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Welcome to my padlet! For my assignment, I will posting on the topic: Life Insurance.
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What is Life Insurance?
It is simply a contract between an insurer and you (policy holder) that guarantees that your named beneficiaries will be paid a lump sum 💰 upon your death.
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Why Life Insurance
It is important because it protects your family quality of life since you can no longer provide for them. Dying also does not undo loans & mortgages, your family is on the hook, the life insurance money can help. Finally, funerals are expensive!
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Throughout, this padlet, I will post pros and cons of life insurance. I hope it is informative and enjoyable!

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Life insurance, why buy it?

This is a very brief webpage that summarizes two reasons why to buy and explain coverage types. Foremost, life insurance will cover your funeral expenses and then financial liabilities that your possess. While it may not financially replace you, it can still provide some quality of life for your partner and children, if not married, it will help your parents. As for coverage types, it can be short or long term; a coverage can also generate equity that can be withdrawn.

I found this webpage useful because it is important to be financially responsible alive and even in death. I cannot imagine leaving all my debt to my partner and effecting the quality of life for my children.

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What is life insurance for?

Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your personal loans, such as your car loan. Your individual life insurance follows you when you retire and you are no longer insured by your employer. This insurance will also replace your family income when resources are less so they can maintain their quality of life.

Choosing life insurance

Once you understand the importance of taking out a life insurance policy, you need to make the right choice. To do this, you need to ask yourself about your needs and purchase a product that works for your family and insurance premiums that fit your budget. A financial security advisor can help you with this.

You need to ask yourself three main questions to figure out what type of life insurance would work best in your situation.

1. Family and work situation
First of all, your insurance needs will be influenced by the following: your family situation, your age, your health situation and whether you are an owner or self-employed.

Life insurance is important, whether you are single or in a relationship. In the event of your death, your loved ones will have to pay your funeral expenses and pay off any financial liabilities you have, such as your debts. If you have insurance coverage, your debts will not be a burden for your family members.

In addition, your loved ones may also have to bear some of your shared responsibilities, such as your credit card fees, your lease, your car payment, your mortgage payment, your student debt, or other. If you have children, life insurance will let you replace the lost income from one of the parents to provide for the children's needs.

Life insurance is also an effective financial tool for protecting your business. It lets you ensure you and your loved ones' financial security should something bad happen.

If you start your own business with a partner who passes away prematurely, will you have the funds needed to buy out his/her shares and continue moving forward with your dream? An unfortunate event like this could have a major impact on your company. So you need to start thinking about it now. If you don't have coverage, getting a policy will let you cover your needs as a self-employed person and will avoid future concerns for your family.

2. Life goals
Your personal, family and professional goals will also determine your choice of life insurance. For example, do you plan on having children? What are your career and income goals? At what age would you like to retire?

This will help you evaluate how much life insurance you should take out to protect your loved ones in the event of death.

3. Coverage type
You have thought about your situation and life goals. Now all you need to do is figure out what type of life insurance is best for you.

For example, you might ask yourself if you need short-term or long-term coverage. Do you want coverage that generates liquidity and surrender value that you can use to reach your goals, etc.?

Once you answer these questions, you will be well equipped to choose the life insurance that works best for you.

A financial security advisor will be able to guide you in answering all these questions, and based on your answers, can direct you to life insurance that meets your needs.

In conclusion...

The important thing is to choose the right life insurance for your budget and your needs. Over the years, your needs, your family situation and your life goals will evolve. When that happens, it will be time for you to re-evaluate the right type of insurance for you to ensure you are covered properly.

Remember that you are never too young to buy life insurance, since the younger you are, the lower the cost of your premium. Your financial security advisor is there to provide some guidance in this process, based on your reality and your goals.

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Life insurance, why buy it? | iA Financial Group

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Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death. It is also used to cover your mortgage and your personal loans, such as your car loan. Your individual life insurance follows you when you retire and you are no longer insured by your employer.

