Life insurance products are necessary and most widely considered for RRSP and protection/investment purposes for long term financial planning.

introduce life insurance to your family/client for their considerations why you think this is good for retirement/savings/protections and etc. (Assume your or your client's family is a couple at the ages of mid 30s and with one kid at the age of 5).

1. What is life insurance;

2. what are the main features of the life insurance you picked

3. How you introduce the life insurance product to your client/family in the financial planning;

Step 1

Determine the insurance value

	Expenses	Value
	Annual Income	CAD 80,000
A	Annual House hold expenses	CAD 24,000
	Planned expenses
B	RRSP expenses	CAD 14,400
C	RESP expenses	CAD 2,500
A+B+C	Total expenses / year	CAD 40,900
	No of years	20
	Inflation	2.5%
D	Total Expenses after accounting 2.5% inflation	CAD 885,019
E	Debt	CAD 500,000
F	Expected one time	CAD 5,000
D+E+F	Total Life Insurance value	CAD 1,390,019

Policy : Manulife Par Sample Contract - Single life with dividend option - Paid up insurance