MTHEL131 Lecture Notes - Lecture 3: Procrastination, Financial Independence, The Great-West Life Assurance Company
14 Oct 2018
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Document Summary
Two important questions to ask yourself before getting life insurance: How much life insurance is appropriate for me: use capital needs worksheet. Two types of life insurances: individual insurance: life insurance contract between the insurer and the insured. Each party has its contract: term insurance, permanent insurance, group insurance: where people could acquire group insurance, characterized as the contract between the insurer and the corresponding group, no name appears anywhere in the contract. Usually cheaper: employer group (62%): employee can get some from the employer insurance package, creditor group (31%): banks take the life insurance to the borrowed amount, association group (7%): alumni of waterloo, 100,000 coverage for reasonable price. Criticisms: the same companies bring us the individual insurances also bring in group insurance. Great west life (24%) * keeps the company brands that they acquired. There are 80 insurance companies and these 5 account for 74%, while the other 75 account for 26% of the.