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Guide to Life Insurance

This is a well written webpage  in a Q&A format about why to buy life insurance, the types of insurances available, the medical checkups, who to name as your beneficiaries, the size of your policy, your premium, length of your insurance term, the drawbacks of lying, and how long is the application.

I found this webpage to be well written because it was written with humor and targeted for people who wanted an easy reading and not something that is lecture style. The author was correct to say, your death should not be sad and expensive for your family and loved ones.

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Wealthsimple makes powerful financial tools to help you grow and manage your money. Learn more

You could make the argument that buying life insurance is the pentathlon of adulting. In service of being responsible and planning for the future, you fill out forms, estimate your living (and dying) expenses, and navigate phone calls with financial professionals to discuss things that are probably boring to financial professionals. There's even a medical exam portion of the event. Until, finally, the marquee moment: You write your first large-ish cheque to a faceless insurance corporation - a practice of yearly cheque-writing that, if you're lucky, will last decades - knowing full well that you may never, ever see that money again during your life here on Earth.

If the life-insurance industry practised honesty in advertising, its motto would be: It's boring! It's moderately expensive! It's morbid!

So, you may ask, why do it? Wouldn't that money be better off in a low-fee portfolio built with beautiful software, by intelligent humans, using Nobel Prize-winning financial theory? Or spent on that trip to Machu Picchu because we're all supposed to be living in the moment anyway? Well, the short answer is: You do it because, after you die, you don't really want the people you love living under a bridge, huddled around a barrel fire, cursing your name. And because it makes financial sense.

So how does it work? Who should sign up for it? And how do you even do it? To answer these and other insurance-y questions, we devised this short guide to probably the morbid-est part of being a financial grown-up.

How do I know if I really need to get life insurance? Like

If you have children, or a spouse, or anyone else who depends on you financially, then life insurance is probably for you. Especially if you have debts, mortgages, loans, and other things that those nice people are going to be liable for paying. And double especially if your bank statements don't reflect a sum so large that it will cover the living expenses of those nice people who depend on you in perpetuity. So, lock in your good health, and protect your family for future expenses they may incure after you've gone (i.e. university tuition) in case you die before you've had time to save enough money.

But even if you are untethered by any human who needs your money, it may be something you want to do out of courtesy. A small policy can cover the costs of whatever funeral or memorial you've stipulated in your will. ( You do have a will, right?) Untimely death should be sad for your loved ones, not sad and expensive.

There are all kinds of life insurance. I think. At least they advertise all kinds of life insurance. What kind should I get?

For most people, the answer is something called term life insurance. That type of policy means you pay a premium every year for a certain number of years, typically 10-, 20-, or 30-years. It's the same amount every year, determined when you get the policy. If you die during that period of time, the insurer pays a predetermined amount of money the beneficiary (i.e., the person you told them to pay when you got the policy). If you don't die, which is also nice, the insurance company keeps the money and you never see it again. It's as simple as that.

Term life insurance makes sense because it serves the most basic purpose of life insurance: It gives you peace of mind that your loved ones will not become destitute. And it does this at the lowest possible price, during the years when you need it most - when you are in your prime working years and your family is growing. It's so common, it's what people generally mean when they say "life insurance."

Are there other options to term life insurance?

The other major category is called permanent insurance, which provides lifelong protection, and the ability to accumulate cash value on a tax-deferred basis. Unlike term insurance, a permanent insurance policy will remain in force for as long as you continue to pay your premiums. It also serves as an investment vehicle. These policies include "Term To 100" (a uniquely Canadian product) and "universal life" (you can choose from a shelf of investment products). Lastly, there is "whole life" (you can't choose where your investments go), and within* that*, there are two subsets - participating and non-participating.

Participating whole life is less common in Canada but is available. These policies are structured a bit like co-ops. If there's extra money in the funds, for instance if a policy holder lives longer than the actuaries anticipated when writing the policy, the money is refunded to the policy holder through dividends. Over time, this can be a huge benefit to a policy holder. As health care improves, lifestyles improve and average life expectancy in Canada improves, participating whole life policy holders benefit greatly.

