In Episode 9 of Dollar Seen Differently, Ryan Chin from Sunlife Financial and Peridot Financial Solutions explains the importance and types of life insurance available for individuals, including those with disabilities. Chin shares that life insurance is often sought to cover debts, leave a legacy, or handle final expenses, and it can help protect loved ones financially. He introduces three main types of life insurance: Term Insurance (temporary, covering a set period), Permanent Insurance (covers an individual’s entire life), and Participating Permanent Insurance (a policy that grows in value over time through dividends). He discusses eligibility, the application process, and how risk factors like age, health, and lifestyle impact premiums and policy approval. For those with pre-existing conditions, some policies may still be available with risk assessment. Chin encourages consulting with a knowledgeable advisor to determine the right coverage based on personal needs and goals.

Show notes: https://www.cnib.ca/sites/default/files/2024-11/Dollars%20Seen%20Differently%20Episode%209%20-%20Life%20Insurance.pdf