OP
Bush Bunny
Member
- Dec 11, 2003
- 49
- 0
- Thread Starter
- Thread starter
- #16
Ok, here's the deal with the life insurance through the co-operators.
As long as you don't fit into one of the special categories; crop dusting, fire surpression, off-shore heli etc, you are not a high risk claim. The policies come in two forms, term, and permenant. You can read up on the differnces on their web site.
The most interesting thing I saw during his presentation, was that the policey covers you ANY TIME. The other aviation related ones I saw didn't cover you at work, claiming that was the responsibility of the company and workers comp.
My quote being 30ish... for 500k coverage joint with my wife for a 10yr term policy was $58/mo. or $29 each - much better than what I was expecting. Once you go into permanent policies, ie. to death, the premiums go up, but these offer all kinds of tax shelter and early retirement options second only to the RRSP system. The term policies go up dramatically every ten years, my quote being over $900/mo at age 65. The permanent premiums stay the same and you contibute extra for the retirement/tax shelter etc. If the premium was $150/mo., then you contribute say $250/mo. and it is invested as a lump sum. When you want it, you go to the bank and sign over the policey as collateral and the bank lend you %80 of the policies worth, the remaining %20 being payed out at time of death.
Hope that short disjointed explanation helps, I got tonnes from the meeting and feel much better for having done. Any questions class????
BB
As long as you don't fit into one of the special categories; crop dusting, fire surpression, off-shore heli etc, you are not a high risk claim. The policies come in two forms, term, and permenant. You can read up on the differnces on their web site.
The most interesting thing I saw during his presentation, was that the policey covers you ANY TIME. The other aviation related ones I saw didn't cover you at work, claiming that was the responsibility of the company and workers comp.
My quote being 30ish... for 500k coverage joint with my wife for a 10yr term policy was $58/mo. or $29 each - much better than what I was expecting. Once you go into permanent policies, ie. to death, the premiums go up, but these offer all kinds of tax shelter and early retirement options second only to the RRSP system. The term policies go up dramatically every ten years, my quote being over $900/mo at age 65. The permanent premiums stay the same and you contibute extra for the retirement/tax shelter etc. If the premium was $150/mo., then you contribute say $250/mo. and it is invested as a lump sum. When you want it, you go to the bank and sign over the policey as collateral and the bank lend you %80 of the policies worth, the remaining %20 being payed out at time of death.
Hope that short disjointed explanation helps, I got tonnes from the meeting and feel much better for having done. Any questions class????
BB