So maybe I should get permanent life insurance?

Whole life premiums are extremely expensive, up to 10 or 20 times the rate of comparable term life insurance. Also, these policies usually come with high fees that erode the overall rate of return. Having said that, your individual circumstances can make all the difference.

Things to consider:

Do you like the idea of someone you love or a charity getting money when you die?

Do you want to have to liquidate investments to pay taxes due on death?

Do you like the idea of a safe investment (whole life), with a good return (enhanced through tax-deferred growth and tax-free insurance proceeds), that provides flexibility and takes zero management time?

Unlike term life insurance, these permanent insurance policies never expire as long as you pay the premiums. That means your beneficiaries can get a big payout, even if you kick it at the ripe old age of 90. Many permanent life insurance policies, including whole life, participating whole life and universal life, also have a cash-value component - funds that you can either borrow against or withdraw from while you're still alive.

What's more, the cash you contribute is tax-deferred and can appreciate every year. Sounds like a combo of life insurance and a retirement account, doesn't it?

But it's not for everyone.

Permanent life insurance is a good option in the right circumstances. It's sometimes recommended by financial advisors (like the ones who work here at Wealthsimple, whom you can trust because they don't actually sell life insurance) when their clients have maxed out contributions to tax-reducing accounts (RRSPs, TFSAs, RESPs) and still have more savings than they could spend in a lifetime.

Consider this example. A 25-year-old woman in excellent health in Canada will pay about $12,400 a year for a $1-million whole life policy (If you're not a young healthy woman, the premiums are more expensive). A comparable 20-year term life policy would cost only $470 per year.

The difference is nearly $12,000 per year. At the end of 20 years, this woman's whole life insurance policy will have a cash value of approximately $381,000. This is in addition to the $1 million payout her beneficiaries receive upon her death.

By comparison, she can buy term life insurance and invest the $12,000 she saved every year in non-registered investments (Because she's maxed out her tax reducing accounts and still has more savings than she can use during her lifetime.) If she earns five per cent annual interest, over the course of 20 years, she'd have $316,000 (assuming she is paying a marginal tax rate of 47.97% in Ontario.)

So as an investment vehicle for savings you know you will not need during your life time but want to leave to your beneficiaries, whole life insurance makes more sense.

It can also be a tool for certain types of estate planning or, in some circumstances, reducing your tax burden. In Canada, proceeds of life insurance are tax free, as long as the beneficiary named isn't the deceased's estate. (In that case, the proceeds may be subject to probate taxes.) If you suspect your circumstances may warrant such a strategy, a wise move would be to ask a financial advisor for some advice.

OK, so how many insurance brokers do I need to call to get the best deal? I hope the answer is not, "Talk to 15 and one for good luck."

Here's a secret about the insurance business: Whether you shop at one of the Internet-based non-face-to-face brokerages or visit the office that sold your dad life insurance, chances are for term life policies, you'll end up with practically the same set of offers, from the same group of big insurers, for the same prices.

Generally, term policies are quite competitive. What's most important is to ask if your policy has guaranteed premiums, if it's renewable (meaning, unconditionally, without having to take another medical or reapply) and if it's convertible (can I transfer it to a permanent insurance policy)?

The distinctions are important, particularly if someone is healthy when they take out their policy, and then get diagnosed with an illness that may make them uninsurable in the Canadian market. If when diagnosed they are already in a term policy that is renewable and convertible, then they will be able to convert it to a permanent policy without paying any penalties due to declining health.

The insurance industry is heavily regulated, giving you the peace of mind to buy from whomever you like. When going with independent insurance agencies, though, be sure they offer a large menu of policies, and know the market.

A bonus is if you can find someone with a strong financial planning background who can scope out your needs.

Do I really need to give blood to make it all happen?

