Posted on: 11-03-10 23:31:53
Hi,
Between Greatwest Life, Sunlife and Manulife which would be a good company to buy permanent life insurance from?
Manulife is the cheapest, followed by GreatWest Life and then Sunlife which has the most expensive (by far among the 3).
Thanks for the input
We have VJ on board who can give you a honest and good advise .IMHO there are other imp factors than price that should be considered while buying a policy . Good luck
Ashwani
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Quote:
Originally posted by mitsaus
Hi,
Between Greatwest Life, Sunlife and Manulife which would be a good company to buy permanent life insurance from?
Manulife is the cheapest, followed by GreatWest Life and then Sunlife which has the most expensive (by far among the 3).
Thanks for the input
Hi,
Please check your PM.
Regards,
VJ.
I also have the same question. Plz PM me.
-Ben
Quote:
Originally posted by mitsaus
Hi,
Between Greatwest Life, Sunlife and Manulife which would be a good company to buy permanent life insurance from?
Manulife is the cheapest, followed by GreatWest Life and then Sunlife which has the most expensive (by far among the 3).
Thanks for the input
I am just going to copy and paste my response from previous post
What are you worried about? All three are good companies. If you are worried about if one company gets bankrupt what happens to your policy than let me inform you about Assuris. This was founded 1990 and is not for profit organization that protects Canadian policyholders in the event that their life insurance company should fail (insolvency).
There are three insurance company in the history of Canada that has been bankrupt. Through the three insolvencies, Assuris’ coverage has protected almost three million people representing over 10 % of Canadians.
Basically Assuris protects Life Insurance death benefits up to $200,000 or 85% of the promised Death Benefit.
Hopefully that will give you some relief. In most of the cases Assuris will negotiate with other big companies to buyout the policies from bankrupt companies. To my knowledge, in all three cases of insolvencies none of the policy holders lost any face value.
Also as far as benefits are concerned, if everything is in place (meaning application was completed with due deligence at the time of issue), beneficiary will get the face value. Some may release it in a month or some company may do it in couple of weeks.
Do you mind sharing what kind of permanent insurance are you buying? Is it T100, UL or Whole life? Price can be deceptive as you can manipulate it by using higher rate of return on investments specially in UL. Just make sure you are doing apple tp apple comparison.
Good luck!
Hi,
The coverage is 400,000. Here are the details :
1) Manulife Limited Pay UL - 20 pay - $2810 (total cost $56,200)
after 20 years guaranteed cash value is $55,200
after 30 years guaranteed cash value is $95,600
2) Greatwest Life Universal Life Insurance - 20 pay - $2914 (total cost $58,280)
after 20 years guaranteed cash value is $37,640
after 30 years guaranteed cash value is %74,156
3) SunLife Limited Pay Life - 20 pay - $3340 (total cost $66,800)
after 20 years guaranteed cash value is $45,952
after 30 years guaranteed cash value is $86,948
Also, their is no investment part. I just like these b/c you can pay more in one year ... so a bit more flexible.
My worry is not Assuris. That one I know is safe. More like which company is better in say processing claims, more straight forward and just a better policy.
If forum members can post their reply here would appreciate - that will benefit all.
Thanks in advance.
Quote:
Originally posted by mitsaus
Hi,
The coverage is 400,000. Here are the details :
1) Manulife Limited Pay UL - 20 pay - $2810 (total cost $56,200)
after 20 years guaranteed cash value is $55,200
after 30 years guaranteed cash value is $95,600
2) Greatwest Life Universal Life Insurance - 20 pay - $2914 (total cost $58,280)
after 20 years guaranteed cash value is $37,640
after 30 years guaranteed cash value is %74,156
3) SunLife Limited Pay Life - 20 pay - $3340 (total cost $66,800)
after 20 years guaranteed cash value is $45,952
after 30 years guaranteed cash value is $86,948
Also, their is no investment part. I just like these b/c you can pay more in one year ... so a bit more flexible.
My worry is not Assuris. That one I know is safe. More like which company is better in say processing claims, more straight forward and just a better policy.
If forum members can post their reply here would appreciate - that will benefit all.
Thanks in advance.
Hi,
I think you have not checked your PM. The only reason of sending the request or information on PM is that Life insurance is a very personal enrollment and every one would have different and personal data to share.
Anyways, you have not given your age and smoker/non smoker status. Kindly do so.
Moreover, I would immediately like to bring one factor to your attention. With due respect to the insurance broker, who has given you the quote, it seems you are taken as the best health style in to consideration to show a lower premium. I am more than sure that, your quote is based on HEALTH STYLE - 1 of the insurance carrier. And if I am not wrong, you are between 30 to 35 (Althought, I know your precise age now, I would refrain from putting it here).
Getting an approval under the best health category is more than difficult now. I feel this is a wrong way of showing a quote as most of us get the normal health rating, which is Cat-3 and once that happens, your premium and your GOALS of CASH etc gets defeated. I hate * on anything I buy in Canada.
My role is to educate and do my job unselfishly, addressing with a right solution to a different situation all the time. I won't mind, you buy from the same broker or from anywhere else, its my duty to educate you on the factors more important than just a QUOTE.
Regards,
VJ.
