How do new immigrants buy life insurance?

There are many life insurance companies in Canada, and some banks have life insurance. As a layman, I don't know which is better or worse. You must find out for yourself what suits you. Insurance salesmen can be divided into agents and brokers. Agents belong to only one insurance company, while brokers usually hold licenses from multiple insurance companies. On the surface, brokers can choose the one that suits you best from several insurance companies. So they say they have an advantage over agents. But in fact, it may not be that simple. Let's ask an expert to tell us what this is all about. When your name appears in the phone book, someone will call you and ask if you want to talk to a financial expert and arrange your financial plan. If you have time, I suggest you say yes, and then at the appointed time, a well-dressed insurance salesman will appear at your home. You must learn from him, but don't make a hasty decision. Pay attention to two points: first, the insurance salesman's time is precious. If you really can't buy his things, tell others as soon as possible and let him make money elsewhere as soon as possible. Second, ask more questions and make decisions slowly. Use other insurance salesmen's views to refute this salesman and draw their own conclusions. Through talking with insurance brokers, I gradually got to know something about insurance. The following is my experience: The fundamental purpose of life insurance is: when the main source of family income dies unfortunately, the rest of the family can get economic compensation and keep their living standards unchanged. For example, you can continue to have enough money to pay for your children's tuition, and you can continue to afford the house loan. After calculation, the amount of insurance is usually about ten times the annual income of the insured. There are two kinds of life insurance: $ TERM and universal life insurance $ TERM is term insurance You pay the premium (ten or tens of yuan per month). During the insurance period, if you die, the insurance company will pay the insurance money to your family without paying the inheritance tax. If you don't die, you get nothing. The premium is not fixed, and generally rises once every five or ten years. The extent of growth varies with the economic form. Some guarantee that it will not exceed a certain increase. Most $ TERM are convertible, that is, within a certain age range, they can be converted into universal life Universal life insurance is investment insurance. You pay the premium (several thousand yuan per year), and the insurance company deducts the management fee from your premium, and part of it is used for investment. During the insurance period, if you die, the insurance company will pay insurance money to your family without paying inheritance tax. If you are not dead, you will continue to pay the premium until your return on investment can pay the premium for you (usually 20 years later). Then, you don't have to pay any more, you still have insurance, and your insurance coverage is gradually increasing. Because history has proved that everyone will die sooner or later, and insurance companies will pay the money sooner or later, so some insurance companies have different ways to let you use your money before you die, which is equivalent to a part of your pension. An insurance broker compared $ TERM to renting a house and Universal Life to buying a house with a loan. The same is the payment, the former is finished, and the latter can finally get the house. But I think universal life insurance is equivalent to buying $ TERM and letting the insurance company help you invest (tax-free, appreciation) In fact, you can also use this money to buy RRSP or other investments (tax should be considered). So my conclusion is: if you have money to invest, investment insurance is one of the good choices; But for most new immigrants, $ TERM may be a more rational choice until their needs are met.