If you are young and looking for a policy less than $1 million, maybe not. More and more insurers now offer smaller policies that are available right away and require no medical exam. But they can cost extra and may not be renewable or convertible. Otherwise, you follow the traditional process. First, you answer a long list of health questions online or over the phone designed by actuaries to figure out how big a risk you are. What's your height and weight? Do you smoke or use drugs? Do you have a sibling or parent who died of diabetes or cancer before age 65? The insurance company will send a physician or nurse to your house to perform a medical exam. Insurers use all that information to sort you into different pricing tiers: smoker or nonsmoker first; then "standard," "preferred," or "preferred plus."

What if I tell them I don't smoke to get the cheaper rate?

If you're a regular smoker, they'll be able to see that when they check your medical history, and they may find evidence of cigarette use in your blood test. If it turns out you lied, they can deny you coverage or not pay out your policy. Better to be honest up front.

Who should I name as my beneficiary?

Usually your spouse, if you have a spouse; your kids (see below if your kids are under 18); or the loved one you trust most to care for your dependents.

About leaving the money directly to your kids: Insurance companies can't pay money out to minors until the court appoints a guardian, a process that can sometimes take months. If you want your money to go to your kids, it's better to set up a life insurance trust, name the trust as the beneficiary, and appoint a friend or family member as its trustee. That way the trustee can award the money to the child right away, or otherwise pay it out as you see fit. An estate lawyer can help with all this.

If you name your estate, in Canada that means the payout may be subject to probate taxes.

How big should my policy be?

There is no easy rule of thumb. Insurance companies will never issue a policy where an individual is worth more dead than alive. Having said that, to determine an accurate number, you can calculate all the expenses that your family would need to cover - mortgages, groceries, college tuition, etc. Many insurance sites offer handy calculators to help with this. Make sure to factor in your outstanding debts and the nonmonetary contributions you make to your household as well. For instance, if you take care of the children, include the cost of childcare.

If I need $1 million of life insurance according to the calculators, but I can't afford the premiums, what should I do?

Don't feel guilty; just buy a smaller policy. It's far worse to not buy anything or to buy too much insurance and stop paying your premiums because you can't afford it - that's wasted money. It's more important that your family gets some help, rather than none.

How do I know how long my policy should be for?

It's best to buy life insurance that covers you at least until your mortgage is paid off and the kids are securely out of college. After that, it comes down to your individual financial situation and goals.

Oh, wait. I just remembered I bummed a Marlboro at a cookout last week. Should I have come clean about that to the insurance doctor?

Most often insurers ask about your last cigarette, even if it was the only one you've had all year. Unfair, right? While we would never tell you to lie to anyone, we will point out that your practice of super-occasional smoke-bumming is extremely hard to prove. Insurers typically run a check using medical records databases, like one called the MIB (you can get a copy of your report here), and if they see you've lied, you'll risk getting your coverage denied. But smoking two cigarettes a year most likely won't show up on that.

What about weed? Does that count as smoking?

In the old days, smoke was smoke. More recently, insurers have gotten hip to the cannabis trend and started classifying medical marijuana in its own category. A few chill insurance companies will cover you as a nonsmoker if you smoke weed recreationally. Even so, your drug habit will knock you out of the cheapest health class. Not being a marijuana smoker will save you money.

OK, now to some practical questions. What if my spouse decides to murder me to get the cash?

Sounds intriguing, but insurance policies come with a contestability period to prevent you or your so-called loved ones from taking advantage of most sorts of fatal loopholes. If you commit suicide within two years, for instance, the policy is void. Meanwhile, insurance companies won't pay any beneficiary who is a suspect in your murder at any time. Just make sure to tell your significant other about this bylaw, especially if you notice that the brakes on your car have been cut and you find wire clippers under your bed.

How long will the whole thing take? The insurance application I mean, not my life.

In most cases, it will take a couple months to apply, get your physical, and activate the policy. But it's worth it, and you only have to do it once. So get going.

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A Totally-Not-Boring Guide to Life Insurance | Wealthsimple

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Wealthsimple makes powerful financial tools to help you grow and manage your money. Learn more You could make the argument that buying life insurance is the pentathlon of adulting. In service of being responsible and planning for the future, you fill out forms, estimate your living (and dying) expenses, and navigate phone calls with financial professionals to discuss things that are probably boring to financial professionals.

