Q1. 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.tech2017 wrote: ↑Nov 14th, 2017 10:41 pmHi all,
see lots of good discussion in this forum,
need some info for life insurance ...
my age 38 yr Male, non smoker, salary 85 k , Life insurance employer - 2 times , LTD - Maximum 100K.
wife part time working , salary 15K --- son 10 yr old.
No loan so far, but house purchase and mortgage is planned in next 2 yrs.
Q1 - Planning for term insurance of 500K, 30 year term for myself. is this sufficient?
Q2 - Critical illness is normally part of Term life insurance ?
Q3 - Got quotes from Manulife, GW, Sun life and TD , RBC, Banks ----- which one would be less troublemaker , if claims...
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.