MCS 2100 Chapter Notes - Chapter 9: Life Insurance, Mortgage Insurance, Term Life Insurance
11 Apr 2018
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Life insurance: an introduction: canadians are among the most life insured people in the world, many families are still not adequately covered. Determining your life insurance needs: factors to consider before buying life insurance include your present and future sources of income, other savings and income protection, group life insurance, group annuities, net worth, and government benefits. It pays the face value only if you die during the period it covers. If you stop paying the premium, the insurance stops. If the insured dies, the beneficiary receives the face value of the policy. ,000 is the same for each employee, regardless of age: for older employees, the employer pays a larger portion of the costs of the group policy. Advice from a pro: when it doubt, buy term insurance. It is least expensive, easy to understand, and a good start. If you want a whole life policy, buy a low load cash value policy.
