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Thread: Shopping around for life insurance

  1. #81
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    ^ did you cancel policy? $50k richer? #You'reRicherThanYouThink

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    Quote Originally Posted by TomcoPDR View Post
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    ^ did you cancel policy? $50k richer? #You'reRicherThanYouThink
    Yes. Went into see my agent today and I was close to bailing but decided to fk it and sign away

    I don't know if I'm richer than I think but I'm definitely richer than what people think lol

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    Now the key is to not save or invest any of that money. Spend it now now now.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  4. #84
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    Big shoutout to all you guys who have messaged me and who ive been able to help so FAR! If anyone needs anything, please feel free to drop me a message!

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    A friend of mine suggested we ditch our life insurance and go with straight life insurance if needed without the 'investment' part. Reason is the high amount of commission the agent would take. Would appreciate your opinion and we will do our dued diligence.

    My wife:
    Age: 40
    Forrester Advantage Plus 20-pay Whole life insurance for $300,000.
    3 years into coverage

    Me:
    Age: 49
    Avari Wealthadvantage for $400,000
    Many years in so have about $30k of surrender value

    We have a 4 year old daughter and a 10 months old son.
    Currently single income family.
    I am a contractor and also have my own DI and CI coverage.

    Do you agree it's best to buy life insurance and do the investing on our own?

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    Read this thread, lots of opinions clearly stated.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    bigbadboss101, will send you a PM.

    Anyone else reading this thread. Be careful, a lot of misinformation on here. Life insurance is not a joke.

    Speak to a qualified agent, its a heavily regulated industry. Im assuming GonSho is a life agent, PM him or shoot me a message.

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    Quote Originally Posted by tonytiger55 View Post
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    Im assuming GonSho is a life agent, PM him or shoot me a message.
    No disrespect to GonSho personally, but a World Pyramid Scheme rep is the last person who I'd ask for any financial advice, including life insurance.
    Originally posted by max_boost
    Hey baller, any problem money can solve is no problem at all. Don't sweat it.

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    Yes I read the thread. Thing is it's not one size fit all and decisions would depend on each person or family's situation and goals. I do agree the fees can be high when you have someone else managing the investment aspect. We are leaning toward cashing out the WL, use that $ to pay off some debts, and both my wife and I will go with insurance only policies.
    Last edited by bigbadboss101; 04-08-2019 at 10:43 AM.

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    Quote Originally Posted by Strider View Post
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    No disrespect to GonSho personally, but a World Pyramid Scheme rep is the last person who I'd ask for any financial advice, including life insurance.
    You need to give your head a shake man, a good majority of people who are in this business for any real length of time know what we are talking about. I have clients who have million dollar accounts and clients who have almost nothing but wanted to start somewhere. My company gives the average person a better place to start investing or getting OUT of debt, than a bank EVER can or will..

    We deal with some of the oldest, biggest, well known and respected financial/insurance companies in Canada.


    @tonytiger55 I am life licensed, both here in Alberta and BC.
    Last edited by GOnSHO; 04-08-2019 at 10:59 AM.

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    Does anyone here have critical illness insurance?

    I have life insurance and critical illness and I can only get cash back on the critical illness, not both.

  12. #92
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    Quote Originally Posted by jaylo View Post
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    Does anyone here have critical illness insurance?

    I have life insurance and critical illness and I can only get cash back on the critical illness, not both.
    Hey bud,

    CI is normally the only type of insurance you can get ACTUAL Return of Premium rider, which gives you premiums paid back if you dont use it by a certain age if you wish to cancel it.

    There are a couple ways to setup life insurance to do something similar.

  13. #93
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    Quote Originally Posted by jaylo View Post
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    Does anyone here have critical illness insurance?

