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Planning · Insurance

Insurance Comprehension46 tools: how insurance actually works

Insurance is sold in jargon, so we rebuilt it as something you can touch. Every tool below is a working model: drag the sliders, break the policy, watch the money move. Grouped by product, life insurance on one side, accident & sickness on the other. Hover any card to read what it teaches; click to open the tool.

Life Insurance 27 tools

Term Life 04

Term Life Term Premium & Renewal Staircase Premiums step up at each renewal; non-renewable cliff Term Life Term Death-Benefit Shapes Level vs decreasing (mortgage) vs increasing Term Life Lives-Insured Explorer Single vs joint first-to-die vs last-to-die Term Life Convertible Term: Conversion Cost Attained-age vs original-age conversion

Whole Life & Term-100 06

Whole Life & Term-100 Whole Life Engine Cost of insurance vs cash value vs death benefit Whole Life & Term-100 Participating Dividend Engine Dividend options & their effect on CV & death benefit Whole Life & Term-100 Non-Forfeiture Options CSV / reduced paid-up / extended term at lapse Whole Life & Term-100 Premium Payment Structures Ongoing vs single vs limited-pay (20-pay) Whole Life & Term-100 Premium Offset Illustrator Using dividends to cover premiums (not guaranteed) Whole Life & Term-100 Term-100 vs Whole Life vs Term Permanent coverage with little/no cash value

Universal Life 05

Universal Life Universal Life Simulator Premium unbundling & policy collapse Universal Life Cost of Insurance: YRT vs LCOI Net amount at risk & the YRT/LCOI crossover Universal Life UL Death Benefit Options Level / +account / +cumulative premiums / indexed Universal Life UL as Tax-Shelter / Accumulating Fund Withdrawals, policy loans, leverage Universal Life The Shelter Test 15 conditions that must exist before UL works as a tax shelter; pull out the ones you don’t have

Riders & Benefits 03

Riders & Benefits Rider & Supplementary Benefit Builder Toggle riders; cost vs coverage added Riders & Benefits Guaranteed Insurability Schedule Future purchase option windows/ages Riders & Benefits Waiver of Premium Timeline Waiting period before premiums are waived

Group Life 02

Group Life Group Schedule-of-Benefits Calculator Earnings-multiple / flat / service / combination Group Life Conversion & Group-vs-Individual Conversion privileges; group vs individual

Taxation 03

Taxation ACB & Policy-Gain Calculator Taxable gain on surrender & policy loans Taxation Exempt vs Non-Exempt (MTAR) Test Insurance-vs-investment exemption line Taxation Assignment & Rollover Outcomes Spousal/child rollovers & attribution

Business Uses 02

Business Uses Buy-Sell Funding Comparator Cross-purchase vs criss-cross vs redemption + CDA Business Uses Key-Person Need Calculator Coverage to offset losing a key person

Needs & Underwriting 02

Needs & Underwriting Life Insurance Needs Calculator Capital needs / income replacement / human life value Needs & Underwriting Underwriting Risk Classifier Health/lifestyle → standard/rated/declined

Accident & Sickness 19 tools

Disability Insurance 07

Disability Insurance Disability EI / DI Timeline Waiting/benefit period meshing with EI Disability Insurance Occupational Classification Risk class 4A→B drives premium & availability Disability Insurance Definition of Disability Explorer Own / regular / any / total (CPP) Disability Insurance DI Benefit Amount (Taxable vs Tax-Free) Personally-paid vs employer-paid outcomes Disability Insurance DI Policy Type Comparison Non-cancellable / guaranteed-renewable / cancellable / GI Disability Insurance DI Rider Builder FPO, COLA, residual, AD&D, ROP, hospitalization Disability Insurance Partial / Residual Benefit Calculator Proportional benefit by % income loss

Group & Creditor DI 02

Group & Creditor DI Group STD vs LTD vs Individual Non-evidence max; group offset; integration Group & Creditor DI Creditor/Mortgage DI vs Traditional Who is protected; declining benefit

Critical Illness 02

Critical Illness Critical Illness Explorer Big-4 vs expanded; survival period; ROP Critical Illness CI vs DI vs LTC Gap Map Which product covers which risk

Long-Term Care 01

Long-Term Care Long-Term Care: ADL Trigger + Cost ADLs that trigger; home/facility care costs

Extended Health & Travel 03

Extended Health & Travel Extended Health Reimbursement Deductible + co-insurance + maximums Extended Health & Travel Travel Insurance Explorer Insurer vs credit-card; pre-existing exclusions Extended Health & Travel Medical Expense Tax Credit METC threshold & credit calculation

Business A&S 02

Business A&S Business Overhead Expense (BOE) Expenses reimbursed during owner disability Business A&S Disability Buy-Out & Key-Person Funding a buy-sell / key person on disability

Government Programs 01

Government Programs EI / CPP-QPP / Workers’ Comp Integrator Government offsets vs private coverage

Needs Profiler 01

Needs Profiler Accident & Sickness Needs Profiler Protection gap for income, savings, assets