How much cost a T10 150K + T20 250K for male and female 26-27 yrs non smoker?

i have been in many situations where people just want life insurance without proper assessment of their needs, so i am glad to see that you actually did a needs analysis to determine your needs. although i dnt know your exact situation, but you might be better off with a combination of couple types of policy. something along the lines of T20 + T10+ Family income. The two terms can be combined to cover your mortgage. Let`s say you have 300K in mortgage……in 10 years you have probably paid of about 100K (most of your payments goes towards the interest) so you only have another 200 left to pay off. so you get T10 for 100K and T20 for 200K that will cover your mortgage. Since you mentioned education fund you could do something similar for that as well and ad it to this. The family income will give your family a monthly payment of your choice and for the length of your choice.

What a plan like this does is that it covers all your needs in different ways and usually ends up costing you less. Although the T20 plan you have right now seems to do the job, but see if this method will save money on premiums.

For a Male 35 non smoker and Female 35 non smoker.
T10 $150K
T20 250K
Both joint first to die
Family income:
Male $4000/mth (to age 55)
Female $2500/mth (to age 50)

comes out to $149

Although the coverage with this example is higher than your current coverages, but something to compare with.

Seriously, I will consider disability insurance in the near future.

thx!
FB.

You are on the right track regarding disability insurance/critical illness insurance. Sorry for the ad… http://www.rightinsurance.ca is a good place to go. The disability through your work covers only your salary…not any bonuses etc. If you do go on long term disability it is because of a critical illness, 90% of the time!

If you google disablity insurance and critcial illness you will find lots of info.

Regards,

Brian Poncelet, CFP

I am aware that I have a big lack on this part. I am not quite sure how much I am covered by my employer’s insurance, but it is surely not enough. I will definitely dig further to know what are my options.

Cheers,
FB.

The other insurance you should consider is Critical illness insurance. This insurance is not cheap but if your disability coverage is poor (usually only 60% through your work) this policy is much more likely to to be paid out. My experience is generally the gross income is about $80,000 a year before looking at this or if you are going to be self employed get your own disability insurance before you leave your work.

Reagrds,

Brian Poncelet, CFP