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Types of life insurance - video

There are three main types of insurance, Whole Life, Universal Life, and Term Life insurance. This short video provides a general introduction what each type if insurance is about without going into very difficult explanations. It explains each type by its offering and the typical needs, and when to purchase examples of each type. The host also provides his input on his personal opinion on each type of insurance.

I found this video to be useful to explain the three main types in a very short explanation. The only information missing from this video is the cost associated with each type of insurance.

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There are three types of life insurance: Whole life insurance, universal life insurance, and term life insurance. Each type of life insurance has it's own unique features. Whole life insurance has guarantees...a lot of them. It boasts a guaranteed premium, guaranteed death benefit, and guaranteed cash value accumulation. It also commonly earns dividends making it even more attractive. But whole life is quite complex and this can be intimidating to a lot of people. You're best not attempting to go it alone when it comes to whole life insurance. Universal life insurance drops many of the guarantees associated with whole life insurance in favor of potentially higher non-guaranteed benefits. It's often described as term insurance with a savings account. While this isn't 100% accurate, it's a reasonably good way to understand some of the fundamental elements of universal life insurance. There is a little controversy concerning universal life insurance policies, specifically older policies that were poorly implemented and poorly managed. They resulted in policy owners who now find themselves needing to either pay more premiums or take a reduction in death benefit. They aren't happy for obvious reasons. This isn't so much a flaw in the design of universal life insurance as it is user error. But, some people argue at least partially correctly that allowing users to make this mistake is a design flaw in and of itself. Term life insurance is temporary insurance coverage that covers you for a specific time period (hence the name term). It usually comes in level premium periods that are guaranteed. The three most common guaranteed level periods are 10, 15, and 20 years. There are other types of term life insurance, but they are extremely rare these days. If you're looking for more information about life insurance, be sure to check out: https://theinsuranceproblog.com

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What are the Three Main Type of Life Insurance?

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There are three types of life insurance: Whole life insurance, universal life insurance, and term life insurance. Each type of life insurance has it's own unique features. Whole life insurance has guarantees...a lot of them. It boasts a guaranteed premium, guaranteed death benefit, and guaranteed cash value accumulation.

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What kind of Life Insurance to buy?

In this video , the narrator the points you could be potentially buying the wrong type of policy coverage that could be hard on you, but beneficial to the insurance salesperson. Here the narrator explains the types of insurance available and details examples of your lifestyle and situations that is best suited to each type.

In this video, I do agree that Term is the cheapest insurance is more suited for immediate use or needs. Whereas, Whole life is best suited for families with children. I have seen grown children quarrel over money when their parents have passed, it is often gets very ugly when it comes down to money.

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How Much Life Insurance Should You Buy in Canada?

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Is Life Insurance a Scam?

This video is more informative, as the narrator addresses the common question about insurance, Is it a scam? He explains that Canada is very mature in the insurance business, as Sir John Macdonald was not only the first Prime Minister of Canada, he was also the President of Manulife Financial. Also, that the Canadian government heavily regulates with different provincial boards and also annual monitoring of Insurance companies to ensure they do not go bankrupt. He also informs that insurance can withheld payment for 2 years, if their is suspect fraud or inaccuracies in your policy. Therefore, being truthful and honest in your application will not cause problems down the road.

I learned from this information that the Government has vested interest in the insurance system. This is reassuring to know because it is one way to provide for my family in the event of my death that they will have insurance money that will take care of them.

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Life & Other Insurances In Canada Legit or SCAM? (Full Breakdown + WARNING!)

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Funeral Costs in Canada

Nobody likes to discuss about death, preparing for a funeral is very difficult for love ones to undertake. According to Eric Vandermeersch, founder and CEO of Basic Funerals, says funerals can be a low as $1500 or as high as $20,000, with an average of $8,500. The costs associated with funerals depends on personal preferences, cultural, values, and finally basic or traditional ceremonies.

