Life Insurance Primer Help
Going to get set up for the first time -
For sure getting term for wife (39) and I (37) . Right now I'm thinking 10yrs is best (based on what I've read) - what are the variables that would make 15/20 etc more favourable (we have a 5yr old)?
Some of the key points I'm going to discuss - please let me know if any are more/less important, and if I've missed anything
- Working with a broker in the Van area (not sure how to pick one - I assume all the same in terms of cost as baked into quote)
- Aiming for a larger size underwriter - preferably top 10
- Ensure Underwrite's own policy
- Renewal option with no new medical exam
- If underwriter offers no initial medical option, is there a further discount for doing one?
- Ability to convernt mid term to another solution (permanent, universal etc) - I read this is important but I'm not sure why if I've decided term is right - I think one of the comments was about becoming disabled mid-term
- End of life care (ability to dip in pre death)
- Disability Protection on premiums
- Level premium payments through term (pro/con?)
My biggest concern is not cost, it's ensuring I get the best insurance company for not screwing me around come payout. I'd pay a premium so to speak to know I was dealing with an Underwriter that didn't try to find loopholes to avoid the claim. I've searched and searched and can't find anyone reviewing this for Canadian companies (there's a handful of blogs re: US Companies). Any suggestions where to investigate (or how to in terms of questions to the broker) - or is this all purely anecdotal evidence?
I've searched RFD and wasn't able to find any threads on this topic. I apologize I missed some and would be appreciative of links if there's already been some good discussion on the topic.
Thanks,
For sure getting term for wife (39) and I (37) . Right now I'm thinking 10yrs is best (based on what I've read) - what are the variables that would make 15/20 etc more favourable (we have a 5yr old)?
Some of the key points I'm going to discuss - please let me know if any are more/less important, and if I've missed anything
- Working with a broker in the Van area (not sure how to pick one - I assume all the same in terms of cost as baked into quote)
- Aiming for a larger size underwriter - preferably top 10
- Ensure Underwrite's own policy
- Renewal option with no new medical exam
- If underwriter offers no initial medical option, is there a further discount for doing one?
- Ability to convernt mid term to another solution (permanent, universal etc) - I read this is important but I'm not sure why if I've decided term is right - I think one of the comments was about becoming disabled mid-term
- End of life care (ability to dip in pre death)
- Disability Protection on premiums
- Level premium payments through term (pro/con?)
My biggest concern is not cost, it's ensuring I get the best insurance company for not screwing me around come payout. I'd pay a premium so to speak to know I was dealing with an Underwriter that didn't try to find loopholes to avoid the claim. I've searched and searched and can't find anyone reviewing this for Canadian companies (there's a handful of blogs re: US Companies). Any suggestions where to investigate (or how to in terms of questions to the broker) - or is this all purely anecdotal evidence?
I've searched RFD and wasn't able to find any threads on this topic. I apologize I missed some and would be appreciative of links if there's already been some good discussion on the topic.
Thanks,