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Life insurance basics

When do I not need life insurance?
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You don’t need insurance if you’re retired (generally speaking). If you’re retired and your children are taken care of, you’ve paid off major debts and you have sufficient savings for retirement you should be fine. If you’ve planned your finances well, life insurance won’t be necessary.  

If you’re young, single and debt free, you probably don’t need insurance either. If you have no dependents, no debt and no plans to start a family or incur serious risk, you probably don’t need it.  

However, if you aspire towards home ownership or starting a family, having a preliminary conversation might make sense. In certain cases, disability insurance and critical illness insurance should be considered, but might not always be a good fit.  

What is the difference between critical illness and disability insurance?
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Critical illness is a one-time payment from the insurance company if you were diagnosed with a medical condition that was specified in the policy.  

Disability insurance is income replacement in case of a diagnosis that prevents you from working.  

We will work with you to outline what is covered in these policies. Just as importantly, we’ll cover what isn’t.  

Should I buy insurance?
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If you have loved ones that are dependent on your income, it is usually best practice to have insurance coverage. In any financial plan, having the ability to reduce downside risk in case of an emergency is a necessity. Life and living benefits insurance can fulfill that role.

If you do not have dependents or if you have adequate coverage, it might not make sense to buy a policy. Our role is to work with you to determine what risks might exist and present options to you based on your financial situation. That does not always mean we will propose a new policy.

The sooner you get insurance, the cheaper it usually is. It is less expensive for an insurance company to insure a young, healthy person that it would be to insure an older person with a preexisting condition. Getting an insurance policy sooner to cover existing risk can be a risk reduction strategy in and of itself.  

Do I need additional coverage if I have life insurance coverage with my work?
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Having group coverage for life insurance, final expense and critical illness are great perks that some employers provide. However, these perks are not necessarily tailored to your needs. If you have $100,000 term coverage but the remaining amount on your mortgage is $460,000, then that coverage isn’t comprehensive. Our goal is to provide insights into potential gaps and pitfalls while we assess not only your existing life policies, but also what your employer provides. Keep in mind that if you lose your job, you lose that coverage. We can work with you to ensure continuity.

Questions about Coverage

What impacts the cost of life insurance?
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1) Coverage amount

2) Term length

3) Age

4) Health

5) Tobacco & marijuana use

Is there a rule of thumb for how much coverage I should get?
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Life insurance: 10x current income

Critical illness: 1x your current income

Disability insurance: 0.6x your current income

These are some quick heuristics to contextualize how much coverage you may need. However, most situations require a deeper dive to ensure they’re receiving the right coverage given their situation.

Can sick people get coverage?
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Health is only one component of the underwriting process. We will work with you to find the right policy given your current life situation at the right price.

Can I still get a policy if I’ve been declined in the past?
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This will be dependent on the reasons for the decline. However, many situations involving poor health or a specific illness can often be issued some form of coverage.

Questions about My Policy

How do you get paid?
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Dundas Life gets paid by the insurance company when we place a policy with a client. There are no additional costs for you.

How much will an insurance policy cost?
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Here are some examples of how much a policy could cost.

Coverage Amount Male Female
$250k $20 $16
$500k $30 $23
$750k $44 $31
$1 Million $55 $38
*price examples for a healthy, non-smoker in their early thirties for a 20-year term life policy. Subject to change. Source: Winquote
What is the process for my beneficiary?
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Your beneficiary will need to make the claim. They can reach out to the company who issued the policy, or to the broker who has been handling it. A life insurance death benefit is tax free, and in most cases, will be paid to your beneficiaries in one lump sum.

When should I review my coverage?
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Here are a few situations where it makes sense to review your coverage:

1) If you are planning for another child

2) Planning on buying a house or additional property

3) Starting a new job

4) Planning a new business

5) Incurring a large debt

6) Estate planning

7) Are the caretaker of elderly parents or relatives

8) Times of financial uncertainty

9) If you have existing gaps that should be assessed

Can I change an existing insurance policy?
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Insurance policies are contracts with the insurance company. Before any changes are made, we need to determine what options are built into the contract of an existing policy for conversion and renewal. Increases in coverage usually require additional underwriting. When we work with you to create a solution, we go over the options and potential restrictions of a policy.