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By Ryan Stessel

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In this assignment you will learn about the basics of Life Insurance and what you should consider about it.

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This is a diagram that deals with the amount of coverage needed and the amount of assets at different points in your life. It also shows where your overall assets should be in order to maintain your long term life insurance goals

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This is a diagram that explains some common myths associated with life insurance. The main ones being that life insurance is only for breadwinners, in todays economy anyone that takes on debts can use life insurance.

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This is a common advertisement diagram used to sell Life Insurance, it covers the main bases as to why you would want to get it. Such as peace of mind and tax saving purposes.

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https://www.cpp.ca/glossary-terms-life-insurance/

This website acts as a dictionary for life insurance terms and I would recommend it to anyone who is considering life insurance. It covers concepts such as contestability, which is what happens when there is something incorrect on the forms you sign, for example saying you are a non-smoker when you smoke. This gives the insurer the potential to contest your Life Insurance Policy leaving you with nothing.

Something I find interesting about this are the sheer amount of terms related to life insurance and how similar it is to investment banking.

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https://www.tdinsurance.com/products-services/life-insurance

TD bank also offers life insurance options as well as ways to give quotes on how much you may need to save. I find it interesting that both banks and independent firms offer Life Insurance plans while staying competitive with each other.

Something Interesting that TD offers are the variety of plans for particular situations. For example 10 year plans are applicable for if you are soon to retire, or have certain debts like student loans or a car. The second plan seems to be for newly married people who want to secure their significant other financially incase of their passing, and the third plan covers your whole life and is designed to ensure you don't have any outstanding payments when you pass.

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https://www.sunlife.ca/ca/Insurance/Life+insurance/Universal+life+insurance?vgnLocale=en_CA

This is a website that covers the concept of universal life insurance quite well. It helps explains why universal life insurance may be right for you, for example, using it as a way to build your savings alongside your RRSP and TFSA savings plans. They also offer a plan that allows you to stop paying after age 70 but it rewards you for loyalty.

One thing I found particularly interesting on this site is the fact that you can use your death benefit payout to protect the value of the business you grew during your life.

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This video covers the must know aspects of life insurance and why you should start thinking about it. It explains concepts such as the death benefit, which is a lump sum given to your beneficiaries upon death whether it is expected or unexpected. He also explains the concept of an insurer and where the payments you make are going.

An interesting thought he brings up is that you should consider life insurance around the time you get into college, as your death benefit can be used to pay outstanding debts you may have so they are not passed on to family.

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There are three types of life insurance, they are called term, whole and universal. Term life insurance consists of fixed payments made out over a period of time, hence the name. It is mainly used as a replacement for the income of a caregiver or sole earner. It is very rarely used for businesses or charitable donations as it functions similarly to welfare. Another type is called whole life insurance. This is probably the life insurance you think of when you hear the term life insurance. It consists of you paying instalments over your life and it being paid out to your beneficiaries when you pass.

The more interesting option is universal life insurance. It is a cash value life insurance that you can mainly find in the USA. It works similarly to a savings account as it can earn interest and is also designed to be a life long investment. It is very flexible with how you're allowed to pay your premiums and can be used by anyone.

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This video covers the basics of Canadian Life Insurance. It starts by explaining the purpose of Life Insurance. Which is to protect family, loved ones and businesses incase of a death in the family. You pay a small premium that allows you to draw from a larger pool when you need to claim life insurance. Life insurance is also regulated by the Canadian Government, so you know you're safe to pay your premium because its a relatively risk free investment.

Lastly,  Life insurance is also a safe way to save while avoiding taxes, as it is hardly taxed at all.

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Life Insurance Canada | What is Life Insurance