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Discussion Starter #1
I currently have 0 insurance.

I am fairly young, no dependable at charge.

I dont know how to purchase some insurance without getting assraped... anyone can point me to the right direction ?

I want term 20 or similar
 

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A Financial Advisor will sell you insurance and most seem desperate for your business. You can find one by doing a quote through kanetix.ca, under life insurance. I don't know of any companies that let you buy direct from them. This is why it's mostly sold through FAs. I found the price quotes to be the same between online quotes and several FAs. Beware that once you give your phone number or email address, they will call to continually follow up, so they can make a sale. You already know you want term life, so if they try to upsell you on something else, just tell them "no thanks".

Make sure you get a good company with a solid rating, ie Canada Life is up there.
 

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I currently have 0 insurance.

I am fairly young, no dependable at charge.

I dont know how to purchase some insurance without getting assraped... anyone can point me to the right direction ?

I want term 20 or similar
Whether Term 20 is right for you or not depends on two things - what are your future plans (hence, need for insurance) and your present age.
"Fairly young" may mean 21 or it may mean 35 :rolleyes:
Do you plan to get married and have kids?
If so, your insurance needs will peak around the time you start raising a family.
Depending on when that happens, you may already be 10 years into a Term 20 and by that time you are, say, 35 years old and insurance is more expensive.

If you are in your early 20s, I'd say wait until you have made up your future plans.
But if you are in your early 30s and see yourself starting a family soon, I'd say get Term 20 now.
Regardless, it is important to stay healthy, don't smoke (or quit, if you do), drink rarely, if at all, watch your weight and get regular health check-ups.
 

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I bought some term life insurance from RBC Insurance. You just call and get a quote, answer a few questions. They will do a house visit and you need have had a recent physical done.

Price was pretty reasonable and it was easy.
 

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Discussion Starter #5
A Financial Advisor will sell you insurance and most seem desperate for your business. You can find one by doing a quote through kanetix.ca, under life insurance. I don't know of any companies that let you buy direct from them. This is why it's mostly sold through FAs. I found the price quotes to be the same between online quotes and several FAs. Beware that once you give your phone number or email address, they will call to continually follow up, so they can make a sale. You already know you want term life, so if they try to upsell you on something else, just tell them "no thanks".

Make sure you get a good company with a solid rating, ie Canada Life is up there.
I will do all i can to avoid dealing with those crooked salesman's !
 

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Discussion Starter #6
Whether Term 20 is right for you or not depends on two things - what are your future plans (hence, need for insurance) and your present age.
"Fairly young" may mean 21 or it may mean 35 :rolleyes:
Do you plan to get married and have kids?
If so, your insurance needs will peak around the time you start raising a family.
Depending on when that happens, you may already be 10 years into a Term 20 and by that time you are, say, 35 years old and insurance is more expensive.

If you are in your early 20s, I'd say wait until you have made up your future plans.
But if you are in your early 30s and see yourself starting a family soon, I'd say get Term 20 now.
Regardless, it is important to stay healthy, don't smoke (or quit, if you do), drink rarely, if at all, watch your weight and get regular health check-ups.
Very good advices Harold (as always).
 

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Discussion Starter #7 (Edited)
Imagine the following situation:

- no dependable
- 10-15 years of expense in the bank
- debt free
- no wife, newish girlfriend

...is the any point in getting a life insurance at all ???
 

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I don't see the point. You need a REASON to buy insurance. You don't seem to have one.

And yes, of course it's easy to buy it. That's not the issue. The issue with insurance is when it comes time to make a claim. That's the real test of how good a company is. They have numerous very tiring forms and processes for claimants to follow. This is something you should try and avoid, quite frankly, unless you enjoy flushing your money down the toilet every month.
 

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Actually, with no dependants, I see no reason for life insurance, unless there are other family circumstances that warrant it.

However, being young, you may want to linsure your future earning potential by looking into disability insurance for yourself.
 

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... The issue with insurance is when it comes time to make a claim. That's the real test of how good a company is. They have numerous very tiring forms and processes for claimants to follow. This is something you should try and avoid, quite frankly, unless you enjoy flushing your money down the toilet every month.
Shouldn't be a problem with life insurance. You're either dead or you're not. All the executor or beneficiary has to do is send a copy of the death certificate to the insurance compnay, and maybe complete one form for their records.

But I agree any other kind of insurance can involve lots of paper work as they try to figure out how little they can get away with paying.
 

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Sometimes work offers some life insurance through your benefits (mine was $50K), but I recently got a place and then it seemed necessary to get life insurance.

I am late 20's and had no life insurance previous to this (and didn't think it was necessary).

You should read the "Wealthy Barber" it talks about when you need life insurance and why. :)

I got it through RBC.
 

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Discussion Starter #14
I think its worth to mention that a 'financial advisor' tried to sell me whole life as a tax evasion scheme, lol
 

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what about disability insurance for someone self-employed who have no dependent, not married, and have an emergency fund worth a few years of expense ? someone doing office work and nothing dangerous

is disability insurance worth considering ?
 

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what about disability insurance for someone self-employed who have no dependent, not married, and have an emergency fund worth a few years of expense ? someone doing office work and nothing dangerous

is disability insurance worth considering ?
Yes, because now you have someone dependent on that income - you.

Things to consider:
- elimination period, or how long before after you become disabled that you start getting a benefit.
- duration of benefits. Common are 2 years, 5 years, to age 65. The first two seem problematic to me, you are permanently disabled then payments stop after two years?
- cost of living increase.
- own occupation rider. The DI companies have a funny little clause where you're only disabled for the first two years if you can't do your job. After that, you're basically disabled only if you can't do any job. You'll need a rider if you want to remove that clause.
 

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Disability insurance companies use very invasive methods to try and squirm out of paying. I wouldn't spend one red cent on it. I recommend to all, that you first talk to some people who have had to collect from these types of insurance plans, before spending your hard-earned money on it. Not all disability is as blatant and clear-cut as losing your legs on the job.

Insurance companies exist only to make money for themselves!
 

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Regarding DI for self-employed, don't you have the option of contributing to EI (both employee and employer contributions)?
If so, you could choose to do that instead.
I'd think EI claim rules are simpler and more transparent than private insurance companies.
I could be wrong though about the EI part.
 

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Regarding DI for self-employed, don't you have the option of contributing to EI (both employee and employer contributions)?
If so, you could choose to do that instead.
I'd think EI claim rules are simpler and more transparent than private insurance companies.
I could be wrong though about the EI part.
please enlighten me regarding what is 'EI'
 

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Employment insurance.

If you are self-employed, you may qualify for sickness benefits under the EI program. Sickness benefits are payable for a maximum of 15 weeks and a maximum amount of $457 per week for 15 weeks.

In addition, there is a disability pension if you become completely disabled (such that you are not able to work at any occupation) through CPP. The maximum disability pension is about $1100 per month (for those that qualify) and the average that a disabled pensioner actually received (in 2008, latest figures I have) is about $800 month. This pension stops at age 65 and converts to a "regular" (lower) CPP pension.

I would hesitate to suggest that the EI and CPP sickness and disability pension programs are in any meaningful way comparable to privately-purchased disability insurance.

Disability insurance is most useful (1) in the early stages of your working life, when your untapped human capital has the most value and (2) if you have high current expenses and low financial capital, no matter what stage of your working life you are in. Hint: avoid ever being in stage 2 once you've spent a decade or more working.
 
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