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Old 05-09-2013, 09:58 AM   #1
daytona
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Life insurance question



Im looking at life insurance,I need one that really only covers accidents or illnesses,not to worry about "cash value" or dependants.What is the best option out there?...term...whole life,etc,etc...
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Old 05-09-2013, 10:45 AM   #2
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While often bundled together, Accident and Critical Illness Insurance is not always apart of life insurance. Some of them are very limited in what illnesses they cover so make sure you read all the fine print.

Do some reading on the various providers, here is one:
http://www.bmo.com/insurance/acciden...d=WGOAWPR*100E
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Old 05-09-2013, 11:04 AM   #3
daytona
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If anyone want to PM suggestion please do so..
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Old 05-09-2013, 11:08 AM   #4
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^ what he said

I prefer term for life insurance but if you want accident or illness then you have to get additional .. all a rip off but you do need it once you have responsibilities and a family
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Old 05-09-2013, 10:06 PM   #5
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honestly Daytona, without knowing the whole picture its really hard to advise you on which is best.

If you want cheapest; term.
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Old 05-09-2013, 10:40 PM   #6
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Critical Illness

In brief, Sun Life offers coverage like this $50k for example and say you are 30ish years old and healthy you may pay $1XX-$2XX monthly.

Here is the key, it is a 15 year term BUT if unused at the end of the 15 year term you get all your money back!

So it is like a non interest savings account that carries a payout if you get ill
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Old 05-10-2013, 10:26 PM   #7
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Originally Posted by Blackedout95 View Post
Critical Illness

In brief, Sun Life offers coverage like this $50k for example and say you are 30ish years old and healthy you may pay $1XX-$2XX monthly.

Here is the key, it is a 15 year term BUT if unused at the end of the 15 year term you get all your money back!

So it is like a non interest savings account that carries a payout if you get ill
thats a really good deal.
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Old 05-11-2013, 12:06 AM   #8
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thats a really good deal.
That was my thinking, sure it is a bit of a pisser you get no interest on funds but that is offset by the fact you have critical illness coverage during the term. They return your full premium in the end because their thinking is they have interest free money to use to make money for themselves for 15 years. Kind of win win situation for each party.

When you are self employed you need something. The best part is if the time comes when I am roughly 45 and the term is up I can simply take my funds they return and pay back into more coverage.

Hey if I wasn't paying them each month Id have pissed that money away on crap any ways and had nothing in 15 years let alone coverage too.

As far as life insurance, they offer a few things but two that were attractive to me were as follows.

1)True Life with cash value and 2) 20 yr pay, no cash value but after 20 years your premium stops(no more paying) and you have coverage for life. Again with this option they assume they will make money with your money for several decades before your death.

I would tell anyone who is young 20's to 40's+ GET INSURANCE, once you are 50's and up it is expensive and sometimes you will be rejected for what you may consider minor things or history.

Critical Illness from SunLife ( I opted for 15 year pay/Return of premium upon cancelation at maturity date) There is a shorter 10 year options and longer term options...

http://www.sunlife.ca/Canada/sunlife...ness+insurance
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Old 05-11-2013, 12:55 AM   #9
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From that link:

"Critical illness insurance offers help paying costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment - you decide how to spend the money."

Does that means if you are not critical sick, you get nothing?
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Old 05-11-2013, 02:57 AM   #10
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They describe what a critical illness is.
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Old 05-11-2013, 12:41 PM   #11
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I have term and whole life.

10 year term at $250K and whole life for $250K, plus what ever my work gives, but I don't count on that as if you change jobs, the insurance goes too.

I got whole life as my dad's side of the family has a strong predisposition to diabetes ( grandma, grandpa, my dad, my uncle all have it). There was a scare a few years ago that I might have it, so 3-4 months before I got officially tested I went and got whole life. If you are diagnosed with diabetes and then look for life insurance, get ready to get RAPED. Once you have the insurance, if you get diagnosed afterwards, they can't change it on you. Turned out I don't have it, but it was worth keeping. The whole life I have is $65 a month premium, but I pay $110 a month into it. The extra goes into a fund that gets invested. The idea is after 10-15 years of paying into it, the extra money will generate enough interest/dividends to pay the premium and I won't have to pay any more for the rest of my life.

The term was there from before and is dirt cheap at $20ish a month, so I kept it.

The older you get, the VASTLY more expensive term will get. At least with whole life, your pricing won't change on you.
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Old 05-11-2013, 02:53 PM   #12
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Quote:
Originally Posted by damameke View Post
From that link:

"Critical illness insurance offers help paying costs associated with life-altering illnesses. If you become sick with an illness covered by your policy and survive the waiting period, you receive a lump sum cash payment - you decide how to spend the money."

Does that means if you are not critical sick, you get nothing?
NO, read the description, if you have a heart attack and recover, cancer, stroke etc etc etc etc.
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Old 05-11-2013, 02:55 PM   #13
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Originally Posted by Deep 3.2TL View Post
I have term and whole life.

10 year term at $250K and whole life for $250K, plus what ever my work gives, but I don't count on that as if you change jobs, the insurance goes too.

I got whole life as my dad's side of the family has a strong predisposition to diabetes ( grandma, grandpa, my dad, my uncle all have it). There was a scare a few years ago that I might have it, so 3-4 months before I got officially tested I went and got whole life. If you are diagnosed with diabetes and then look for life insurance, get ready to get RAPED. Once you have the insurance, if you get diagnosed afterwards, they can't change it on you. Turned out I don't have it, but it was worth keeping. The whole life I have is $65 a month premium, but I pay $110 a month into it. The extra goes into a fund that gets invested. The idea is after 10-15 years of paying into it, the extra money will generate enough interest/dividends to pay the premium and I won't have to pay any more for the rest of my life.

The term was there from before and is dirt cheap at $20ish a month, so I kept it.

The older you get, the VASTLY more expensive term will get. At least with whole life, your pricing won't change on you.
You made a smart decision, a lot of people don't think ahead like that. I too with my true life add extra for investments that will eventually cover my premiums once that time comes nearer to retirement OR build the cash value should I opt out at that time or anytime really. They split mine 50% into international and 50% Canadian funds, did 11% and 7% return this last year
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Old 05-11-2013, 08:17 PM   #14
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NO, read the description, if you have a heart attack and recover, cancer, stroke etc etc etc etc.
I understand the description, hence my question, only when one recovers from a critical illness within the insured period then you get the money, so during the insured period and if you do not have any critical illness, you get nothing?
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Old 05-11-2013, 08:59 PM   #15
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I understand the description, hence my question, only when one recovers from a critical illness within the insured period then you get the money, so during the insured period and if you do not have any critical illness, you get nothing?
Im confused.

You get paid out in two scenarious:

a) You die

b) You are diagnosed with critical illness and survive it.

Usually critical illness is heart attack, stroke, cancer. And each one of those will have a lock in period. E.g. if you get diagnosed with lung cancer and its in advanced stage, the insurance company will have a chart saying Given cancer X and prognosis Y, pay out date is Z.

The insured period is when you have insurance. e.g. i bought a policy today that lasts indefinitely. That is the insured period.

If you do not have nothing, then you get nothing....
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