Posted on: 09-06-09 14:46:04
Quote:
Originally posted by jatinaz
Hi,
what are the other major canadian issurers?
I would also like to get a policy.
thx
You need to sit with a good agent to get a policy that suits your need.
There are so many insurers in Canada. To name a few, Manulife, IA, Transamerica, Empire life, Equitable life, Canada life, Unity life and list goes on and on........
since newboyo gave the rate....$100,000 or $500,000 of coverage can not cost you with the same rate.
If no insurance is required after the age of 65, then term is fine but guess what the cost will be after the age of 65??? And even if insurance is not required after 65, nothing is in return! IF T20 serves the object, such as mortgage period or some business loan...of course it is fine. MER is high in UL, I agree but what returns are you expecting nowadays?
Finally, as said, it's a personal choice. Same size shirt doesn't fit all!!!
-----------------------------------------------------------------
ll ਪੰਥ ਕੀ ਜੀਤ ll
Quote:
Originally posted by iamhere
since newboyo gave the rate....$100,000 or $500,000 of coverage can not cost you with the same rate.
If no insurance is required after the age of 65, then term is fine but guess what the cost will be after the age of 65??? And even if insurance is not required after 65, nothing is in return! IF T20 serves the object, such as mortgage period or some business loan...of course it is fine. MER is high in UL, I agree but what returns are you expecting nowadays?
Finally, as said, it's a personal choice. Same size shirt doesn't fit all!!!
Actually OP never gave the face value.
Insurance after 65 depends upon individual needs like estate planning or have dependents with disability or someone just want to give it as a gift to his kids or a charity. Even in this case I will not suggest a UL. I will recommend a whole life which is full of gaurantees.
UL is good for people
1) Who have topped up RRSP and still have money for tax deffered growth.
2) Face value + growth goes tax free to beneficiary.
3) Use your growth within the policy for a collateral loan (Another big benefit to save taxes as of now).
To get these benefits you need to put maximum allowable premiums.
If you are just putting minimum premium in a UL than it is as good as going to Mandarin Buffet and just having a Steamed rice and Salad.
There are so many options in UL, it is not worth putting minimum premium.
That's why I sad UL is not for everybody.
You can get same or more retuns outside of UL with less MER. I am not talkng about actual rate of return. Just doing apple to apple comparison.
As I mentioned before, there are product in the market that will give your premiums + some growth back @ 65.
Quote:
Originally posted by rsbagwell
...
Basically Assuris protects Life Insurance death benefits up to $200,000 or 85% of the promised Death Benefit.
...
Now coming back to your second question. I am assuming you are buying 20 pay level COI Universal insurance. IA is $ 10 cheaper than Manulife. Look into cash value after 20 years in both cases.
Hi,
1. In case of a meltdown in the insurance industry, can Assuris handle a deluge? Something like the Ontario pension guarantee fund not being able to handle a GM meltdown.
2. Do level terms have a cash value? I thought they were pure insurance.
As you can see, I'm a noob in insurance matters, so all comments are welcome.
Rgds
New
Quote:
Hi,
1. In case of a meltdown in the insurance industry, can Assuris handle a deluge? Something like the Ontario pension guarantee fund not being able to handle a GM meltdown.
I would encourage to visit Assuris site http://www.assuris.ca/.
Assuris is funded by the life insurance industry and endorsed by government.
A life insurance company authorized to sell insurance policies in Canada is required, by the federal, provincial and territorial regulators, to become a member of Assuris.
Quote:
2. Do level terms have a cash value? I thought they were pure insurance.
As you can see, I'm a noob in insurance matters, so all comments are welcome.
Rgds
New
There are couple of term products that have Gauranteed cash surrender value.
As I mentioned before these products are expensive to begin with but it is worth it if you are looking for term insurance. For ex for Unity life you have to buy Term to 65.
It's OK if you are noob in insurance matters. We all are in some field or other.
You just need to talk about it to your agent.
Good luck and congratulations for taking the first step towards protection of your family
hello,
Thanks for your guidance. Another question -
my insurance broker says that the manulife/IA policies permit converting the level term policies into permanent ones and that this option is valuable since I may need/like a permanent policy later on. I don't think I need this option and have asked him to reduce the premium by stripping out this option.
The broker says that stripping out this option to reduce the premium is not possible with Manulife or IA. Is this statement correct? If not, any suggestions on what I could do?
Rgds
New
What are you actually buying? It is 20 term , 30 term or 20 pay universal life?
If you are buying term insurance than it is advisable to have renewable and convertible options. Normally these are built in features in term insurance.
There are some companies which sell term insurance without these options but you do not save much. So my suggestion would be to go with Term R&C.
Renewabilty option comes in handy in case there is a medical issue and let's say you want to renew the insurance for another 20 year. No medical question are asked
For conversion into permanent insurance also no question asked.
Bottomline: Go for R&C option.
As a side note, you mentioned there is a $10 difference between Manulife and IA. Are you sure there is no other company in between or less than these two? Just make sure that.
