How Life Insurance Works in Canada | Insurance 101

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How Life Insurance Works in Canada | Insurance 101

Let's Face It!
Life Insurance is not something that you wake up in the morning and say ''Oh Yeah, i need to get a Life Insurance!''

but the fact is, we all eventually need life insurance to protect the people you loved and yourself included

There are so many types of life insurance policies in Canada,
There are Term, Permanent, Whole Life, Universal Life, T -100, Participating Life Insurance, Non-par life Insurance, and many more

I will be going over the basic terminology in life insurance, the different types of life insurance you can get in Canada
how they REALLY work,
and how much life insurance coverage should you need
so that you can get the most appropriate one for your needs.

Enjoy!

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Thomas is a 10-year veteran advisor in the insurance and investment industry.
He understands the life stages and challenges that people are going through.
Therefore, the purpose of this channel is to bring awareness to the importance of financial education.
No matter what age group you are in,
knowledge has the potential to unlock wealth.

Better Mindset | Better Life!

[Adams]

Munger and Buffett have both achieved an incredible feat with Berkshire. They've turned thousands to billions, and have made a lot of people wealthy in the process. I really saw the potential of the stock market by reading Berkshire's annual letters. I recently sold my $674k apartment in the Bel Air area and I'm hoping to throw it into the stock market. I just don't want to lose everything.

[zoelee]

The most important tool for family financial planning. Thank you for sharing!

[agaragar]

Thank you for that CLEAR, and Basic Explanation !

[paulyau]

Thanks Thomas, this video is very helpful. I am going to talk to my family about that

[AlphaHybridPlus]

what's the Canadian equivalent product of the US' Cash Value Life Insurance where you can take loans against your policy and etc.

[Lennett]

Thanks for sharing. This applies to HK insurance as well. Good financial planning is really important to protect the family economy.

[sds.getrich]

Nice sharing! Life insurance with savings are common in Hong Kong

[the_campbellsadventures]

Very informative thank you for sharing

[haritosaroutzidis]

You are amazing great video and thank you for the knowledge 🙏

[robisaacs]

Great info. I'm researching life insurance policies at the moment. Your show seemed on point. Compared to all of the other people who I've listened to that I would consider credible. Thank you. I would like to speak in the near future with you. Thanks again.

[lameGrapeify]

Hi Thomas. Love your vids and thanks for taking the time to read my comment. I'm wondering if I choose a 20year term insurance which is convertible to premium after the term ends, how much more will the premium be? And in terms of total cost, is it usually cheaper to do a combination of 20y term then convert to permanent? Or start with permanent? THANKS!

[Shavonne]

Hi, I just consulted RBC for a term 20 permanent Life Insurance. After 20 years the policy will start paying itself and I would have accumulated 119k in cash value and only over 400k in death benefits… obviously both the cash value and the death benefit will keep growing the longer I live… Do you think it’s a good plan? Also I pay about 329$ for this

[julietmay]

Hi Thomas, thank you for your sharing, it's a great video.

[Mm_bear]

Hi Tom, I really enjoy your posts! Very informative!
I am planning on retiring next year as I will be 65, however, I will need life insurance as I have grown children. I would prefer permanent life insurance. I’ve been quoted $100 per month. What do you suggest please?

[smilesoulhealing]

Very informative and helpful video!! Thank you!!

[devineinfinitee]

Great Information! So much to learn about life insurance. Can you only take out life insurance on yourself? or can you do it for your spouse and children?

[michaelfebruary]

Hey Tom, thanks for the excellent break down!

After deciding on an insurance company, would it be of any benefit to switch companies afterwards (shop around either mid term or after the completion of a term), or is it pretty typical for someone to stay with the same company upon renewal?

Also, are Canadians protected for any amount in the event that an insurance company defaults?

[jagjitparhar]

Great video Thomas. Thank you very much. Just curious about cash surrender value in a life insurance policy. Is it taxable? Thanks

[CaIlMeBiggy]

Hey, I recently got a job in my field and I am starting to think about getting life insurance. I previously talked about this with my bank, but I felt as if they were just trying to sell me their products. Where can I contact you for more help?

[AmaAhoufe]

What is the policy that allows you to borrow money from the plan?