MTHEL131 Lecture Notes - Lecture 2: Disability Insurance, Life Insurance, Confederation Life
27 Mar 2016
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Disadvantages: guarantees a large amount of cash paid, not available for people who are in poor health immediately upon the death of the policy owner (no other product guarantees that, life insurance proceeds pass directly to the beneficiary. Saves time: life insurance proceeds are confidential -> no. Profile of life and health insurance industry in canada: offers a wide range of financial products. Investment: life, disability, long-term care, critical illness, health insurance, rrsp, annuities, mutual funds, segregated funds. Health insurance is designed to reimburse out of pocket expenses. Most common place to get health insurance is through employer group benefits. Health insurance ex: dental, physiotherapy, medication, extended health, outside medical: protects over 30 million canadians in some form. Life insurance industry pays out ~. 1billion in benefits to canadians every week. 90% of that amount is paid to the living (retirement, disability, etc. ) (no one died)
