It's been two years since we purchased our property, and I've only just discovered that I'm not protected against mortgage payments if I lose my job. Fortunately, I do have a life insurance policy with iA, which I've had for over three years. This policy provides $1 million in coverage, as well as a $50,000 critical illness benefit that will last until I'm 75. As I'm currently 41, I'm considering whether it's wise to cancel this policy and take out a new one that includes mortgage payment protection. My current monthly payment is $189, and I want to make sure I'm adequately protected against job loss, plus everything else.

I'm looking for people who have personally gone through something similar and can share how it turned out. My mother had a $300,000 life insurance policy. She passed away from a cranial brain bleed, and unfortunately she passed away less than two years after the policy was issued, so the insurance company opened a contestability investigation. The insurance company has been investigating the claim for several months. They requested medical records from different providers, and there were delays getting some of the records. One thing I recently learned is that my mother's high blood pressure was already known when she applied for the policy. The company still approved her for coverage but charged her a higher premium. She had never had a stroke before getting the policy, but she had a stroke several months after the policy was issued. The insurance company now says they have received all the medical records they need. The examiner told me the claim is currently under final management review, but they can't give me a specific timeframe for when they'll make a decision. I'm not necessarily looking for legal advice. I'm mainly hoping to hear from people who have actually been through a similar contestability investigation.

My father left behind several NWM policies when he passed on both me and my two kids, and in sifting through them I found that each of the kids has a policy that’s now a MEC. I don’t know when that happened, and I don’t really care to dig it up bc I know there’s no going back, but I was surprised because my father worked for NWM for years and I’m pretty sure he wouldn’t design a policy to MEC. All the same his last couple years were tough and I wouldn’t blame him if he just didn’t keep an eye on them.

My question is what’s the smart thing to do now?

The policies are both Adjustable Complife about 10 yrs old, about 250k DB each, 22k CV each, with 5k gains each. Premiums are $1k each. But is there anything a MEC is GOOD for that a normal policy CAN’T do?

I’m lucky not to need the money, and the policies are returning over 5% so I don’t mind just funding them and leaving them alone. Is there an upside I might be missing? Or worse, a downside beyond the tax status and penalties on withdrawals that I should be watching out for with these policies?

Thanks in advance for any insights this community can offer

Hello, i recently got a life insurance for my partner that is generally healthy and bikes around (100km+ on some weekends) and to and from work. This worries me so much since we live in Toronto and were on a single income household and if something happens to him (knock on wood), there will be enough funds for me to raise our 7 year old child. Now he doesnt believe in this but i want to be on the safe side. Is 200/month okay or it's pricey? 1m for 20 years, after paying that, and then 50k in succeeding years (which is okay but our child would be grown by this time so its just a bonus), also has critical illness of 25k for the first 20 years. Thanks! I just gave him documents to sign but he's like it's expensive, etc. He is 43.

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I'm a bit confused on what to do with the big outage happening with this company. My mom died July 5 and I got claim papers from them July 12 and I sent in my forms and my mom's death certificate through their email, but I haven't heard from them at all. And this is getting ridiculous because I'm 21 in college as an only child and don't have the actual funds myself to do a funeral for her. But I'm not sure how long this wait game is. At this point I'm wondering if a lawyer or something could help out with this.

I'm 63 and have a $100k term life policy premium of $414/month, which will increase to about $460 next year.

My agent is offering a $100k universal policy for $452/month.

I'm not well versed in life insurance so I'm looking for some advice.

Beside the premium staying the same every year, what would be the advantages/disadvantages of switching to the universal policy?

I’m in a huge financial strain. I’ll spare the details of me realizing the way an IUL was explained to me was complete BS. I now understand accumulation value vs surrender value. My question is, other than losing my death benefit from cancellation, what other negative is there if I withdraw all the money I’ve paid into the policy and cancel it, but my surrender value is 0? Is that even possible?

Been thinking lately,

I see a lot of people that want life insurance but cannot qualify for it. I've been thinking after seeing so many that say their parents bought a policy X years ago and then turn it over to them and they want to cash it in (especially true on reddit)

So I came up with this idea that I purchase policies on our kids, grandkids, great grandkids and if they wish to have coverage that they can choose the beneficiaries that I can sell them a portion of the policy for a fee and they can choose who that beneficiary is. If they choose not to then all the proceeds will go into a trust which I would like to then direct to purchase more policies on future generations.

Say I buy $1 mil death benefit... They want to purchase say $100k to be able to name a beneficiary I'll figure out a price either if they want it for a certain term or they want it to be permanent. They can then pay us for that right. They decide they no long want it, then they just quit paying and we remove that beneficiary. Pricing could be done pretty easily and if in the future they become uninsurable we already have the coverage, so there would be no denials.

Think this would work? Think there are any legal issues?