https://padlet.com/suekyungkwaun/cu610c03to3rl9sg By Sue Kyung Kwaun 13748-GNED-1119. Money Matters. Assignment #2 en-us 2021-03-21 00:56:18 UTC 2025-11-08 03:57:31 UTC hello@padlet.com https://padlet.net/icons/png/1f4b5.png suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1333340188 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!]]> 2021-03-21 00:58:59 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1333340188 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334525636 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 As for coverage types, it can be short or long term; a coverage can also generate equity that can be withdrawn.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.]]> 2021-03-21 14:21:41 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334525636 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334550556 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.]]> 2021-03-21 14:34:00 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334550556 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334587315 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.

]]> 2021-03-21 14:51:29 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334587315 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334609721 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.]]> 2021-03-21 15:02:40 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334609721 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334612298 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".]]> 2021-03-21 15:03:53 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334612298 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334612696 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.]]> 2021-03-21 15:04:04 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334612696 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334613177 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.]]> 2021-03-21 15:04:18 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334613177 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334613463 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.]]> 2021-03-21 15:04:27 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334613463 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334613823 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.]]> 2021-03-21 15:04:39 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1334613823 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1340084175 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.]]> 2021-03-22 20:30:11 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1340084175 suekyungkwaun https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1340349623 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.]]> 2021-03-22 22:11:05 UTC https://padlet.com/suekyungkwaun/cu610c03to3rl9sg/wish/1340349623