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Old 11-11-2011, 03:44 PM   #1
Oyster
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Life Insurance Broker



Looking for Universal Life Insurance or something similar.

PM contact if you have.

Thanks
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Old 11-11-2011, 04:03 PM   #2
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I sent you info on a guy I have used. Great guy.
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Old 11-11-2011, 04:14 PM   #3
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why universal life?
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Old 11-11-2011, 04:25 PM   #4
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why universal life?
well i don't need term and don't know much about insurance, just that one broker suggested universal
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Old 11-11-2011, 06:58 PM   #5
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It makes sense for a lot of people. In my family, we have a history of diabetes. There was a "scare" a while back that I might have it. Ever try to get life insurance after you are diagnosed with diabetes? Good luck with that.

Before we did the testing, we got my term converted to universal and waited a few months. Luckily testing showed nothing wrong, but I'm not far off.

also - every 10 years or what ever term you choose when you renew, your rates will go up. I chose universal and supplemented with term. For 10 years I pay $100 a month (Premium is $65. $35 a month extra), then there will be enough in the account where the interest from the amount in there will pay the premium. I'll be done paying and my kids will have an inheritance later in life.

Contrastly, my term for the same amount is only $20 or so a month, but it's going to go up every 10 years. At the end of this term, depending on how life's treated us, I may not renew and my universal will be fully paid up.
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Old 11-11-2011, 08:42 PM   #6
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You'd be way better off just getting term, and investing somewhere else. The fees are atrocious and I've seen some policies bankrupt themselves.
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Old 11-11-2011, 09:14 PM   #7
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everyones got different needs - The only company I've ever heard to say universal is all bad is Primerica.
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Old 11-11-2011, 10:06 PM   #8
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It makes sense for a lot of people. In my family, we have a history of diabetes. There was a "scare" a while back that I might have it. Ever try to get life insurance after you are diagnosed with diabetes? Good luck with that.

Before we did the testing, we got my term converted to universal and waited a few months. Luckily testing showed nothing wrong, but I'm not far off.

also - every 10 years or what ever term you choose when you renew, your rates will go up. I chose universal and supplemented with term. For 10 years I pay $100 a month (Premium is $65. $35 a month extra), then there will be enough in the account where the interest from the amount in there will pay the premium. I'll be done paying and my kids will have an inheritance later in life.

Contrastly, my term for the same amount is only $20 or so a month, but it's going to go up every 10 years. At the end of this term, depending on how life's treated us, I may not renew and my universal will be fully paid up.



LOL, if you think paying $65 a month for 10 years is going to build up enough equity in the account for it to sustain itself you got another thing coming. That is completely unrealistic.. Maybe after paying for 30 years it will start sustaining itself. The investments vehicles that they have where that money is saved up in are usualy NOT good... Also Im not sure if you understand how the investment vehicle works... The $65 a month that you pay doesnt ALL go to the investment portion. Maybe about $25 goes to the investment portion.

Basically after 10 years you might have about $4,000 to $5,000 built up (and thats quite a liberal estimate as I think youll be lucky to get more than a 2% return).... So basically if you CHOSE to stop paying your premium all together it would sustain itself with the cash surender value until those funds dried up but at least you would get some free payments out of it.

Regardless all the types of insurance have their pros and cons...

Term insurance for many companies can't be renewed after 65... for others its 70 or 75.


Anyway, really do your research into the three types and what exactly you need it for, how much you ACTUALLY need to sustain your families way of life if you were to pass.

These are the different types that exist:

Whole life
Universal life
Term
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Old 11-11-2011, 10:19 PM   #9
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LOL, if you think paying $65 a month for 10 years is going to build up enough equity in the account for it to sustain itself you got another thing coming.
meh - I had a whole response planned, but frankly... you're not worth it. I'll be fine, thank you very much.

OP - Talk to a REAL planner, not just a broker. Someone who can look at your whole picture. My planner handles my RRSP's, investments and life insurances. It doesn't hurt that he's a close family friend.

He is with Manulife, owns his office. If you would like his contact info, PM me.
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Old 11-11-2011, 10:29 PM   #10
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lol you got a response planned but im not worth it???


like an attack response???


Please proceed, I want you to rain some enlightenment on me.

Seriously bro, if you think my post was to give you "advice" it wasn't. Infact no way am I tryign to tell you waht to do. Im just trying to increase the product knowledge so people dont get conned by the insurance sales man.

Sorry if you took it to heart and the wrong way to be honest. I was just trying to point out the mistake in your logic.. But ya, if you think paying $65 a month for 10 years will make the insurance pay itself, like i said, you got another thing coming.


Lol at dropping the friend bomb @ manulife... I know exactly why you did that too.. good job
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Old 11-12-2011, 12:43 PM   #11
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Sirex, you said it yourself why universal is bad.

The Insurance co. also charges MER fees on top of the MER fees from the fund company, withdrawal fees, admin fees, policy fees, janitorial fees... I saw a policy that had higher withdrawal fees than what was supposed to be in the account at that time. And no I'm not talking in the first 5-7 years of the policy, I'm talkin 20 years down the road.

I've seen clients (I used to work with Primerica) that were putting over $200 away for universal and every month they were charged $130 in fees alone. I've seen worse.

Buying Term and investing in a BANK account is better than investing in a whole life or universal. At least you won't be raped.
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Old 11-12-2011, 12:54 PM   #12
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Well apparently Deep knows more than we do because he has a friend at manulife taking care of him.


Though like I said they both have pros and cons.. If you need a payout when you die at 80 years old for your family (maybe tax burden???) then a whole life/uni life policy might be for you.

Check out some Term 100 policies.


If you need insurance cuz you need it to get a mortgage then I suggest term.
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Old 11-12-2011, 01:57 PM   #13
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meh - I had a whole response planned, but frankly... you're not worth it. I'll be fine, thank you very much.

OP - Talk to a REAL planner, not just a broker. Someone who can look at your whole picture. My planner handles my RRSP's, investments and life insurances. It doesn't hurt that he's a close family friend.

He is with Manulife, owns his office. If you would like his contact info, PM me.
pm me your manulife contact. I am with Manulife under group policy but when I leave the firm, I need insurance lol
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Old 11-12-2011, 01:59 PM   #14
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Buying Term and investing in a BANK account is better than investing in a whole life or universal. At least you won't be raped.
got to read the fine prints and look deeper
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Old 11-12-2011, 02:00 PM   #15
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Ok so I think I need at least $500,000
debt free
own real estate
got kid

so not sure what I need yet.
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