Life Insurance

This article on Money Sense talks about Life Insurance.

I worked at Life Insurance companies in Toronto in IT. I do have Life Insurance. I bought one that was a plain vanilla type of Whole Life Insurance. I believe that you buy Life Insurance to have guaranteed money. The main reason I bought Life Insurance was a guaranteed payment on death that could be used to pay things like taxes due on my estate.

I know that companies went into things like Universal Life type policies because interest rates rose sharply in the last 1970’s and insurance companies were not willing to guaranteed interest rates about the historical background rate of 3%. I am sure Life Insurance has changed over the years because I have not worked in a Life Insurance company since 1999.

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