I found this website informative because I did not know there were so many arrangement and costs associated with death. Some arrangements needed, death certificate and registration, transferring the body, shroud, casket, or urn, preparing the body, ceremonies, and finally burial or cremation services. I think it would be difficult to obtain $8500 from personal savings for funeral expenses.

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There comes a time in everyone's life when the subject of death has to be brought to the table. Nobody likes to think about it, let alone discuss the topic with their family, but putting off important decisions about final preparations will only make things more difficult for the loved ones you leave behind.

Making final arrangements ahead of time will take a lot of pressure off your survivors. Planning ahead lets everyone know what arrangements have to be made and how much it will cost, freeing them to deal with their grief without worrying about what to do next. That is where Funeral Insurance can help.

Costs and Arrangements

The cost can vary dramatically, depending on what you want. Eric Vandermeersch, founder and CEO of Basic Funerals, says after-death costs can be as low as $1,500 or as high as $20,000, with the average being around $8,500. He says the cost varies based on personal preferences, culture and values.

"It's like saying I want to buy a car, what should I budget for," Vandermeersch explains. "There are a lot of options. There are people looking for just the basics and there are people looking for more traditional ceremonies."

These are some post-death arrangements you'll need to consider. Prices are approximate and vary by city and province.
Death certificate ($15-$22) and registration ($55)
Every death must be legally registered before a death certificate can be issued. A death certificate is needed to apply for benefits, make an insurance claim and settle the estate. Costs for the certificate and registration varies by municipality and depends on the number of certificates reqested.
Transferring the body ($100 and up)
Transfer service fees vary based on how many times and how far the body needs to be moved. For example, the body may need to be moved from the place of death or transported to a cemetery or crematorium. You don't necessarily have to use a professional transfer service unless the body needs to be moved out of the province. Obviously, this will cost much more.
Shroud, casket or urn ($0-$3,000 and up)
Caskets and urns come in a wide variety of styles - and prices. From simple to elaborate. Or you can choose the no-cost option - a shroud. Some cemeteries allow you to bury the body in a simple shroud and the crematorium may let you use your own container for the ashes. Even though the funeral home will try to sell you a casket or urn, you don't have to buy from them. You may be able to find a better deal elsewhere.
Preparing the body ($125-$525)
Body preparation consists of bathing and grooming (applying make-up, if you like), then wrapping or dressing. You can also have the body embalmed. Although embalming is recommended, it may not be legally required in your province.
Ceremonies (funeral, visitation, memorial) plus staffing fees ($2,000 or more)
According to Vandermeersch, the sky is the limit when it comes to ceremonies in funeral homes, churches or chapels. "These costs go up because there are more staffing fees to consider, especially when a casket is involved, and then you might have a reception with food." Of course, formal services aren't mandatory. Family members can have an intimate service in their own home without a special license or permit as long as they're not being paid.
Burial plots and niches ($1,000 or more)
Family plots and side-by-side plots are generally highly desirable, making them more expensive, however single plots are often quite pricey, as well.
Cremation or burial services ($1,000 and up)
Vandermeersch says the number of Canadians choosing cremation is rising, especially direct cremations, the cheapest option.

Average Funeral Costs Per Province

British Columbia - $1,000 to $12,000. The professional service fee funeral directors charge usually covers transportation of the deceased, death certificate, registration and all the necessary documents.

Alberta - $4000 to $12,000, with the majority costing about $6000.00 - $8000.00.

Saskatchewan - The average cost is about $7,775. This includes a traditional funeral, casket and vault. Cemetery costs, the plot, opening and closing the grave and a grave marker can easily cost another $1,500 to $2,500.

Manitoba - A traditional burial (including a casket, funeral and cemetery costs) averages about $7,000 to $10,000. A $100 surcharge applies to graves dug during the winter.

Ontario - $1,500 to $20,000. Personal preference plays a big role in how a funeral will cost.

Quebec - A typical traditional funeral and burial costs about $9,000.

New Foundland and Labrador - Average funeral costs about $8,000, not including cemetery costs, plot, marker or opening and closing the grave, which can all add up to about another $1,500 to $2,500.

