Posted on: 08-06-09 19:18:04
Hi all,
Considering level 20 insurance from one of these 2 companies. Manulife price is more by about $10- oer month. Am considering going with Manulife.
Any views on the safety of both companies? If Industrial alliance is equally "safe", then it makes sense to save 10 bucks.
Rgds
Newboyo
What are you worried about? Both are good companies. If you are worried about if one company gets bankrupt what happens to your policy than let me inform you about Assuris. This was founded 1990 and is not for profit organization that protects Canadian policyholders in the event that their life insurance company should fail (insolvency).
There are three insurance company in the history of Canada that has been bankrupt. Through the three insolvencies, Assuris’ coverage has protected almost three million people representing over 10 % of Canadians.
Basically Assuris protects Life Insurance death benefits up to $200,000 or 85% of the promised Death Benefit.
Hopefully that will give you some relief. In most of the cases Assuris will negotiate with other big companies to buyout the policies from bankrupt companies. To my knowledge, in all three cases of insolvencies none of the policy holders lost any face value.
Now coming back to your second question. I am assuming you are buying 20 pay level COI Universal insurance. IA is $ 10 cheaper than Manulife. Look into cash value after 20 years in both cases. Many a time, companies build a safety net and extra premium you are paying may be going towards case value. Something you must look into. If extra $ 10 is going towards cost of pure insurance or admin cost, than I will go with IA.
Read fine prints because cash value are not gautanteed in UL (just in case you are interested in that).
On a side note, have you considered Unity life pay to 65 with gauranteed cash value. It also has critical insurance inlcuded with same premium. It also pays for some cash for childs education in event of a death (on top of the face value). Just a suggestion.
If a Term 20 is costing $32/- and a Term 30 is costing $52/- , which is better for an adult aged b/w 35-38 ? Is the T 30 overpriced ?
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Fido.
$32 or $52 for what coverage?
Just wondering... since adult is already at 35-38, why to go for term? Why not UL???
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ll ਪੰਥ ਕੀ ਜੀਤ ll
Quote:
Originally posted by Fido
If a Term 20 is costing $32/- and a Term 30 is costing $52/- , which is better for an adult aged b/w 35-38 ? Is the T 30 overpriced ?
Yes T 30 is normally overpriced. Not too many companies offer that as compared to T20 ( I think companies like IA, Transamerica, Primerica, AXA offer this)
If you are looking a coverage for up age 65 only than I will go for T30. If you take T20 and renew it after 20 years it will be very expensive.
If you want coverage only upto 65, Unity life offers product where you get almost all your premiums back after age 65. It is slightly expensive to begin with. But at the end of the day you get it back @ 65.
I personally like term product because at 65 your liabilities are less.
It's a personal choice though. As they say, same size shirt doesn't fit all.
Quote:
Originally posted by iamhere
$32 or $52 for what coverage?
Just wondering... since adult is already at 35-38, why to go for term? Why not UL???
Simply put UL insurance is not for everyone. Investment component of UL has a very high MER.
By the way why are you recommending UL? If the purpose is only insurance and not the investment than why should you go for a UL?
Hi,
what are the other major canadian issurers?
I would also like to get a policy.
thx
