• Last Updated:
  • Feb 7th, 2018 1:34 pm
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[OP]
Newbie
Feb 5, 2018
1 posts

Life insurance

Hello, I am considering to get a Term Life insurance from Costco-Manulife. I never had a life insurance before and looking for some feedback about this company. Thank you.
3 replies
Deal Addict
User avatar
May 11, 2014
4657 posts
5575 upvotes
Iqaluit, NU
Life Insurance should pretty much be never considered an investment. (exceptions do exist, but this is generally effective only for a few)

Post your question on this thread:
life-insurance-q-w-faq-section-929132/
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Member
Dec 28, 2017
336 posts
134 upvotes
Burlington
Depending on your age, I would buy a whole life 20. It would cost more than term life, but after 20 years,you stop paying and you still get covered till you die.
Also, you get cash value that you can use to borrow against with.


Some people like insurance policy with investment (universal) , but Id rather invest stock wth tfsa account wif my extra cash
Deal Addict
User avatar
May 11, 2014
4657 posts
5575 upvotes
Iqaluit, NU
ayufan wrote: Depending on your age, I would buy a whole life 20. It would cost more than term life, but after 20 years,you stop paying and you still get covered till you die.
Also, you get cash value that you can use to borrow against with.


Some people like insurance policy with investment (universal) , but Id rather invest stock wth tfsa account wif my extra cash
That is terrible advice to give when you do not know the context to what OP needs insurance for. Yes, permanent insurance last a life time, but in actuality, premiums are just being deducted from the cash value and dividends built up over that time. The more important question is whether the OP needs life insurance for life or not.

In most cases, people do not and once the need is cleared (children are adults, debts, mortgage paid off), should redirect those insurance payments toward investments. The only time that Whole Life or Universal Life could be considered after is for tax and estate purposes, but again, most people are not in that position.
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