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 ...
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Dying is an unpleasant thing to think about. Itβs also inevitable. None of us are getting out alive. Selling life insurance is almost as awful. There are few products on earth as universally despised as life insurance. No one likes to buy it, no one likes to talk about it, and everyone thinks it'...
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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...
Name something else that you pay for just to hope and pray never to use it. Paying insurance premiums for anything stinks. Period.
BΜΎuΜΎtΜΎ ΜΎyΜΎoΜΎuΜΎ ΜΎkΜΎnΜΎoΜΎwΜΎ ΜΎwΜΎhΜΎaΜΎtΜΎ ΜΎsΜΎtΜΎiΜΎnΜΎkΜΎsΜΎ ΜΎmΜΎoΜΎrΜΎeΜΎ?
βΚα΄α΄Κ α΄Ιͺα΄ κ± Ι΄α΄α΄ Κα΄ΙͺΙ΄Ι’ α΄ΚΚα΄ α΄α΄ α΄α΄Κ κ°α΄Κ α΄α΄ΚΚα΄Ι’α΄ Ιͺκ° Κα΄α΄ α΄Κα΄ Ι’α΄Ι΄α΄.
βΚα΄α΄Κ κ°α΄α΄ΙͺΚΚ Κα΄α΄ ΙͺΙ΄Ι’ α΄α΄ α΄α΄α΄ α΄ α΄Κ α΄ α΄...
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...
Yes! Totally.
π² If you are buying a simple term policy and you have someone at your bank that you enjoy talking to (and trust), do it! Bank insurance is better than no insurance - do it. Now.
π² Be weary of whole life/permanent policies that feel 'salesy' from your friends or network (you k...
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 ...
