Do NOT buy term life insurance online until you understand RENEWABLE vs NON-RENEWABLE policies

[@evanpoppleton1996]

I laughed when you said that Matthew Inglis had some strong opinions about PolicyMe ads and non-renewable. Matt and ‘strong opinions’ are synonymous 😂. He’s as subtle as a sledgehammer. Great video!

[@Satvesa]

With rising inflation, and potential for additional inflation, what strategies can be employed for term insurance?

[@jasonb4300]

Valuable info here. Thank you.

[@BhagatSingh-j4r]

great job explaining

[@sureshjraman]

Thanks! I liked your illustrations and giving me some useful tips

[@PreetBanerjee]

You are most welcome and thanks for the Super Thanks! That’s my first one ever! 😊

[@zmbyler632]

Preet, thanks for the content! One note you may find interesting is that Primerica, as far as I know, is the only insurance company that allows premiums to stay level even after the initial term without requalification. The compromise is that the original term policy converts to a decreasing term policy. So premiums level but death benefit decreases out to age 100 and is guaranteed.

[@TemplarLove]

Thanks for the video! From Singapore

[@PreetBanerjee]

Thanks for watching!

[@Ellie-qo6bw]

Thank for this info brother.... Fan from India... Fan of rela knowledge..

[@fabioscocimara8597]

Thank you for the highly educational content!

[@PreetBanerjee]

You're welcome!

[@matthewinglis2253]

Love it

[@richardm.441]

Thank you for the great videos. Do you have any suggestions about shopping for and purchasing a SPIA in the US? I am about your age, and I am considering early retirement.

[@PreetBanerjee]

I would definitely get a planner to model some scenarios. Coordinating various income sources and timing social security benefits is hard to do without dedicated planning software. A fee for service advisor (charges by the hour or project) might be well worth the money to help figure out a plan that works best for your individual situation. Good luck! Good position to be in 😊

[@Bboss0331]

Do you have a video or information on convertible life insurance?

[@PreetBanerjee]

Hi Bryan, not as of yet. It's on the ever-growing list of future videos.

[@panama1222]

Greetings. The Winquote link is no longer available. would you an alternative link to share. Thx in advance.

[@keithfriedman8541]

I do not know where Preet is getting these numbers for. In the U.S. market because maybe he is not referencing that renewable term policies are renewable yearly. Not for another full term. Premiums tend to skyrocket much faster than portrayed in this video.

[@PreetBanerjee]

These are actual quotes for the Canadian market.

[@PreetBanerjee]

In the video description you will find the quoting software and look them up to verify. Rates vary over time of course, but the premium ramp ups will follow the same general trends.

[@keithfriedman8541]

@@PreetBanerjee The U.S. market is significantly different in this area. Policies are renewable but rates increase drastically every year after the term has ended.

[@PreetBanerjee]

@@keithfriedman8541 Thanks for highlighting that. From what I can tell, the same general advice would apply? That while guaranteed renewal premiums (increasing annually) would be higher than re-qualifying as healthy, if you could not re-qualify as healthy the policy would be a better ROI than trying to get a rated policy after the initial term? (Or not being able to get covered?)

[@thetermguy8640]

@@PreetBanerjee US term polices are a bit different than Canadian upon renewal. As pointed out, they have 1 Year Term renewals. Canadian policies are a bit more mixed up, often the renewals for Canadian policies these days are 10 year term. So if you buy a Term 20, in 20 years it renews as a term 10 (premiums level every 10 years, instead of every year like US term). The other thing I've seen in the past from US policies is something called a 'Re-Entry' premium. This is the premium you get at renewal if you requalify medically - so no different than a new policy in terms of obtaining it. I've never seen a Canadian company with re-entry premiums on renewal for term.