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For the rest of us, there are two flavors in life insurance policies: Term Life and Cash Value. Term Life: Is pure life insurance in that you pay a simple annual premium to receive a decided amount of life insurance coverage. Cash Value: All other policies (whole, universal, variable) combine life insurance with a sneaky so called investment portion that builds a cash value. For the same amount of coverage (say $250,000), cash value polices cost up to 10 times more than similar term life policies. Insurance agents and brokers are huge fans of selling cash value policies you can keep throughout your life.
Advantages to longer terms: The advantage to locking in to a longer term policy (15, or 20 years) is you know how much you will be paying over that time. Disadvantages to longer terms: The disadvantage to a longer term policy is you will be paying more in the earlier years than you would on a policy that adjusts more frequently. The better term life policies have this feature which guarantees a policy cannot be canceled because of poor health.
When comparing various policies, what really matters is the total overall amount you pay for your coverage for ALL the years you require life insurance. Are you a member of any Groups, Professional Associations, Business Organizations, or Alumni Associations? TermForSale: To get a sense of what your premiums will be with various companies, try this online quotation service.
So now you’ve gone though your paperwork and see you have an expensive cash value life insurance policy, now what? One thing to note – when I had my mortgage with TD they had life insurance on the mortgage but it was based on how much was owed, so the premiums did decrease as the mortgage was paid off. I admit it, I was baffled into a whole life insurance policy a few years back, but have realized the woes in my ways. Coincidently, I have an appointment at my bank this afternoon to cancel my insurance on my mortgage. One tip, even if you already have life insurance that you have bought 5-10 years ago, it doesn’t hurt to check out the new rate even if you are a bit older. Unfortunately, I’m not sure I would be able to switch to term life, due my being diagnosed with Type 2 Diabetes. Secondly, I think your term categories may not be well matched with the Canadian marketplace today. The guaranteed renewable thing IMO means little (more on the real alternative in just a sec). Both term to 100 and Universal Life insurance can be set up to be straight up or pure life insurance almost like term – no cash values or investments, just guaranteed level premiums for life. I love you article and always said to my friends buy term insurance and invest the different,if you have other article mail me because like help other to know about life insurance is very important. You’ll find that wealthy Canadians (especially small business owners) buy permanent insurance for tax planning.
PV of future premiums= PV of death benefit+profit+claims-premiums from other people’s lapsed policies. If you run the numbers the PV of the future premiums turns out to be substantially less than the PV of the death claim. The other big problem with Brett’s post is that Riscario Insider talked about permanent insurance.
Of course if you start reading general VUL information on the web, you’re going to be reading the same vitrol as you do about whole life. The comments from Brett S are interesting to read but show the difficulties in having a dialogue.
Unfortunately, there’s limited online content to help Canadians understand their options for life insurance. I’m ALWAYS suspisious those who advocate one and only one position when it comes to life insurance.
Life Insurance should cover liabilities like your mortgage, loss of income, consumer debt etc. My personal belief is insurance is purchased to cover liabilities, mortgage, debt or impact by loss of income. Before you cancel your current coverage take out a piece of paper and figure out who would lose financially if you died prematurely.

I just read the last few post from Brian and although it is good information it is extremely vague. Sure anyone can get online look up any life insurance company and get a qoute and one quote can be $20 to $50 dollars cheaper than the other. This quote doesn’t explain at all why there are differences in price or explain how it is even possible for these 3 companies to have such discrepancies. I appreciate the help understanding more of the fine print but a few things that I guess I’m confused on what you mean when you say if you only have a limited time or time line to buy insurance.
The second question I have is you keep talking about renewability and when u get older having to pay a ton more for your insurance. I don’t have a death wish or anything, but I think life insurance is a neglected area of personal finance which requires some Squawkfox attention. Everyone seemed to peddle the same policy s$it, and I trusted no one with this vital piece to my financial well-being. You’re buying life coverage that lasts for a set period of time provided you pay the monthly premium.
Basically, your premiums pay for the life insurance and some of the money is invested in various high priced vehicles, touted to grow over time.These investments are managed by the insurance company so they benefit from the fees charged to the account. There are also significant penalties to ending a cash value policy early or missing premium payments. These cash value (whole life) policies fatten their wallets with juicy fees and commissions.
You may also want to change the amount of insurance you need as your situation changes, so you are throwing away money by ending a longer term policy with a premium guarantee.
Be sure the premiums paid each time you renew are guaranteed and outlined term-by-term in your policy.
Older people and those not in the best of health pay steeply higher rates for life insurance, so buy as early as you can WHEN you have dependents. Some agent discovers you just had a baby, and sells you a baby food policy providing $5,000 of life insurance for kids. It makes little sense to stop at the neighborhood insurance broker and expect the best rates without knowing more about what’s available. Do yourself a favor and don’t cancel it until you secure some affordable term life to replace it. When I set up my first mortgage last year, one of the conditions was that I had to sign up for the term insurance (this was in part because I managed to bargain my bank down to a ridiculously low rate after bringing in quotes from an independent broker).
I just did and find a new insurance with same coverage and same lenght of coverage but 50% cheaper.
Evaluate your investments: Since your policy has an investment portion, it makes sense to evaluate your current investments. I forgot about how significantly term life rates have dropped as I got my insurance last year.
I have a whole-life insurance with an investment component and I am just appalled at the fees charged in these funds! Even though I have completely turned by health around (normal blood sugars, no longer overweight and now running marathons), most of the insurance companies no longer want to insure me or they want to charge me outrageous prices!
Warren Buffet is worth more money than obviously Ricarsio thinks because to think for one second you would sell life insurance to him only means you must be a cash value crook. Your telling me it is going to be in your best interest to buy a cash value life insurance policy at 65? I came across this article and it made me realize that I need to make some changes in my life insurance. But what people don’t understand is not all life insurance is created equal and you are not getting the same products even though they are both called TERM.
Exclusions are a way to take some of the liability off of the company when a client passes away. Don’t you feel that is the biggest problem we have is instead of educating ourselves and reading the fine print that we trust what one person claims and then find out when we need it most that we should of done the research?
Explain to me how 3 companies all sold different policies one term, one whole life and one VUL all ranging from 150k to 180k of coverage all purchased within 5 years of each other, all given the same preferred rating. Without a proper or adequate life insurance policy, you can leave your dependents in financial disarray if you happen to make an early departure.
Basically, the insurance industry is based on hefty commissions and perks which renders the policy peddlers biased towards their pocketbooks.

An annual renewable term is purchased year-by-year and you don’t have to re-qualify by showing evidence of good health each year. Your cash value policy is also invested with the insurance company, so the fees you pay are likely high and not competitive.
Those with mortgages and many years left to raising kids most certainly should get insurance. Since the main purpose of life insurance is to prove a lump-sum payment that replaces the deceased person’s income, the question you must consider is How much income do you need to replace?
What agents tend to gloss over is you probably don’t need life insurance throughout your life.
On the upside, term life insurance can be purchased so your premium adjusts (increases) annually, or every 5, 10, 15, or 20 years.
To better evaluate various policies, have the agent do a present value comparison of the total. This is contrary to the logic of owning life insurance since you are NOT financially dependent on your children but rather your children are dependent on YOU. The problem with this insurance is you are paying the same premium for a steadily declining amount of coverage, as you pay down your mortgage. The worse thing you could do is leave your dependents vulnerable while in between life insurance policies.
My plan was to cancel the insurance after a few months (a loop hole my mortgage broker told me about) and continue on with my payments as normal. Life insurance is about dependents, so unless you still have children or a spouse that depends on your income, you may not need life insurance as much as you did 10 years ago. I invest the proceeds into index funds, and even these funds charge anywhere from 3-4% in MER! I was reading today’s Toronto Star while waiting for a haircut and saw lots of ads for cars touting high gas mileage.
Every year your cost of insurance goes up to a point where it cost more than your initial premium payment was. If you look at an in force illustration on a term policy they have a tendency to do this very abnormal spike in pricing it only benefits insurance companies.
Most people think this sounds perfect – the notion of investing insurance dollars and not wasting premium dollars. Lastly, cash value policies are lucrative for agents and brokers as they pay commissions and bonuses.
You are unlikely to need life insurance if you are single with no dependents, independently wealthy, retired and living off retirement investments, or a child (more on children later). Don’t let these agents gain economically from your emotional attachment to your new baby. It’s best to skip this narrowly-focused policy and favor for a broader term life policy and include the mortgage payments in your calculations when determining how much coverage you need. That would still be far less expensive and far more rewarding than any other cash value product. These people frequently have large tax issues upon death that they can either liquidate assets at that time to pay the taxes, or buy life insurance.
Due to the expensive nature of this product, the sad scenario is most people end up being under insured.
Buffet that he would lose all 20 million for the first 5 years, but no worries he would get it back after that! Rest assured I cashed that silly thing in years ago and bought myself a $250,000 Term Life policy for less than half the cost of the $5000 Cash Value baby policy premium. For me, I took my Child’s Whole Life Policy and invested the cash portion in index funds (my RRSP is maxed out)(401K for USA). If you doubt me find someone who has a term policy for 5 or more years request the illustration and lament at the fact you didn’t get screwed you got out right raped spat on and sent home.

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