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Originally Posted by CroFlames
Since this is the de facto ask Slava questions thread:
If you are controlling BP with medication, do insurers just look at you as a normal applicant, or would rates still be higher despite your controlled BP?
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Basically yes, depending on how long you have been on the medication and how stable it is. In a lot of cases though, you can get a "standard" offer for coverage.
Quote:
Originally Posted by pseudoreality
I am going to give an alternative point of view. Keep in mind this is my personal opinion and not the recommendation of any kind of licensed professional. I don't think life insurance is the best choice for most people. For most people, I believe its better to just take the money you would have put towards life insurance and put it into a balanced (60/40), diversified portfolio (ETFs, not high-fee mutual funds) in the priority order of TSFA/RRSP/non-registered accounts. Keep your debt in check, have a good will and talk with your wife about what might happen. If you do that, you will be able to manage with the unlikely situation of something happening to either or both of you, while at same time investing in your future.
Again, this is just my opinion and what my family chooses to do. If you or your wife are not very employable and you live the high life on consumer debt, then maybe you need life insurance.
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Well this has a lot of really specific things to consider with it. If you have kids/not, if you have specific things that you would like to have happen in the event of your death (paying off the house, not having to work for a period of time, making a donation to a particular organization, etc.) There are also a multitude of estate planning concepts and concerns that people have that go far beyond life insurance, but where life insurance is just a good, viable option to pay taxes on death and that sort of thing. This doesn't even get into some of the tax planning that insurance policies allow for, it's just a super quick overview.
I would also say that some of these considerations would be made substantially easier if we knew exactly when we were going to die and things like that. If you knew you were going to die in the shorter term, you buy the insurance every single time, because you know what you'll pay and what you'll receive.