Life insurance ???

[femme.fatale.]

Interesting. In what way would a financial advisor be able to give you insurance advice that an insurance broker would not? Or did you opt to save/invest in stead of getting insurance?

He helped us to set realistic $ amounts for each of us, and helped us to find the best rates, as well as set everything up.

He suggested, rightly, that we increase my life insurance, because while I'm not the breadwinner in the family, I am the primary caregiver to our children, and I need to be around to allow my husband to be the breadwinner. My role is more integral to our family financials than both of us considered. Something that no other insurance agent brought up.

He helped us set up life insurance for both kids, as a way to hide money as an investment for them as they grow, to a nice little retirement nest egg for each of them.

Technically, we saved money, because he knew where to look for what we needed, where we didn't really have that ability - unless we spent days chasing stuff on the phone.

It was nice to walk in, set it up and walk out. We did have to go back a month or so later to finalize all the paperwork but much easier, I found, than previous go rounds with our old insurance company.



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[Caper11]

Anyone have a cooperators policy? I like the fact that they pay all of your premiums back to you if yah survive past 65.
I I'm thinking of upping my life policy that I've had since I was 16 but wonder about the change in work and lifestyle.

My accident insurance policy is expensive and I got it the same time as my life. I do remember asking the agent if I was covered while I was sledding and racing and she said yes but times change.


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[femme.fatale.]

We had Co-operators before we switched. Our current plans do the same thing - different company. We pay a lot of money into retirement/ RESPs/ TFSAs and life/disability and health insurance. Sometimes it feels like overkill, but I'd rather pay for the whatifs instead of being ohfuked. (anxiety problems for the win! ha)

My husband is self employed, and his boss likes the idea of all the insurance,. HA

Anyone have a cooperators policy? I like the fact that they pay all of your premiums back to you if yah survive past 65.
I I'm thinking of upping my life policy that I've had since I was 16 but wonder about the change in work and lifestyle.

My accident insurance policy is expensive and I got it the same time as my life. I do remember asking the agent if I was covered while I was sledding and racing and she said yes but times change.


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[Caper11]

We had Co-operators before we switched. Our current plans do the same thing - different company. We pay a lot of money into retirement/ RESPs/ TFSAs and life/disability and health insurance. Sometimes it feels like overkill, but I'd rather pay for the whatifs instead of being ohfuked. (anxiety problems for the win! ha)

My husband is self employed, and his boss likes the idea of all the insurance,. HA

Thank you, you mentioned you are currently with a financial advisor? What did they do for you over the cooperators?
Can you elaborate on which one/company you recommend?

 

[johnnytrail]

I looked at it recently and the cost was very high ! I calculated with investing that money properly the returns are more certain and enough to look after others if something were to happen to me .
+ Insurance companies never want to pay out and all the lost time on fighting for your payout could be better spent

also these Insurance " Investments " dont seem to pay out that well if anything in terms in terms of interest .

 

[femme.fatale.]

i'LL dm U

 

[femme.fatale.]

One other cool thing our advisor did for us was to help us invest in a life insurance policy for each of the kids that grows with them, we put in 1,200 a year for 18 years and it grows via the interest. After the 18 years is up, we are able to leave that money in their account - again, accumulating interest. The money is theirs whenever they want to access it, but I am thinking of leaving it a secret until they close in on retirement age - they will both have north of 200 k (if I remember correctly) that is tax free as a little retirement bonus.

They are lucky I love them lol

 

[gdhillon]

I recently have forcibly had the thought of getting myself and the fiance insurance as well. I'm 24 soon to be wife is 24 as well. There was a local guy who was doing 'consults' at the temple a few weekends ago. I didn't have a lick of trust for the guy but I decided to hear him out for my personal humor (fiance made me lol). Buy his calculation if we both put in a certain amount until we are 65 we will be insured for 250k each in the case of death. I don't remember the monthly amount because I didn't give it much thought but I remembered this thread and thought I should see what you guys think I should do.

 

[S.W.A.T.]

I'm worth more dead then alive. Hahaha. Wife and kids will be fine for many years. Props to Canada Life.
P.s. quit smoking or chewing drops your premium in half.

My uncle, who was pretty well off, use to say the definition of a true millionair wasn't having a million when you die but owing a million when when you go, make sure your insured and screw the banks for it when your gone. Very ironically he actually did just that.

 

[007sevens]

I recently have forcibly had the thought of getting myself and the fiance insurance as well. I'm 24 soon to be wife is 24 as well. There was a local guy who was doing 'consults' at the temple a few weekends ago. I didn't have a lick of trust for the guy but I decided to hear him out for my personal humor (fiance made me lol). Buy his calculation if we both put in a certain amount until we are 65 we will be insured for 250k each in the case of death. I don't remember the monthly amount because I didn't give it much thought but I remembered this thread and thought I should see what you guys think I should do.

That sounds like a whole life policy.

 

[gdhillon]

That sounds like a whole life policy.

In your opinion is that better than a term type policy?

 

[007sevens]

In your opinion is that better than a term type policy?

A whole life policy will cost you more for the same coverage in a term but it will never expire.

A term Life policy will cost you less but it will expire at some time. If you are good with your money and you invest the difference between Whole Life and Term Life, you can build a nice little nest egg.

I strongly suggest sitting with a person who is in the business. Life insurance is something you should defiantly have and the sooner the better off in the long run. Think of it as a toy collection. The sooner you start collecting the more your family can sell off when you die. lol

 

[rebel]

Buy life insurance early and get as much as you can/need for your family to be comfortable without you. I never maxed and now I can't increase. I never thought id have cancer at 34. Then another different cancer at 36. You just never know.

 

[gdhillon]

A whole life policy will cost you more for the same coverage in a term but it will never expire.

A term Life policy will cost you less but it will expire at some time. If you are good with your money and you invest the difference between Whole Life and Term Life, you can build a nice little nest egg.

I strongly suggest sitting with a person who is in the business. Life insurance is something you should defiantly have and the sooner the better off in the long run. Think of it as a toy collection. The sooner you start collecting the more your family can sell off when you die. lol

Okay,I'll do that on my next set of days off.Would sunlife be a good company to go through?

I'm not the best with my money, getting better but I still like to make stupid purchases lol

 

[sweld]

Word of caution on sunlife. I had a policy through them and had a special rating for back country snowmobiling. Extra 125 a month. I sold my sled and they wouldn't take the rating off. I had to cancel my whole policy


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[007sevens]

Okay,I'll do that on my next set of days off.Would sunlife be a good company to go through?

I'm not the best with my money, getting better but I still like to make stupid purchases lol

Yes Sunlife is a good one, however some life insurance salesman will have access to many companies and will help you make the best decision.

 

[007sevens]

Word of caution on sunlife. I had a policy through them and had a special rating for back country snowmobiling. Extra 125 a month. I sold my sled and they wouldn't take the rating off. I had to cancel my whole policy


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Be very careful about any riders on your policy. Read the small print as this can be very grey. I personally pay $750/month for a 2 mil policy. Of that $750, $450 is the rider for backcountry and I'm covered for anything that happens. You can't fight for a nickel when your staring at 6ft of dirt.