Posted on: 17-04-08 20:31:13
Just want to know some views from you guys!
Thinking of taking Life Insurance.
Contacted different Insurance companies like Manulife, Sunlife. TransAmerica, Equitable Life etc.
Best quote got from TransAmerica
If person age is 37 & spouse age is 34 & quote amount is 45.00 altogther for 10 year term.
Is it good or bad?
Not have much information, but all basic things are covered.
I am specially looking for house, mortgage etc.
What you think?
Thanks
Hi,
You are welcome.
How can I think? You have not provided any information to anyone as to what the insurance policy is all about. You have to give us all of the information. We don't have even the basic information.
Is this coverage for the home you intend to buy and protect the family ?
I can only guess that the policy is a JOINT coverage, you and your spouse.
It is a TEN Year term Policy. Is it for smokers or non smokers?
Is it based on your wife's age or yours first? Why not reverse?
Is it renewable after the first ten years. If so what are the next ten years projected premium.?
Does the policy continue if one of you passes away?
Does the payment of premium stop when one of you passes away?
Was the quote over the phone?
You are on your way to providing security for your family. That is a Good Move.
So, investigate a little more. I am sure you will find a lot of information over the net.
There will be a lot of others who will get back to you on this, Right here.
Good Luck.
Freddie.
Sorry I missed some information
Here are they :
Is this coverage for the home you intend to buy and protect the family ?
Yes its basically for Home, Mortgage & family protection
can only guess that the policy is a JOINT coverage, you and your spouse
Yes its an Joint Coverage
It is a TEN Year term Policy. Is it for smokers or non smokers?
Yes its for 10 year term & for non-smokers
Is it based on your wife's age or yours first? Why not reverse?
Yes its based on my age & not wife's. Not sure if that makes any difference
Is it renewable after the first ten years. If so what are the next ten years projected premium.?
Yes its renewable after 10 years. Premiun will be certainly high after 10 years.
Does the policy continue if one of you passes away?
Yes policy will continue even if one passes away
Does the payment of premium stop when one of you passes away?
Yes payment will stop
Was the quote over the phone?
Yes it was on phone as well as personal meeting
Thanks Freddie
I did not ask you the basic amount of the policy coverage.
The next set of questions will be too sticky and not suitable for a website, They will get too personal and it is better that you keep them personal between you and the Insurance agent.
The premiums are based on the dollar value provided by the coverage. Each one quotes from their tables. I have no access to them. Also they change as time progresses.
It is better to get the quotes and the fine prints from all of the insurers, prior to making a decision. I will compile a list and provide you all with it.
You have to obtain the quotes and see who is better. But compare apples for apples.
There are a few who charge you a lot more but return the premiums back if there is no claim!
That is a good start.
Freddie.
Quote:
Originally posted by ftfl
I did not ask you the basic amount of the policy coverage.
The next set of questions will be too sticky and not suitable for a website, They will get too personal and it is better that you keep them personal between you and the Insurance agent.
The premiums are based on the dollar value provided by the coverage. Each one quotes from their tables. I have no access to them. Also they change as time progresses.
It is better to get the quotes and the fine prints from all of the insurers, prior to making a decision. I will compile a list and provide you all with it.
You have to obtain the quotes and see who is better. But compare apples for apples.
There are a few who charge you a lot more but return the premiums back if there is no claim!
That is a good start.
Freddie.
SO True.
I do not think that someone can tell you on a discussion forum wether you have got the good policy or not. There are so many things to compare... not just the premium.
I had the Licence my self few years back, When I was thinking about making it as my career.... I myself got so confused as to what to choose.
Just do not look at the premiums. The best thing you could do is go to different agents and do the comparison. I personally like 20 Pay gurantee, you pay for 20 years and you have a policy for life but lot of people prefer Universal life where you have Cash Value build up.... it's been long time .... universal is more kind of flexible .... so it depends what is your priority.
Well its for 3,50,000 for each
From your statement it looks like they are individual policies. One for you and the second one for your wife.
The policy coverage will be for $350,000.00 Canadian dollars.
The premiums are $45 for both the policies put together PER Month?
It is a very good rate. Go for it. As we say buyer beware, make your own inquiries before you settle with one company.
Good Luck.
Freddie.