Nova Scotia - The average cost of a traditional funeral is $10,495.

New Brunswick - Funerals in New Brunswick cost about $9,000.

Prince Edward Island - Typical funerals and burials are about $9,000.

Funeral Costs Around the Globe

Tokyo, Japan - $1,629 to $80,393 (¥200,000 to ¥10 million)

Mexico City, Mexico - $482 to $11,568 (7,500-180,000 Pesos)

New York City, United States - $8,000 to $10,000

Toronto, Canada - $1,135 to $9,727 ($1,400 - 12,000 CAD)

London, United Kingdom - $7,433 (£4,836)

Beijing, China - $6,905 (42,837 Yuan)

Rome, Italy - $6,767 (€6,000)

Johannesburg, South Africa - $3,218 (40,000 ZAR)

Dubai, United Arab Emirates - $1,906 to $2,722 (7,000-10,000 Dh)

Moscow, Russia - $830 (46,108 RUB)

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How much does a funeral cost in Canada? Breaking down all costs.

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There comes a time in everyone's life when the subject of death has to be brought to the table. Nobody likes to think about it, let alone discuss the topic with their family, but putting off important decisions about final preparations will only make things more difficult for the loved ones you leave behind.

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Life Insurance Pros & Cons

This video is very general view of the pros and cons of life insurance. The narrator's opinion is that the pros of life insurance outweighs the cons. Life insurance should not be perceived as a monthly expense that you cannot enjoy when you die. It is there to fill financial gaps for your loved ones because death will happen.

I found this video to be very brief but straight to the point, death is unavoidable and one should take responsible steps to help our loved ones. I think the video should really touch on finding the right insurance so that it will not be a monthly burden.

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Fund Raising for Funeral expenses

In this article from the Windsor Star, Dennis Burgess died unexpectedly and his wife, Connie did not have money for his funeral as they did not have life insurance. Luckily, the Windsor Chapel Funeral Home allowed her to make payments over 2 years to assist her. Connie and her family held two annual golf tournaments to pay off this funeral debt. Recalling the hardships of this tragic event in her life, this tournament inspired Connie to hold annual golf tournaments to help others that have no life insurance and will struggle with funeral expenses.

I see this very often in media requesting fundraising for deaths and funerals, a very popular site is GoFundMe. I cannot imagine being in Connie's situation in this life changing event and having no money for funeral and most importantly, the financial future for my children and myself.

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When 46-year-old Dennis Burgess died unexpectedly two years ago, his wife, Connie, didn't have the money to pay for his funeral.

"I was devastated. How do you tell your daughter, 'Oh well, I didn't have enough money to bury your dad,'" Connie said Saturday at a golf tournament held in honour of her late husband.

"At that time, my brain was dead. I couldn't even think. I didn't even know what to do or where to go. I felt lost. I felt empty. We needed to have a little closure but I just didn't know how we were going to do it."

She said Windsor Chapel Funeral Home allowed her to pay the funeral and burial costs with payments over two years.

So Connie and her family held two annual golf fundraisers to help pay off what was owed. Now, they've decided to continue the fundraiser every year to help others who find themselves in a similar situation.

"Dennis was 46 when he died," said Connie. "Should I have had something? He didn't have insurance and we're not the only ones out there like that, so I want to make sure that even if it's just a little bit, it'll help someone who might go through what I went through."

About 40 people participated this year in the golf tournament fundraiser, held at Fox Glen Golf Club.

"I thought, you know what? Everyone's going to die, so if you don't have the money, that's OK because my little thing here can help a little bit."

Proceeds will be given to others who find themselves in need of financial assistance to help cover funeral costs through Windsor Chapel. The cost of a funeral can range from $7,000 to $11,000.

Connie's sister, Stacey Modolo, said she recalls the shock she felt being at her sister's side when they first got turned down at another local funeral home.

"When we went there, they basically said you need $7,500 deposit right now, and Connie said 'Well I don't have that kind of money,' so they closed their book and said basically 'good day,'" said Modolo.

