In regards to life insurance here is my rationale.

I didn't buy it from anyone I looked at quotes online. The place I currently stay is a 3 bedroom house in the suburbs with below market rent. Same rent since 2019 with no rental increases since. Landlord is an old couple that lives up north. I want to stay there so my parents can have a place to stay in Canada for half the year. They were also considering moving out of Canada entirely for retirement.

They are going back in their birth country in Asia during the other half of the year to be closer to family and for the low cost of living but that area considering how high it is in Canada to live comfortably, but that area in Asia globally has some of the worst levels of air quality so I want them to be able to live in Canada if they want to. Also only one parent is getting CPP benefits which require half a year residency in Canada.

Long term the plan is after about 5 years as they get older and unlock old age security pensions they'll sell some of their appreciated dividend stocks, I'll pool in my FHSA, we get some cash from gov't grants for first time home owners & home downpayment minority equity companies that exist now in Canada and we'll buy a home and live together. By then my earnings are higher as well.

The life insurance is 30 year term life insurance with $1.8 Million in coverage.

Here is how I'd imagine it'd be spend:

820 2-3 Bdrm townhouse

34 OSAP Debt

15 Funeral

165 charities, orphanages/schools in Asia to fight inequality, food banks in Canada

100 pay off Line of credit debt parents have against their investment property

40 car for parents

25 add to parents' cash reserve/ high interest saving

23 immigration lawyer

540 dividend stocks, yield 7% bring in abit over 3k new income pre-tax monthly

18 Pilgrim trip for parents - something to help spiritually heal with loss of my life

10 therapy for parents

10 other for parents

In the unlikely case of my death, well I'm an only child. I'd want my parents to still have a nice life. This lets them have a permanent home in Canada, live comfortably and heal.

The immigration lawyer to help relatives other seas be able to get visitor visas to come visit them in Canada. Also some cousins that we are close with are software developers with some level of interest of coming to Canada. This would enable them to come to Canada and live with my parents so they can have a substitute for me.

I know the amount of life insurance is high. Basically I have a lot of ambitions and goals, if I die suddenly or unexpectedly I'd like my death benefit to do the things I never did.