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.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
I will do all i can to avoid dealing with those crooked salesman's !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.
Very good advices Harold (as always).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
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.
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.... 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.
Yes, because now you have someone dependent on that income - you.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 ?
please enlighten me regarding what is 'EI'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.