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Old 05-11-2013, 08:45 PM   #16
damameke
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Quote:
Originally Posted by sirex View Post
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....
I agree with you on the 2 scenario

a) You die , get insured amount
b) critical ill and survived, you get payout..

but on post 6, it is 50k for 15 years term(critical illness) and if you are healthy after 15 years, post 6 stated you still get whatever you had contributed and that differs from the Sunlife description.

You see my point now?
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Old 05-11-2013, 11:12 PM   #17
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My insurance broker is going to offer me some options for term life..no kids not married and little debt to worry about,no history of illnesses that runs in my family.Im going to probably choose 20 year term with a agreement of automatic renewal at the end of the term plus open options to adjust the policy.I can invest my money into other items that will generate more returns that what the insurance companies usually provides.If I decide to have kids I will change the term to a different policy.I want just make sure if I get into a serious accident or illness I be covered for the recovery and future medical needs.

http://www.financial-choices-matter....insurance.html
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Old 05-12-2013, 01:47 PM   #18
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Quote:
Originally Posted by damameke View Post
I agree with you on the 2 scenario

a) You die , get insured amount
b) critical ill and survived, you get payout..

but on post 6, it is 50k for 15 years term(critical illness) and if you are healthy after 15 years, post 6 stated you still get whatever you had contributed and that differs from the Sunlife description.

You see my point now?
thats a different product all together.

That product that was described is a critical illness product that you pay into. If you dont get a critical illness, the product allows you to get your money back after the 15 year period with no interest/return.

if you do get sick, then you get the ACTUAL benefit paid out (whatever you chose) but you lose the money you put into it.

Its a win win product. But it may have other conditions in the fine print.
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Old 05-12-2013, 01:53 PM   #19
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Originally Posted by daytona View Post
My insurance broker is going to offer me some options for term life..no kids not married and little debt to worry about,no history of illnesses that runs in my family.Im going to probably choose 20 year term with a agreement of automatic renewal at the end of the term plus open options to adjust the policy.I can invest my money into other items that will generate more returns that what the insurance companies usually provides.If I decide to have kids I will change the term to a different policy.I want just make sure if I get into a serious accident or illness I be covered for the recovery and future medical needs.

http://www.financial-choices-matter....insurance.html

A term life policy is for life insurance only. E.g. you have to die for payout. If you are not married and don't have kids, and have minimal debts, then a term life policy probably doesn't make sense.

What you probably need is a disability and critical illness policy (though most of the time you need to have life policy to get critical illness).

Usually "term" insurance is a barebones policy, and that is why its the cheapest. When its time to renew in 20 years, you wont have to do a medical test, but your premium will be higher.

Now if you are looking for something long term, in case you do get married and have kids, you might want to look into a whole life or a universal life policy. If you are young and healthy, the premium for one of these policies is very very low. As well, they also sometimes have cash surrender values, or investment options built into the premium.
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Old 05-12-2013, 02:24 PM   #20
Blackedout95
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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?
Correct, that is pretty clear, it is critical illness insurance, if you did not become ill, why would you get paid? It is like expecting your auto insurance to pay out for a write off if you never had an accident.

Keep in mind the entire premium for those years is returned to you when the policy is over.

sirex is correct there is always fine print but the most important thing no matter what type of policy you buy is HONESTY, insurance companies look for lies to avoid payouts, it is a very serious matter. If you are honest and that honesty costs you a few extra bucks while you are young, so what, with CI it is returned in full any ways etc.
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Old 05-12-2013, 06:19 PM   #21
Deep 3.2TL
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Originally Posted by daytona View Post
I can invest my money into other items that will generate more returns that what the insurance companies usually provides.
You can invest is ANY available funds with the insurance company - at least I can.

BTW: You should check what it will cost you in 20 years, when you likely will be married and have kids to get the term renewed. It will be a HECK of a lot more... And the number he tells you now will be more expensive 20 years from now (inflation, etc)
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Old 05-12-2013, 09:54 PM   #22
5style
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Insurance is like Russian roulette.
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Old 05-12-2013, 11:04 PM   #23
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Insurance is like Russian roulette.
And.....where's the rest?
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Old 05-13-2013, 07:19 PM   #24
daytona
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Sirex I do have a small mortgage and I understand you can buy "layers" of insurance like coverage of 25 serious illnesses,critical insurance is one of those layers.Maybe you can suggest something...Im not married,no kids,healthy,only debt is the mortgage.What Im need is really critical illness in case of accidents or serious illnesses..of course if I have kids I want the open option to re adjust the policy.
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Last edited by daytona; 05-13-2013 at 07:22 PM.
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Old 05-13-2013, 08:55 PM   #25
Blackedout95
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Originally Posted by daytona View Post
I can invest my money into other items that will generate more returns that what the insurance companies usually provides.

Sure you can but non will pay you out a lump sum if you get sick or die...that is the point.

However as Deep 3.2 mentioned they offer other investments as well that compete with what a bank for example would offer that help you save and pay for the policy in the future.

Honestly I still am not sure if you get the point of insurance.
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