An overwhelming portion of Canadians do not need whole life insurance. It’s expensive, complicated, and more difficult to apply for than its more approachable peer, term life insurance.
But for those who need it, boy is it a wonderful wealth building tool!
First, Term Insurance
Term...
Almost everyone needs insurance - seriously! **Almost** anyone...
The 4 situations where insurance is not necessary are:
. ๐ต๐ ๐๐๐ ๐
๐๐๐๐๐
๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐.You do not have kids or other dependents that would have a tough time surviving financially if you were not around to help them.
...
Name something else that you pay for just to hope and pray never to use it. Paying insurance premiums for anything stinks. Period.
But you know what stinks more?
สแดแดส แดษชแด ๊ฑ ษดแดแด สแดษชษดษข แดสสแด แดแด แดแดส ๊ฐแดส แดแดสสแดษขแด ษช๊ฐ สแดแด แดสแด ษขแดษดแด.
สแดแดส ๊ฐแดแดษชสส สแดแด ษชษดษข แดแด แดแดแด แด แดส แด แดแดกษด ๊ฑษชแดขแด สแดแดแดแด๊ฑแด แดสแดส แดแดษด’แด...
Yes! Totally.
If you are buying a simple term policy and you have someone at your bank that you enjoy talking to (and trust), do it! Bank insurance is better than no insurance - do it. Now.
Be weary of whole life/permanent policies that feel 'salesy' from your friends or network (you know...
1. You are not in the top tax bracket.
2. You have plenty of TFSA and RRSP contribution room.
3. You do not have excess cash lying around on a regular basis.
4. You are not a business owner.
5. Your risk tolerance is higher than low.
If you check most of these boxes, ๐ฅ๐ก๐๐๐จ๐ ๐๐ค๐ฃ'๐ฉ ๐ฌ๐๐จ๐ฉ๐...