Life insurance vs. Will or testament
Dec 27th 2005, 4:20 pm
#1
Faire de la *fluff fluff*
Thread Starter
Joined: Feb 2005
Location: Amsterdam (currently)
Posts: 248
Life insurance vs. Will or testament
Hello All,
Happy Holidays! I thought I'd ask some of you this question in addition to Andrew Miller, perhaps some of you have some insight for us on this one.
We are gathering proof of our relationship and under the advice of Andrew Miller we went to our bank (ABN AMRO) to get some life insurance naming one another as our beneficiaries.
However, it seems kind of risky as they place our money into stocks and its a 10 year deal. We don't necessarily have problems with it, we are just wondering if it's worth the hassle when we could do a testament instead to prove our committment to one another.
We were also thinking of just getting life insurance through Canada NOW, however I don't htink its possible seeing as we aren't lviing there yet!
So, what do you think: is a testament just as wonderful as piece of evidence for our relationship or should we get the life insurance? (whcih technically isn't even called life insurance here, guffaw!)
Cheers,
Fluffy
Happy Holidays! I thought I'd ask some of you this question in addition to Andrew Miller, perhaps some of you have some insight for us on this one.
We are gathering proof of our relationship and under the advice of Andrew Miller we went to our bank (ABN AMRO) to get some life insurance naming one another as our beneficiaries.
However, it seems kind of risky as they place our money into stocks and its a 10 year deal. We don't necessarily have problems with it, we are just wondering if it's worth the hassle when we could do a testament instead to prove our committment to one another.
We were also thinking of just getting life insurance through Canada NOW, however I don't htink its possible seeing as we aren't lviing there yet!
So, what do you think: is a testament just as wonderful as piece of evidence for our relationship or should we get the life insurance? (whcih technically isn't even called life insurance here, guffaw!)
Cheers,
Fluffy
Dec 27th 2005, 5:30 pm
#2
Lost in BE Cyberspace
Joined: Sep 2004
Location: Windsor, ON; Chicago, IL
Posts: 6,713
Re: Life insurance vs. Will or testament
Not an expert, just my opinion, but I wouldn't take out any kind of life-insurance if I didn't own property, there doesn't seem a point.
Dec 27th 2005, 11:24 pm
#3
Forum Regular
Joined: Sep 2005
Posts: 93
Re: Life insurance vs. Will or testament
I would not sweat the issue too much--they are probably looking at the dates of the documents and documents executed after you decided to apply will have less weight. So therefore, it would make more sense to do a simple will rather than invest in a life insurance policy that may not have much impact on your application anyway. Just my non-expert opinion. I would focus more on demonstrating that you have been in the relationship over time (photos, letters, phone calls, whatever, that shows earlier dates). Good luck to you.
Dec 28th 2005, 6:45 pm
#4
Faire de la *fluff fluff*
Thread Starter
Joined: Feb 2005
Location: Amsterdam (currently)
Posts: 248
Re: Life insurance vs. Will or testament
Originally Posted by Biiiiink
Not an expert, just my opinion, but I wouldn't take out any kind of life-insurance if I didn't own property, there doesn't seem a point.
I feel that a will shows just as much committment as life insurance, so we will go for the will now and of course, once we get to Canada and have a house - go the will route.
Happy New Year!
Fluffy
