SteveDfsin wrote: ↑Nov 28th, 2017 11:15 amQ1. I'm just curious, what brought you to the number $500,000 for life insurance? It might be accurate for your current needs, just make sure you have a financial needs analysis done when deciding on a total need. As for the 30 year term, it's hard to say. The only reason I can see a 30 year term making sense is if 1) you take out a mortgage with a 30 year horizon 2) you want to make sure you have income replacement for your wife into your 70s. In this case, I'd play around with numbers to compare the cost of a 20 year term and a term to age 65 and compare to a 30 year term.
Q2. "Normally" no, but I feel it should be. Any time I recommend life insurance to someone, I explain the importance of CI and the different ways to add it in. I'm not a fan of blended products that have a CI that is attached to life insurance, meaning if you had $500,000 of life and suffered a CI, your CI payment ($50,000 for example) comes off the life insurance portion., dropping your life insurance payout by $50,000. So while it's important to have both, make sure they're not bundled in a hybrid product.
Q3. Most of these companies are solid with claims. I'm not a fan of RBC for life and CI, because of their products, not so much the claim process.
Thanks for reply steve,
whats your advise about joint term with wife for T20 or T30,
as wife is part time worker.