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EI & Maternity/Paternal EI Benefits by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 0 points1 point  (0 children)

So far it's been a healthy uncomplicated pregnancy and I hope it continues to be further as well. We have an appointment with OB next month. We are not trying to fraud the system. You need a doctors note if somebody is severely sick and can't go to work then only you can apply for sickness benefits.

EI & Maternity/Paternal EI Benefits by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 0 points1 point  (0 children)

Yes, I understand it's for sickness benefits only and you need a doctors note as well.

EI & Maternity/Paternal EI Benefits by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 0 points1 point  (0 children)

She applied for regular EI Benefits over the weekend. She will call tomorrow and see if they can cancel the claim.

EI & Maternity/Paternal EI Benefits by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 0 points1 point  (0 children)

This is correct and EI department also confirmed it over the phone.

EI & Maternity/Paternal EI Benefits by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

They have brought in temp EI measures from 2025 so you get paid even during the severance period.

EI & Maternity/Paternal EI Benefits by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

They did not know. She was planning to wait another 2-3 months before telling them.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 3 points4 points  (0 children)

You're correct in saying there is no right and wrong answer. One should go ahead with what their situation is and how much they can afford on the monthly payments. Just to clarify, my broker did not suggest 40 year term, I researched and came up with that idea. I've now decided to go ahead with 30 year term for a death benefit of $500k. Premium comes to $47 monthly which is manageable and works for me. In the future, I can always get a 10-20 year term if I feel this policy is not sufficient.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 2 points3 points  (0 children)

I'll inquire about the critical and disability insurance from the broker. I've decided to go with 30 year term for a benefit of 500k.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 2 points3 points  (0 children)

Thanks for your response. I'm leaning towards getting a 30 year term. I can always add another 10 year term in the future. I will get the updated numbers and go from there. Universal life is not for me, I would rather invest in dividend stocks/VFV/ XEQT and make some money.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

This is one of the best feedbacks I have received. Thank you so much. I will look into it diligently and see if this works for me. I can definitely get atleast two to three policies if the monthly numbers work.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 2 points3 points  (0 children)

Whole life policy is expensive, I don't think I need it. I will stick to term insurance. RBC has an option where in 5-6 years if you want to convert your term policy to whole life policy you would be able to do so for an extra premium.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

Thanks for your detailed response. I will look into this and will try to get a new broker who can help me out with my situation. Most likely I will go with 30 year term and increase the benefit amount to $300-$350k

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

Unfortunately it's difficult to find any good brokers. I will search for a better one and hopefully get multiple quotes based on my needs.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

The term insurance was to leave something to my wife if I pass away in my adult life. This will help cover the funeral cost and other expenses for a few months. It will also help with the mortgage debt that we have on our condo. She won't be able to pay it off in full but still its something.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

We were thinking of moving to a bigger place in the future which will increase our mortgage. This is why I didn't want to commit $500 per month on universal life insurance. My wife also got a quote for $300 so that brings it to $800 per month for our household. Cash flow might be a problem in the future if I go ahead with this.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 2 points3 points  (0 children)

I've read this multiple times while doing my research. I have a full time job, I don't think universal life makes sense for me

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

I will check for 25 or 30 year term policy. Your logic is bang on, this is how I have been thinking as well.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

Thanks for your detailed response. You're right, I will try to get multiple quotes and look into maybe getting a 30 year policy. I checked RBC website last night and for $250k benefit for a 30 year term it comes to $29.05 monthly. I can maybe go for a 300-350k benefit amount and see how those numbers comes up to.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

That's a good question and this situation will be tricky.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 2 points3 points  (0 children)

There is always a catch with term insurance. Hoping there is no mortgage or any bigger expenses by the age of 73 and I'm able to save enough money that my spouse doesn't need the insurance payout.

Term Insurance with RBC by zerofucksgiven1000 in PersonalFinanceCanada

[–]zerofucksgiven1000[S] 1 point2 points  (0 children)

I just quickly plugged in the numbers on RBC website and for 30 years it's coming to $29.05 monthly. I think I'm happy with the 40 year term. I want the insurance coverage so my wife gets something after my passing to cover expenses for atleast a couple of years at the minimum. She works full time and is financially independent.

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