the policy and don't increase over the life of the policy, but they are significantly higher than those for term insurance.

Whole life insurance also has a cash value, with savings that build over time. You can use the savings as collateral to take out a policy loan, or access the funds if you surrender the policy before you die. Some whole life policies are also participating policies, which entitles you to dividend payments from the insurance company.
9. Permanent insurance - Universal life
Like whole life, universal life also fully guarantees death benefits for your lifetime, but offers greater flexibility in terms of the size of the payment you make. With a universal life policy, you make ongoing deposits, with a portion of your contribution used to pay the premiums for your insurance coverage. The remaining amount stays in the policy and is invested - with any investment growth tax-sheltered, allowing you to boost the value of your long-term savings.

When you die, your beneficiaries receive the entire policy value - which includes the insurance amount and the investment proceeds - tax-free. You may also be able to borrow against the policy savings you've built up and use the borrowed funds to supplement your retirement income. When you die, the policy proceeds can be used to pay back the loan.
10. Permanent insurance - Term to 100 explained
Term to 100 insurance is a permanent form of term insurance that provides guaranteed coverage to age 100. Your premiums remain level until age 100, or may in some cases be payable over 20 years. A term to 100 policy is a good choice if you need long-term insurance protection but don't want or need the additional savings of a universal life or whole life policy.

Paul Russell is a Toronto-based writer and communications consultant, with a background as a pensions lawyer. This article was prepared for Moneyville's launch.

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Life insurance: 10 things you need to know | The Star

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You may be used to insuring key assets - such as a car or home - against loss or damage. But it's important not to overlook insurance protection for your most important asset which is you. While the chance of your premature death is remote, there are significant financial risks to those you leave behind if you don't have life insurance protection.

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This video talks about the 2 types of life insurance available.  Term life insurance, and permanent life insurance.  It discusses factors such as the price differences and term length, as well as giving real life examples about the benefits of both types of life insurance.

I choose this video because it gave a very good verbal as well as visual presentation of the two types of life insurance. One thing i learned is that typically, term life insurance goes for 10 - 20 years terms.

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How Much Life Insurance Should You Buy in Canada?

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This video talks about how to save money on life insurance.  This video talks about how most Canadians don't have the right type of life insurance, and often it costs them more than it is getting them when compared to another plan.  It also talks about the affects of death in terms of the different life insurances and what type you should get.

I choose this video because it directly relates to Canadian life insurance and i found it to be quite informative. I found this video useful to show the difference between the types of life insurance and when it is more advisable to use one over the other.

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Cindy David - What Every Canadian Must Know About Life Insurance

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Cindy David, co-author of Financial First Aid For Canadian Investors, on what every Canadian must know about various insurance products.

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This video was from the Financial Services Commission of Ontario and it was a short video advocating for the use of life insurance in Canada.  It made reference to many good points in the video however which is why i selected this video.

I choose this video because i felt that it is important for people to have access to knowledge on life insurance in Canada and this was a nice short video that i felt did a good job getting that message across. I learned from this video that when you pass away you may be eligible to not have your death benefit taxed if you have named a beneficiary.

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Financial Services Commission of Ontario

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this video focuses on the side of the company selling the life insurance plans and more talks about what changes they are having to make in order to keep up with new plans coming out.

I choose this video because it is from a very credible source and addressed a side of life insurance i have not yet touched upon. One thing i found interesting was companies switch to much more electronic forms of calculating rates for different plans and amount of coverage.

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(Toronto, 11 April 2016) The life insurance sector has to pick up the pace on innovation, according to EY's 2016 Life Insurance Outlook. Rapidly advancing technology and changing consumer preferences add to the bleak economic landscape, creating 6 forces for life insurers to manage this year.

"In 2016, six forces will dominate the life insurance sector, driving insurers to transform their business on multiple fronts," says Janice Deganis, EY's Insurance Leader. "While there are many opportunities with digitization and increased insights through data analytics, life insurers will face stricter regulations and a weak economy. Those who manage the balancing act will better position themselves to remain competitive this year."

