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Manulife LifeReady Plus
On Manulife's website
Life insurance acts as a contract between you and your insurance provider. You agree to pay premiums to maintain your contract and they agree to pay out your policy (the “death benefit”) to your named beneficiaries in the event of your death. Life insurance is essentially a financial safety net for any of your dependants.
The average monthly cost for life insurance tends to average out at less than $50 a month. These costs will vary depending on the insurance provider as well as the personal details of the policy holder, i.e. their age, gender, health, weight, occupation, lifestyle and proclivity to smoke. It is important to bear in mind that each insurance company will consider all these factors differently, thus why it is worth obtaining quotes from multiple providers.
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It depends on your budget but there are 3 main things to consider:
Examine how the level of coverage will affect your premiums, as well as the flexibility of your policy and any riders or extra features that are specific to the providers.
Key questions to ask include:
The cooling off period after you purchase your policy allows for some wiggle room where you can make changes to your policy, or even reject it altogether if you happen to come across a better one. Make sure you find out how long this period lasts for however, and when it actually begins, as it varies with different providers.
When getting quotes make sure you are comparing the same thing – term life policies generally have lower premiums than permanent life policies thus the big difference in price, but they are two very different things! It’s important to examine the detail and read the fine print – not just go by the monthly premium.
The main idea behind life insurance is to ensure your beneficiaries are protected financially in the event of your death. Despite some permanent life insurance policies having potential to allow policy holders to earn cash value over time, policies should be considered as a means of protection first, and not as a method of investment.
Riders or endorsements are extra ways to add customization to your policy to better suit your needs and budget. When you decide on a policy, make sure to ask about what riders are available to be purchased alongside.
Not all companies are the same! It is important to do the background on the insurance providers and ensure they are reliable prior to committing to one of their products.
You can buy insurance from both agents and brokers. Each have their own advantages and disadvantages to contend with. Brokers have a wider feel for the marker due to working with a variety of different companies in their network and this wide-angle lens can help determine the best prices for the coverage you need. Agents on the other hand may not have this wide-angle lens but are far more specialised and can better assist with personalising your policy from a particular provider. The most important thing is to ensure you have considered all your options when looking for life insurance and making sure you have evaluated the cost-benefits of each.
That’s great! However, like with many policies provided by organisations, there are often limitations, e.g. the claim capped at small amounts like $100,000 which can leave you under-insured. Work policies also only apply as long as you are working for that company – if you change jobs you will lose the coverage.
Yes, you can list and change beneficiaries on your policy – including what percentage of the death benefit is due to each beneficiary. It is common to name direct family members as beneficiaries, but you can choose others, e.g. friends, business partners, charities or legal entities.
Yes, some specific policies will allow you to increase or decrease your coverage if you suspect you may need to change your coverage later on:
Yes you have the ability to cancel your insurance but bear in mind you’ll only receive a refund of any premiums if you fulfil certain criteria: