An overwhelming portion of Canadians do not need whole life insurance. Itβs expensive, complicated, and more difficult to apply for than its more approachable peer, term life insurance.
But for those who need it, boy is it a wonderful wealth building tool!
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First, Term Insurance
Term insurance ...
Life insurance is always more expensive tomorrow than it is today! You can buy your newborn an awesome policy that will change their financial stars forever for less than maxing out their RESP costs.
There is no physical; applying is easy, and it is a GREAT way to divert grandparentsβ spending...
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Almost everyone needs insurance - seriously!Β **Almost** anyone...
The 4 situations where insurance is not necessary are:
π. π΅π πππ π
πππππ
π ππ πππ πππππππππππ.You do not have kids or other dependents that would have a tough time surviving financially if you were not around to help them.
Grieving the...
Yes! You can buy a Tesla, a swimming pool, or a collection of lawn figurines from the '80s online, why not life insurance?
We don't sell it online, but if you are comfortable doing everything electronically, I would recommend PolicyMe (www.policyme.com). I have never bought from them, but I ha...
πππ πππ§π π’ππ£ππ’πͺπ’: enough to cover all of your current debts if you were to die.
πππ π’ππ: all of your debts plus 7 to 10 times your gross salary. This money would create an income stream for your family to replace your paycheck.
πππ π§ππππ© ππ£π¨π¬ππ§: somewhere between those two that fit your bu...
Here's the skinny, most people do not need expensive permanent life insurance, cheap term insurance will do just fine.
If you are buying life insurance to cover your debts or replace your income, you only need term. Term insurance is ten times (or more) cheaper than a permanent life insurance ...
As an (almost) 40 year-old, non-smoking male, I pay about $600 a month for my disability and critical illness policies. Madness, right?!
It hurts my soul to watch a truck payment come out of our account every month to go towards something I hope and pray I will never EVER have to use.
But ...
1. You are not in the top tax bracket.
2. You have plenty of TFSA and RRSP contribution room.
3. You do not have excess cash lying around on a regular basis.
4. You are not a business owner.
5. Your risk tolerance is higher than low.
If you check most of these boxes, π₯π‘πππ¨π ππ€π£...
