subject: Manulife Combined Term Life Insurance Save Money Alberta [print this page] Manulife Combined Term Life Insurance Save Money Alberta
Manulife Combined Term Life Insurance Is A Great Deal in Alberta
If you are a couple looking for life insurance, you might want to take a good look at Manulife's Combined Term Life Insurance policy. Offered on Manulife's Family Term product, this special rate for term life insurance is presently the best deal inAlberta today.
Now, this plan doesn't work for everyone. There are a few requirements that you need to meet in order for this deal to work for you. Firstly, you have to have two people getting life insurance together (usually a husband and wife or other couple in a family unit). Secondly, you must be buying the same amount of life insurance. Different amounts of coverage, say $500,000 on the wife and $250,000 on the husband, would not qualify for the combined plan. Thirdly, you must apply at the same time and be both listed on the same contract.
So, what makes the Manulife Combined Term Life insurance plan so cheap? If you were to quote a Manulife term product (either Term 10 or Term 20 life insurance), you might find that their premiums seem higher than the competition. This is because Manulife has one of the highest administration fees on their term insurance in the insurance industry. This is a bit misleading, since you are allowed to have multi-life policies with many different related people all covered under the same insurance policy, all with individual coverages, but only paying one policy fee. So, when buying a combined plan, firstly you save $5.10 per month because you are only paying one policy fee, not two. Secondly, once you have already saved $5.10 per month, you have a total discount of 3% off the full premium. To most of us, 3% doesn't sound like a lot of money. In the term life insurance business, 3% is a big discount. The market is so competitive and pricing so tight between the major players that a small discount like this can push you into first place for lowest premium in Alberta.
Let's also look at the savings that a small 3% premium can give you over time. If you were paying $1,000 per year for your life insurance premium, a 3% discount would be $30 per year savings. If this was a 20 year term life insurance plan, you just saved $600 over the life of the policy. This is more than half the premium of a full year's cost of insurance! It becomes a worthwhile savings over time.
Now, if one of the people in the combined plan dies, the survivor retains their insurance policy, but the premium is adjusted upwards by 3%. The savings is lost in the event of a death or the policy is broken into two separate plans. Just to clarify, the survivor is not paying the total premium for both people originally covered. If one person dies, their death benefit pays out, and the cost of insurance attached to the deceased is cancelled. Only the cost of insurance for the survivor remains, with the discount removed.
When analyzing how competitive this plan is, I compared the pricing to a Joint First-to-Die (FTD) plan to the Manulife Combined plan. Joint FTD is supposed to be the lower cost option for a couple buying life insurance when they both need the same amount of coverage. If one of them were to die, the total death benefit is paid to the survivor and the policy ends. The survivor would have 30 days to purchase their own life insurance policy without providing medical evidence, but it would be like starting a new policy when you are older, and the premium is much more expensive. With the Manulife Combined Term Life Insurance policy, the survivor continues their coverage without interruption and without a premium increase for being older.
Here is a comparison of the best Joint FTD term life insurance pricing in Canada to Manulife's Combined Term Life Insurance policy:
Husband and wife, both age 35, non-smokers, $500,000 coverage, 20 year term: Joint FTD price, $63.90 per month (Equitable Life); Manulife Combined Term 20, $67.21per month.
Husband and wife, both age 40, smokers, $500,000 coverage, 10 year term: Joint FTD price, $202.05 per month (BMO Insurance); Manulife Combined Term 20, $210.75 per month.
Couple aged 50 (man) and 47 (woman), non-smokers, $1,000,000 coverage, 20 year term: Joint FTD price, $423.90 per month (Industrial Alliance); Manulife Combined Term 20, $435.41 per month.
If you are looking for the best price and lowest premium for term life insurance in Alberta, you should look at the Manulife combined plan. At Life Guard Insurance, we can show you how much you can save by using this policy and retain the highest value term life insurance product in Canada today.
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