Shopping around for life insurance

[Tik-Tok]

We got 25 year term to match our 25 year mortgage. After that, with no mortgage to pay, our work coverage is more than adequate for funeral expenses and a year or so with no household income to grieve with.

[schurchill39]

Piggy backing on Papa Slow's comment then who is everyone through and would they recommend them to others? I was also looking at RBC but their communication on it leaves a lot to be desired.

[Pacman]

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Piggy backing on Papa Slow's comment then who is everyone through and would they recommend them to others? I was also looking at RBC but their communication on it leaves a lot to be desired.

I'm with TD Meloche Monnex. No clue how they compare to others but, I haven't had any issues with them. I suspect they are more expensive than their peers if they are anything like their car and house insurance.

[ThePenIsMightier]

I had that kind from Canada Life where you can cash it in and I recently did. I got something like $10k out of it which was better than a kick in the ass with a frozen boot.
Maybe that style is one to consider. Wish I could recall the name/type... It's not "term" and I think it's different from whatever WFG sells.

[ExtraSlow]

That's the kind I don't want. That's the kind I hate. Term is the kind I want.

[vengie]

My wife and I are both through Manulife.

We pay $154/month covering us both for life and critical illness.
I'll need to look at the details again, but I believe its set to renew when we are 45, which isn't any time soon.

[tonytiger55]

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Piggy backing on Papa Slow's comment then who is everyone through and would they recommend them to others? I was also looking at RBC but their communication on it leaves a lot to be desired.

Figure out what risk you want covered and how long for. Then you can shop around for numbers. For example if you want a term 25 with $300k coverage. Then you can use that to measure from each company. I did the same when I was a life agent. Some of the bigger firms just added junk to the policy and price was inflated. Don't get bogged down with big names like Sunlife. Life insurance and critical illess is heavily regulated. So once you are dead you are dead. Its not complicated.
The complicated part is structuring it and working out your risks. 90% of my work was deconstructing polices that were put together that were not suitable for a client.

If you want I can give you the number of my guy. Even I did not go with my company when I was a life agent.

My wife and I are both through Manulife.

We pay $154/month covering us both for life and critical illness.
I'll need to look at the details again, but I believe its set to renew when we are 45, which isn't any time soon.

@vengie . Look at it in detail. A critical illness policy expiring when you 45 is not necessarily good. That is the age when you need it as shit starts to go wrong. The renewal at that age will jackup the prices. Especially as a guy. One you hit late 30's. Early 40s. Prices shoot up as risk of developing something goes up. Review it and change it now cos that price will be locked in.

[npham]

I've got a buddy who can help you out, as he's done ours plus countless friends. Not his main job anymore but if he can't help, he could direct you to someone good. PM for his contact info.

[flipstah]

Manulife can combine term + universal for one sum.

Ex. 50/50 term + universal

Combines the best of both.

[suntan]

Contact Co-operators. Extremely straightforward life insurance contract (mine's three pages in 14pt font and tons of whitespace).

[jaylo]

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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 response by @tonytiger55 is the best response in this whole thread.

Start early with critical illness and life insurance and when you turn a certain age when "2. Payback when the policy expires" at least you have some cash waiting for you.

A CI for $200/month for 25 years is $60,000, it's nice to have, granted it won't be worth as much by then.

We can start to pull out funds at 60 years old and the kids at 18 years old.

Some spare change money helps in every way in the future.

Don't be the most of the retired general population living under CPP, it's not enough money to enjoy retirement.

[Tik-Tok]

Term CI is about $50 a month. So $150/month difference invested over 25 years is closer to $200g.

I get it, it's easier, but you can make triple the money, rather than having an investment insurance company make money from your funding.

[Recca168]

My policy from BMO was up for renewal couple years ago and they were terrible to get a hold of too. I gave PolicyMe a try and worked out pretty well. Application was online and they schedule a phone interview. Then setup 10 + 20 year term life policy through Manulife. Might have a referral link. PM me if you want it

[jaylo]

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Term CI is about $50 a month. So $150/month difference invested over 25 years is closer to $200g.

I get it, it's easier, but you can make triple the money, rather than having an investment insurance company make money from your funding.

I would not decrease CI payments just to offset and use the rest of the fund to invest in the stock market.

CI and LI are no joke when you need them. The monthly payments, though not appreciating in value is a form of set-it-and-forget-it payment to cover the what-ifs.

[tonytiger55]

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I would not decrease CI payments just to offset and use the rest of the fund to invest in the stock market.

CI and LI are no joke when you need them. The monthly payments, though not appreciating in value is a form of set-it-and-forget-it payment to cover the what-ifs.

This.

I don't think people understand how this works. If one invests that money over 10-15 years and makes x 5 on the return that is great. When one falls sick or dies the 'time' is something that is gone.

I have had a couple of emails asking. I'l break it down like this.
Forget about the cost for a moment. Calculate your risk first. Its not just the mortgage that has to be covered. How will your partner work and raise the kids? Would some income be needed so he/she can not work for a few years till the kids are older or till they are 18? How old are the vehicles? Will they need to be replaced in 2-5 years? Where is the money going to come from? The NDP? Use your income AFTER tax to run real numbers. Now as you age, the debit risk goes down as it is paid off, kids get older etc. You can layer up term polices so they expire as mortgage. So once you figure out your risk and how to structure the policy THEN shop around. The risk of dying or getting a illness shoots up as you hit late 30s. So if you have a policy up for renewal in at that age onwards. Review it now and get the price locked in.

Think of it like a subscription. We subscribe to netlfix/crave etc for entertainment needs, cell phone for communication needs. All these subscriptions are within a limit of out needs and budget. The same thing is for life insurance. Its a subscription to chunk of money to solve problems immediately.

Also factor in if both parents die. It has happened. Don't put the kids as a beneficiary. Put a contingent in. Like a brother or a inlaw to look out till the kids are at least 25 or 27.

Judging by the cancer stats and the number of members here. A few of us here on this forum WILL be getting cancer.

[suntan]

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Judging by the cancer stats and the number of members here. A few of us here on this forum WILL be getting cancer.

The likelihood of a male getting prostate cancer is around 100% if you live long enough.

[Tik-Tok]

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This.

I don't think people understand how this works. If one invests that money over 10-15 years and makes x 5 on the return that is great. When one falls sick or dies the 'time' is something that is gone.

I'm not taking about no insurance, I'm taking the difference between the type where you get money back, and the type where you don't. The monthly difference between the two isnt negligible and better off personally invested. You still get the same "payout" if you become critically ill, or dead.

[schurchill39]

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My policy from BMO was up for renewal couple years ago and they were terrible to get a hold of too. I gave PolicyMe a try and worked out pretty well. Application was online and they schedule a phone interview. Then setup 10 + 20 year term life policy through Manulife. Might have a referral link. PM me if you want it

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This.

I don't think people understand how this works. If one invests that money over 10-15 years and makes x 5 on the return that is great. When one falls sick or dies the 'time' is something that is gone.

I have had a couple of emails asking. I'l break it down like this.
SNIPPPPP

This layered policy is not something I had considered until our resident Kelloggs celebrity mentioned it when I PM'ed him. I think that its a brilliant approach and not one I would have considered before. Getting those premiums locked in when you still fall under the "young" category makes a ton of sense and also is a great way to reduce total insured value later in live when you don't need to cover a much risk because kids are older, more of the house is paid off, your mistress moves on etc.

[Xtrema]

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The likelihood of a male getting prostate cancer is around 100% if you live long enough.

You can always go Caitlyn Jenner.