"It's expensive to die - seriously. You need money right up front to pay for things, so you have to be able to afford to die, basically."

Connie was shattered and didn't know what to do.

"It was like I was in a kindergarten room, not having any clue what was the next step," said Connie. "You rehearse for a wedding, you don't rehearse for a funeral. I was just thinking, 'What do I do now?'"

It was at that point that Connie recalled her daughter, Cortnee, played on the same hockey team as the daughter of Windsor Chapel owner Leon Janisse.

Modolo contacted Janisse.

"He made things so much easier for us at a really horrible time and he did extras in a way that we'll never be able to repay him," said Modolo.

Janisse said he's honoured that he was able to help Connie and her family through their struggle and is now be a part of their amazing efforts to pay it forward.

"When they came to me, they were at a point where they didn't know where to turn or where to go," said Janisse. "They didn't get a good impression from the first place they went, so I basically said come in and we'll take care of you. That's first and foremost what we as funeral directors have to do - take care of people."

He said allowing people to pay for funerals in instalments is something he is proud to do.

"We try to help people out. There's so many facets of the funeral itself and people don't realize the costs can escalate," said Janisse. "It's true, it can add up quickly and people aren't ready for it. People don't walk around with thousands and thousands of dollars every day."

Connie said they chose to make it a golfing event because hitting the links was one of the things Dennis loved to do most. She said she plans to possibly hold a bowling fundraising event for the same cause in the winter, which was another sport he enjoyed.

Both Connie and Modolo - who refer to each other as not only sisters, but best friends - said the annual fundraisers that will continue to raise money are just another reason to celebrate Dennis.

"It's about keeping his memory alive because he's still a huge part of our lives even though he's not physically here with us," said Modolo. "So not only are we giving back, it's helping us. So nothing bad can come from this."

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Family helping others with funeral expenses fundraiser

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When 46-year-old Dennis Burgess died unexpectedly two years ago, his wife, Connie, didn't have the money to pay for his funeral. "I was devastated. How do you tell your daughter, 'Oh well, I didn't have enough money to bury your dad,'" Connie said Saturday at a golf tournament held in honour of her late husband.

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Why buy Life Insurance?

This picture (graph) lists the surveyed results from people who purchased life insurance and the reasons why. As you can see the Top 1 reason at 57% stated they wanted for Burial / Final expenses. As well, you can see the change in attitude from 2013 to 2019 for 3 other reasons: Replace Income and Pay Estate Bills.

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Consequences without Life Insurances

This picture really highlights the 6 consequences of someone who did not invest in a life insurance policy. I think it is appropriate to be financially responsible to your loved ones alive and in death. It is not really, "until death due us part".

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1. What did you learn about your topic that surprised you the most?
I was really surprised to learn that Sir John A, MacDonald was not only our First Prime Minister of Canada, but also President of Manulife Financial.
I also learned that the insurance companies are heavily regulated and the government annually checks on insurance companies to prevent bankruptcy.
I was also reassured that Assuris, will protect my coverage in the event when an insurance company becomes insolvent.

2. Provide a real-life example of how this topic is relevant or interesting
for you.

A real-life example that touches my heart is the loss of my father. I lost him when I was 9 years old, he left us tragically, and it was a now a family of 5. He was the bread winner of the family and had he decided against a life insurance policy, life would have been very difficult.  My father was a businessman, therefore, there were bills and taxes to be paid, debts & loans, mortgages, and it was definitely a financial hardship. How could my mother raise us, especially when my brother was only 1 years old?

3. If you could pass on your knowledge to a family member or friend, what
do you think is the most important thing to pass on?

The knowledge I learned and  would pass on to my family and friends about life insurance is, buy the right type of coverage and it will not be a financial expense. If the right policy is purchased, it will be stress-free to you while your alive and beneficial to your loved ones upon your death.
But mostly importantly, I would ask, how else can you save a million dollars?
My message is clear, death is unavoidable, it may be sad, but don't let it become a financial burden to ones you loved.