Comments on: Joint Last-to-Die Life Insurance in Canada: How It Works & Costs

By: Joint Last-to-Die Life Insurance in Canada: The Ultimate Guide for Couples 2024

Joint Last-to-Die Life Insurance in Canada: The Ultimate Guide for Couples 2024 — Thu, 18 Jan 2024 08:48:48 +0000

[…] Source : Joint Last-To-Die Life Insurance: Pros and Cons – briansoinsurance […]

By: Brian So, CFP, CLU, CHS, BSc

Brian So, CFP, CLU, CHS, BSc — Mon, 03 May 2021 17:01:06 +0000

In reply to Jess. Hi Jess. Is it a whole life or universal life policy? Have they made withdrawals from the policy? Or did they obtain a policy loan?

By: Jess

Jess — Mon, 03 May 2021 16:51:10 +0000

My elderly parents have a joint last to die policy and the cash surrender value & closing balance are currently in a negative position. How does that impact the Benefit being paid out upon their death? Is the negative balance simply deducted from the Benefit payment? And how would it have gotten into a negative balance position – by missed premium payments?

By: Brian So

Brian So — Mon, 31 Aug 2020 06:24:27 +0000

In reply to Wee. Hi Wee. Yes, the premium stays the same in every province.

By: Wee

Wee — Sun, 30 Aug 2020 23:36:34 +0000

Hi, For the same policy, will the insurance premium payable stay the same in every province?

By: Brian So

Brian So — Wed, 06 Mar 2019 06:17:54 +0000

In reply to Gary. Hi Gary, you may be able to split the policy between husband and wife, but it depends on when you request the split. For example, some policies don't allow splitting after the 5th policy anniversary or after 6 months after the marital separation. You should read the contract carefully to see if it allows splitting.

By: Gary

Gary — Tue, 05 Mar 2019 13:13:06 +0000

If a client has a Joint and Last to Die and there is a marriage break up, can that policy be split between husband and wife? Both have children from other marriage and both want the policy. I am thinking they should divide the policy.

By: Brian So

Brian So — Fri, 15 Feb 2019 21:45:30 +0000

In reply to Jake Rashid.

Hi Jake,

It’s difficult to advise if I don’t know what the product is. Perhaps it is a whole life policy that depended on dividends to fund the premium. If the dividend is insufficient, then you have to pay more out of pocket to maintain the coverage. Otherwise, they may reduce the face amount.

If you can provide more information about the product, I may be able to help further.

Feel free to email me at info@briansoinsurance.com to discuss further.

Brian

By: Jake Rashid

Jake Rashid — Fri, 15 Feb 2019 20:07:39 +0000

We have last to die insurance. My premium is 6500 a year My insurance company tells I have to pay 6500 a year plus a cost each year tp take of my policy
Does that seem right to charge extra for taking care of my insurance?

By: Brian So

Brian So — Thu, 30 Mar 2017 19:48:46 +0000

In reply to Patricia Czoberek.

Hi Patricia. I’m not aware of any insurance company that can combine two separate term policies to a single JLTD policy. You should be able to convert them to individual permanent policies, but you should look into it soon since the conversion privilege usually expires between age 70-75, depending on the insurance company.

The advantages of conversion is twofold. First premiums will be level until age 100 so you don’t have to deal with sky high renewal rates. Second, you will have coverage that lasts a lifetime, since most term policies expire between age 80-85. You may even convert only a portion of it, depending on your need and estate plan.