I have $500k on myself and $300k on my wife. I'm comfortable with that. Our premiums are very manageable.
Oh, and I also went with Slava. He's fantastic. I highly recommend. He's a good ball hockey player too!
$2M might be high depending on Table's situation and what he wants his coverage to do. And expensive is also relative to each person and their income levels. Have seen clients just lay down $1000 of premiums a month on their life insurance like it's nothing.
As a quick example 2 Term 20 Policies with $2 Million of coverage for a pair of 28 year old couple that doesn't smoke comes out around to $215/month (this is with one company).
Also may want to go with the same company. Most companies, Canada Life for example, give you a policy fee discount for 2 term policies.
www.winquote.net for single life quotes and www.kanetix.ca for joint polices but not as comprehensive as winquote as it has all the available offers whereas kanetix just has the companies that subscribe to their site.
Two reasons to buy life insurance :
-To settle outstanding debts
-To provide replacement for lost income
To some people they are only concerned about settling outstanding debts and can get away with 1/2 or even 1/4 of the coverage. The big face amounts are for those that are wanting to insure against replacement for lost income. It compounds the more kids/RESPs/etc. your income is providing for.
I vote for a broker. Set mine up through the CBA's recommended broker a few years ago, and got a good comprehensive term plan that will be around until my youngest is 25 and will replace my income to 80% until then. One of the neat options they were able to add was that my coverage (and premiums of course) automatically bumps up 5% every year without being newly underwritten to account for economic advancement. As a matter of maintaining standard of living for my family I thought it was a good option for them to offer.
__________________
onetwo and threefour... Together no more. The end of an era. Let's rebuild...
Last edited by onetwo_threefour; 01-31-2013 at 11:39 AM.
I vote for a broker. Set mine up through the CBA's recommended broker a few years ago, and got a good comprehensive term plan that will be around until my youngest is 25 and will replace my income to 80% until then. One of the neat options they were able to add was that my coverage (and premiums of course) automatically bumps up 5% every year without being newly underwritten to account for economic advancement. As a matter of maintaining standard of living for my family I thought it was a good option for them to offer.
I am a broker and would recommend an independent broker as well. You want someone who can go with multiple companies, and give you multiple solutions. Its a bit of a bias on my part, but captive agents aren't where I would go.
I vote for a broker. Set mine up through the CBA's recommended broker a few years ago, and got a good comprehensive term plan that will be around until my youngest is 25 and will replace my income to 80% until then. One of the neat options they were able to add was that my coverage (and premiums of course) automatically bumps up 5% every year without being newly underwritten to account for economic advancement. As a matter of maintaining standard of living for my family I thought it was a good option for them to offer.
Yes Broker's are the way to go, as I am a broker and I know we have flexibility in going to companies with products that fit the client whereas the inhouse agents, though there aren't many left, can only stick with their company's offerings (these are Co-Operators, some Sun Life agents, Primerica, etc.).
As an aside please run away from Primerica and World Financial Group agents, there might be some good ones which I haven't met but the ones I have seen aren't any good.
onetwo_threefour: Curious if you had purchased an indexed Term 10?
So you folks know, I’m not interested in taking business from Slava. In fact, I’ve provided lots of pro bono financial advice to members here and on several occasions have directed folks to him. I’m not in Calgary, so Slava makes a lot of sense. I know and trust him. It wasn’t because we’re both Oilers’ fans that Stang recommended me. He has another, more important, reason. Talk to Slava indeed. He’ll do well for you.
So you folks know, I’m not interested in taking business from Slava. In fact, I’ve provided lots of pro bono financial advice to members here and on several occasions have directed folks to him. I’m not in Calgary, so Slava makes a lot of sense. I know and trust him. It wasn’t because we’re both Oilers’ fans that Stang recommended me. He has another, more important, reason. Talk to Slava indeed. He’ll do well for you.
And likewise to moneyguy! I would recommend him and if you're up north I know that he would provide good advice. I don't know CarlW here at all, otherwise I might have good things to say about him as well.
The Following User Says Thank You to Slava For This Useful Post:
And likewise to moneyguy! I would recommend him and if you're up north I know that he would provide good advice. I don't know CarlW here at all, otherwise I might have good things to say about him as well.
Lol thats ok, unlike you two I'm only an Insurance Broker (considering getting CFP though) so my knowledge and expertise is more focused on only that.
Sorry to bump an oldish insurance thread. Just doing some research on the universal life insurance and I ran across the blog below. Is what he talking about true with them hiding the annual fees? Just curious if anyone has had any experience with these. Just doing some due diligence as the wife mentioned we should look it it (married no kids) after talking to her sister's friend, who is part of world financial group (I know kill it with fire) and they mentioned UL. Just trying to determine how bad they are screwing with me if I found this rather easily on the web.
Sorry to bump an oldish insurance thread. Just doing some research on the universal life insurance and I ran across the blog below. Is what he talking about true with them hiding the annual fees? Just curious if anyone has had any experience with these. Just doing some due diligence as the wife mentioned we should look it it (married no kids) after talking to her sister's friend, who is part of world financial group (I know kill it with fire) and they mentioned UL. Just trying to determine how bad they are screwing with me if I found this rather easily on the web.
Well what do you want to know? Basically a UL is a life insurance policy with an investment stapled to it. The investment is tax sheltered, but then fees for that are higher than just investing on your own. There are some cases where UL policies make sense, but generally only in specific planning cases (at least IMO). There are a number of other permanent insurance coverages you can get without the cost.
I'm happy to answer anything else if this doesn't help.
