Posted on: 26-08-13 17:16:23
"The investments don’t grow because the expenses eat up your interest."
PLEASE LOOK OUT FOR THIS IN ANY INVESTMENT - MUTUAL FUNDS AS WELL !!
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Fido.
Quote:
Originally posted by Fido
While we still await the 4% safe investment options , I was reading an article and could not help pasting it here to respond to Mkannuri s option of whole / universal life ....
Enjoy - pls remember insurance is for an uncertain happening - if you are insuring yourself till 100 yrs of age , there s no uncertainty involved .... Read on ...
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Life insurance is a very important tool. When you use it for its intended purpose, it’s great. That means you should look to term life to cover your family protection needs. Ignore the slick sales gimmicks of guaranteed life, life insurance or children, travel and accident insurance, and whole life/universal life.
Totally agree with the above, but in my case instead of paying $160/month on T20 which does not refund u anything incase of no claims nor you can get another term (60+).
Thats why getting tempted to go for whole life for extra $200 which has GCV of equalent of your 20yrs payments and covers after 60yrs aswell.
But its really pain to pay this premiums at this age :-(
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MK
Hi ,
Why is T20 costing you $160 pm ..For me it is just $51 pm from RBC Insurance ..Did you check them out ? I believe their quotes are the lowest ...
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Fido.
I can help you with the right type of insurance u need and also give u a free complementary financial need analysis, which will help you to determine exactly how much coverage you require, feel free to contact me on 4164149933. I am a licensed in insurance and mutual fund both.
Quote:
Originally posted by kal1462
I can help you with the right type of insurance u need and also give u a free complementary financial need analysis, which will help you to determine exactly how much coverage you require, feel free to contact me on 4164149933. I am a licensed in insurance and mutual fund both.
Please provide your help or suggestion to the above situation so that other potential cusotmers will get an idea.
I have inquried enough people already, please etiher post your help/suggestions here, if you have better than the above mentioned quotes (PM if you wanted to be discrete)
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MK
Hi Fido and Febpreet,
I apologize for the late response.
I hope you didn't miss the intent of the post. You are correct, currently you may not it be able to get 4% return on conservative investments but since we are talking about 20 years down the road, 4 % return is possible using dollar cost averaging. Also when I say conservative approach, I meant to say not being aggressive. You can choose balanced or moderate portfolio.
Basically what I meant to say was to keep investment and insurance part separate. Even if you put your money in a GIC kind of account, you will be a winner when compared to giving extra premium to life insurance. When you withdraw money from a life insurance, you will have to pay taxes.
If the intent is to have life insurance for 100 years, we can go for term 100.
If the intent is to get cash value after 20 years or so, I recommend buying term and invest the rest.
MRK,
In Foresters Familylife plan, there is no guarantee for the total face value, if you make partial withdrawal. If you do go with this plan, make sure you choose protector option for dividends. This option guarantees the face value. Just make sure you read the fine prints of the contract.
For 40 year old smoker male, 500K term 20, Assumption life has a price of about 138. Talk to your agent about this as well. Good luck
