by 20503618 » Mon Jun 14, 2010 10:59:14 PM
hallo mate!
i've been reading a lot about canadian life insurance and we have basically the same question. but let me share you some things i have learned. dont worry i am not an insurance agent. im just a normal guy so my reply is not biased.and i will not also advertise any specific life insurance company.
but since your asking what life insurance is best for you or me and since im in a exhaustive research [real library+internet forums] also about life insurance. you see, im just a new immigrant here in canada also. (i got here oct2009)
the best insurance of course (according to my readings) is a "term insurance." forget "permanent" or "whole life" or "universal" just go term, be it term-1, term-10, term20, term100, etc. the numbers denotes the year you have to renew contract. dont go into those insurance with cash values etc, its better off if you just invest the money itself. so don't buy to those lemons. go "term" that's it.
now after knowing what product to go after, now we talk about the other stuffs, there are hundreds if not thousands of insurance companies here. some even offer insurance in your face, like your workmates, even in church, like WTF really, best thing is never sign into insurance that are "shaky" go for the big boys. like those offered by banks, remember, INSURANCE COMPANIES ARE NOT BACKED UP by any government funding like the CDIC in the case of banks. once that insurance company goes down, so is your or my insurance benefits. better yet, check if the life insurance you want to get is a member of the
canadian life & health insurance association,
check if the insurance company is a member okay?
if not a member, think twice. or better yet, DONT buy the insurance.
go to www.clhia.ca then research all of those members [web link provided] and ask for insurance quotes.
and then these 3rd party raters (they rate insurance companies for us)
a. www.fitchratings.com
b. www.ambest.com
you might also consider disability insurance. and not just basic life insurance.
hope this helps!
p.s. by the way, as of june 2010, this is my research findings:
insurance company term policy amount ($) payment ($)/ month
RBC term10 50,0000 11.16
TD Insurance term10 50,000 14.62
BMO term10 50,000 9.73
Western Canada term10 50,000 10.96 + 35 annual
CIBC term10 50,000 1-866-851-0320 (you have to call)
UnityLife of Canada term10 50,000 89.50/year
Desjardins term10 50,000 116.50/year
CoastCapital term10 50,000 still to meet the financial advisor