"Life insurers need to make innovation a priority not just in their business plans, but on the ground," adds Deganis. "To create a culture that encourages new thinking, life insurers will need to experiment, allow their employees to fail, develop innovation labs and attract new talent."

EY has identified six external forces that will shape the life insurance sector in 2016. Insurers can address these forces with EY's roadmap (below), which focuses on staying ahead of change and investing in the right technologies, systems and people to move forward.

Impact of external forces on the Canadian life market in 2016:
(0 = Very low impact, 10 = Very high impact)

Technology (9) - Digital technologies will redefine life insurance in 2016, as customers push for new tools, from robo-advisors to omni-channel access. These same technologies will enable insurers to transform their front- and back-offices.

Customer expectations (8) - Demands for customized services, digital platforms and personalized support will grow sharply in 2016. Insurers will need to move to a customer-centric approach built around personal relationships, better access to data, and a strong service attitude.

Cyber risks (8) - Digital transformation will expose insurers to higher risks from fraud, data theft and political activism. With greater access to sensitive data, privacy breaches will become a bigger worry, as will reputational risks from the use of social media.

Competition (7) - Competition will heat up as established insurers act fast to capitalize on game-changing market shifts. Challenges will also come from non-traditional sources, such as FinTechs, offering innovative digital solutions.

Economic and financial conditions (4) - Uncertain financial and economic conditions will continue into 2016. Slow economic growth, decline in the Canadian dollar and a weakness in the oil and gas industry are major downside risks for insurers.

Regulation (6) - In 2016, insurers will need to stay on top of the potential implications of changing regulations such as modified policyholder taxation and start planning for risk-based capital requirements in 2018.

Roadmap for transformation: priorities for 2016

Leading life insurers will focus on the following path to change:

1. Pick up the pace of business transformation and innovation

2. Reinvent products and services for the new digital customer

3. Adjust distribution strategies for technological and regulatory shifts

4. Reengineer processes to drive efficiency and market growth

5. Bring in the right talent to lead innovation

6. Put cybersecurity high on the corporate agenda

"Life insurers will need to cut across organizational silos to drive innovation this year and beyond," adds Deganis. "Establishing cross-functional teams and fostering information-sharing can help lead to new ideas and improved customer experience. But this is just the first step towards business transformation."

Read the full 2016 Life Insurance Outlook and the 2016 P&C Insurance Outlook.

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About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY is proudly celebrating 150 years in Canada. For more information, please visit ey.com/ca. Follow us on Twitter @EYCanada.

EY refers to the global organization and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

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6 forces impacting life insurance in 2016

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The life insurance sector has to pick up the pace on innovation, according to EY's 2016 Life Insurance Outlook. Rapidly advancing technology and changing consumer preferences add to the bleak economic landscape, creating 6 forces for life insurers to manage this year.

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this image shows a statement about the percentage of people who think that life insurance is too expensive, but in reality they are over double the price of life insurance in their estimation.

I choose this image because i thought it showed a very cool statistic about the reality of how affordable life insurance can be. I also learned that 2/3 adults overestimate the cost of life insurance by more than double, which is kinda cool.

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This second image was interesting because it was a list of five different statistics relating to life insurance, some of which i had never seen before or never would have guessed.

I choose this image because i liked the way it was laid out visually, as well as it had some very interesting information and was from a credible source

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The thing that surprised me the most was definitely the price of the life insurance. it was significantly lower than i would have assumed and could very easily be worked into my personal budget.

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This topic is interesting to me because i am at that point in my life where i could definitely see myself getting an insurance plan for life insurance to begin to collect dividends and have coverage for my family if anything were to ever go wrong.

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I think it would have to be a similar answer to the first question because i believe i would tell them about the price of it and really try to educate them more on finding an insurance plan that is right for them so they can save as much as possible and still have a plan that is goof for what they need.

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Welcome to my padlet! This padlet will be discussing life insurance and many things to do with it. it will be going over websites, videos, and images that talk about many topics related to life insurance. From the two types of life insurance that we have in Canada, all the way to reasons that you may want to get it! I hope that you enjoy what i have collected and written about, and thank you for taking the time to read and watch!