Life Insurance 101 – Young Guys Finance

Hey everyone As part of Financial Literacy Month, we've partnered with the Financial Services Commission of Ontario known as FSCO to talk about life insurance Specifically what it is, how it works, and why it's important We also did a video on how health insurance works, and you can find that video in the description below Life insurance works similarly to other insurance plans or products Throughout the life of your policy you pay a monthly or annual amount, called a premium, into a pool That's managed by the insurance company, also known as the insurer When you pass away, expectedly or unexpectedly, the insurer will pay a lump sum known as the death benefit to your beneficiary or estate A beneficiary is somebody that you choose to receive the lump sum when you die This money can be used to pay off funeral costs, mortgages, credit cards or any other debt If you're the main provider for your family, and in the event that you pass Will your family be able to cover the monthly expenses, like the mortgage, without you? A life insurance payout could alleviate the financial stress It's hard for young Canadians to think about life insurance so early on in our lives because we're just getting started It's hard enough to think about the next couple of years and even harder to think about retirement and beyond But the great thing about getting a life insurance plan when you're young is that the premiums are often lower Than if you started later on in your life Our thoughts about life insurance is that it isn't necessarily required for everyone but it's definitely worth considering if you have student debt, a mortgage, or are currently the only income earner in your family We suggest that you talk with your partner and your family to determine if life insurance is right for you For more information about life insurance in Ontario, be sure to check out FSCO's brand new website which you can find the link in the description below Again, thank you to FSCO for working with us to help spread the word about life insurance to Canadians Thanks for watching be sure to like, comment and subscribe below

Source: Youtube

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