What is Life Insurance


Presentation Description

Definition of Life Insurance


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Presentation Transcript

What is Life Insurance? : 

What is Life Insurance? timetoinvest.ca

Definition : 

Definition Life insurance or life assurance is a contract between the policy owner and the insurer, the insurer agrees to pay a lump-sum of money at the insured's death. In return, the policy owner agrees to pay a stipulated amount called a premium. A benefit is paid to the designated Beneficiaries should the insured pass away.

Why individuals buy Life Insurance : 

Why individuals buy Life Insurance Immediate cash needs or expenses Final Expenses Mortgage Education Emergency Fund Child Care Debt Liquidation

Why individuals buy Life Insurance : 

Why individuals buy Life Insurance Maintaining family standard of living (income needs) Guideline – a family usually needs 75% of prior income upon the death of a spouse Assumptions: Mortgage has been paid off Education funds have been established for the children

Types of Life Insurance : 

Types of Life Insurance Term Life Insurance Permanent Life Insurance Universal Life Insurance

Disclaimer : 

Disclaimer The information in this presentation is provided for educational and information purposes only. You should not act or rely on any information on this site without seeking the advice of a professional advisor as appropriate. Commissions, fees and expenses all may be associated with life insurance services. The information provided is intended for residents of Ontario only.

Slide 7: 

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