    I have life insurance and critical illness and I can only get cash back on the critical illness, not both.
    i have both through group benefits at work. CI is an optional opt-in, but definitely no option of cash back. it's a pretty low premium for myself, wife and son so maybe that's why there is no concept of cash back on it.

    what kind of LI do you have that you're expecting to get cash back? Is it Term or Whole Life? As far as i know, only SOME Whole Life policies do cash back

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    Quote Originally Posted by sabad66 View Post
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    i have both through group benefits at work. CI is an optional opt-in, but definitely no option of cash back. it's a pretty low premium for myself, wife and son so maybe that's why there is no concept of cash back on it.

    what kind of LI do you have that you're expecting to get cash back? Is it Term or Whole Life? As far as i know, only SOME Whole Life policies do cash back
    You can actually setup a UL that ACTS like a term, so that after the 20 years all the money you paid in, is what the cash/surrender value is, then cancel it and get all your money back. Instead of running a UL until you are 100.. ha

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    Quote Originally Posted by jaylo View Post
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    Does anyone here have critical illness insurance?

    I have life insurance and critical illness and I can only get cash back on the critical illness, not both.
    With Critical illness you can get your premiums paid back with two options. 1. Payback at surrender. 2. Payback when policy expires.
    Some companies offer both.

    Life insurance works a bit differently. Depends on the product and how it has been set up to serve your immediate need and potential future needs.

    Quote Originally Posted by sabad66 View Post
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    i have both through group benefits at work. CI is an optional opt-in, but definitely no option of cash back. it's a pretty low premium for myself, wife and son so maybe that's why there is no concept of cash back on it.

    what kind of LI do you have that you're expecting to get cash back? Is it Term or Whole Life? As far as i know, only SOME Whole Life policies do cash back
    sabad66, Pull your documents and read through them or have a life agent explain it to you. Don't fall for the 'I have great benefits at work' line unless you know what it is and actually comparing too.
    Generally speaking work benefits are a lot different than a bespoke policy and may not cover your actual risk and that of your family. If you have not had a medical at the time of application, then the underwriting is done after you get sick/or die and you may not be guaranteed.

  16. #96
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    Quote Originally Posted by tonytiger55 View Post
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    With Critical illness you can get your premiums paid back with two options. 1. Payback at surrender. 2. Payback when policy expires.
    Some companies offer both.

    Life insurance works a bit differently. Depends on the product and how it has been set up to serve your immediate need and potential future needs.



    sabad66, Pull your documents and read through them or have a life agent explain it to you. Don't fall for the 'I have great benefits at work' line unless you know what it is and actually comparing too.
    Generally speaking work benefits are a lot different than a bespoke policy and may not cover your actual risk and that of your family. If you have not had a medical at the time of application, then the underwriting is done after you get sick/or die and you may not be guaranteed.
    THIS GUY!! you know what youre talking about! I love it!

    When I sit with clients who have benefits through work, I always ask they have a copy of the benefits package to go through and explain to them what it is EXACTLY they have.

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    Any recommendations for provider of term life? Have been with RBC, but having a hard time getting in touch with them to renew, and that's pissing me off.

    Going to be reviewing the insurance requirements as well, since they will be drastically different than they were 10 years ago when I did this policy.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  18. #98
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    Quote Originally Posted by ExtraSlow View Post
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    Any recommendations for provider of term life? Have been with RBC, but having a hard time getting in touch with them to renew, and that's pissing me off.

    Going to be reviewing the insurance requirements as well, since they will be drastically different than they were 10 years ago when I did this policy.
    x2. My renewal went from ~$50/month to over $400 now that I’ve finished 45 solar orbits.

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    Quote Originally Posted by Darell_n View Post
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    x2. My renewal went from ~$50/month to over $400 now that I’ve finished 45 solar orbits.
    I'm thinking I don't need the same dollar figure of coverage now that my kids are older and the risk I was insuring against was thier dependent years. But I haven't done the math and other people have different theories on what life insurance is for.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  20. #100
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    Quote Originally Posted by ExtraSlow View Post
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    I'm thinking I don't need the same dollar figure of coverage now that my kids are older and the risk I was insuring against was thier dependent years. But I haven't done the math and other people have different theories on what life insurance is for.
    I think we share similar thoughts on this. As I get older, I want my overall amount of coverage to go down and eventually be zero. When I was 37 I signed up for a 20 year term as we had just started a family. I've got 10 years left and won't be renewing it (assuming I'm alive and it hasn't been paid out).

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