₦airaland Forum

NuCypher:
I'd say his advice carries some weight. While some of these insurances do work, they often come with payments that are hard to maintain or clauses that can result in complete loss of previous payments, all hidden deep in convoluted pages and pages of text. Let's not deceive ourselves. There's a reason the immigrant community who know no better are squarely targeted for these products. In fact, it has gotten so bad that their salesmen only need to see that you are black to approach you.

This is another wicked part of the policy terms. The consequences of cancelling the policy can be the loss of many years of investment growth. They know that immigrants don't typically read the policy terms so they the details in the fine print.

slydog:
Tell me more please.
Is it that the insurance doesn't doesnt work? The term or perm live or resp, do they work when u need them or not?

I will try to summarily break down Whole life/Universal/Permanent Life Insurance (will refer to them generally as ULP) and compare them with a 20year Term Life Insurance Policy for the average 40yr old with no major existing health issues.

Under a ULP, the policyholder pays for both insurance and investment. However, the policyholder or the beneficiary can only get one benefit and not both. If the policyholder dies, his beneficiaries get only the insurance payment and forfeit the accumulated investment to the insurance company. Alternatively, the policyholder can end the policy and draw his savings or he draws the accumulated savings using various loan schemes.

Let me clarify with an example. For the average 40year old, healthy male, a ULP policy will average $600 - $1000 monthly or more for a $1m insurance policy. A portion of that payment goes to investment, while a portion goes to insuring him. If he dies at 55yrs, his beneficiaries will get only the $1m payout but will not get the accumulated savings. The insurance company will payout $1m and the accumulated investment will be forfeited to it. Practically none of the people selling this product will tell you this.

If that same guy bought a 20years Term life policy, he will pay $70 - $100 monthly as insurance premium. He invests $500 monthly in an S & P 500 linked mutual fund (which has returned an average of 11% over the last 20years). If he dies at 55years, his beneficiary will get $1m payout from the insurance company and $220,928.29 from his investment.

slydog:
People coming to me to sell life insurance, I had to research this life insurance and find out they make up to $3k for any permanent life insurance they sell. Bro, I am studying to write insurance exam now, $150 just to sell insurance to myself and earn the 3k and I can sell to others.

I wish it's not too late for me to convince you not to join these insurance guys that are making merchandise of the immigrant population. Their life insurance products are targeted at immigrants because they are very bad financial products, and so they leverage on immigrants selling to other immigrants in their network. At the end, the insurance agent makes money, the insurance company makes money, but the person that bought the product loses money. I wouldn't sell such a product to my community.

I will summarize some of the important points that have been raised::

1. Nobody lured anybody to come to Canada. As a professional looking to relocate to another country, you must research, research, research. That includes talking to people on the ground that went ahead of you. You must find out the realities about getting into your target profession and develop your plan of how to get there. You must also be willing to reinvent yourself and choose a new path if your current path does not appear to lead to your preferred destination. Nobody coming into Canada in 2023/2024 should be surprised about the challenges in the job market or housing. You should have already discovered that through your research.

2. Your network is very critical. It's almost as if you can only grow as much as what you know, And what you know is largely dependent on who is around you. If you land and keep company with those that have given up on their dreams, you will soon give up on your dreams. If you keep the company of those that have big dreams and are constantly focussed on those dreams, you will find that you will readjust your own dreams and make them bigger, and then stay awake at night figuring out how to make it possible.

3. Practice delayed gratification. The best time to suffer and work hard in Canada is when you have just landed. That is the time you still have a lot of fire, but as time goes on, you start adjusting to the reality of the country making it difficult for you to make bold decisions. So if there are licensing exams to write, write them early. If you are choosing a new career path, choose it early.

4. Everything beautiful takes time. Your dream is going to take time. Just stay focused. Stay in your lane and keep building.

PewpewS32:
Nairaland,

Yes, I'm Canadian looking to semi-permanently move to Nigeria for ministry opportunity.

Reading online tells me I'll be fine, but would love to hear a local perspective.

I'll be selling my home, vehicles, furniture... everything and starting over in Nigeria (Lekki, Lagos area).

Everything sold and done I would be coming with around N450,000,000.00 to N500,000,000.00. I know this is a lot in Nigeria. For real, I know. What I would like to know is let's say I don't make any money whatsoever, how long will that last after paying for a 3 bdrm house, car, furniture etc there? Believe me, here in Canada this isn't that much... it's not below poverty, but also not rich either. (Middle Class).

Where do I stand in Nigeria with this much?

Thanks,
Pewpew

Congratulations on the biggest move of your life. It takes boldness to respond to God's call and I have people that are in your shoes and looking to do something similar in the future.

Here's my best advice to you:

1. Rent a house in Lekki Phase 1. Do not buy one, at least at the beginning. You are a missionary and you need to keep your options flexible.

2. With your N500m budget, you can support yourself financially in perpetuity in Nigeria and will not need to work for money in the future. Here's how.

1year rent, solar system (for 24hr power supply), electronics, furniture and other household items - N15m

2018 - 2020 Toyota Rav4
2018 - 2020 Toyota Corolla (you need 2 cars in Nigeria if you are making the trip with your spouse

Buy both in Canada and ship to Nigeria. - N50m

Alternatively, if your vehicles in Canada are reliable, ship them instead. That would include your personal effects.

Relocation expenses - N5m

Living expenses for first year - N20m

Emergency fund in savings account - N10m

Total - N100m.

The balance of N400m can be invested as follows:

N100m invested in Federal.Govt of Nigeria Treasury bills and bonds

N100m invested in a Fixed deposit account with Stanbic IBTC Bank

N100m equivalent in USD invested in a Foriegn Currency Fund managed by Stanbic IBTC Assets Management

N100m invested in a Fixed Deposit Account with Access Bank or GTB

The above investments will yield annual interest of 12% - 18%. If we take 15% as the annual return, you will make N60m annually (or N5m monthly) on your N400m investment which would remain untouched and rollover from year to year. However, to slightly mitigate inflation, you may choose to draw only 10% and allow the balance to compound annually.

Putting your money in guaranteed investments allow you to focus on your primary mission.

Diversifying your investment into local and foriegn currency investments protects you from the risk of holding all your money in Naira.

May all your dreams come true.

luc26:
Please who has changed employer under HSW pilot? I really need help getting a new employer urgently as my previous one got rejected .

Send me a message using the number on my profile

Afrikanunikorn:
Hi admins
How do I get into an Ontario group?

PM me on the number on my signature

DereI:
With the current interest rate? And furnished? Probably all inclusive? This is a great deal!!!

Do you know what utilities cost these days? The other day we paid $640 for gas, water and electricity - and it’s not winter yet. Last winter our enmax bill went up to $1050.

So before you comment about someone trying to rip people off, think again!!!

Check out how much property taxes are now.
Research current interest rates
Confirm rate of utilities

Then come back and apologize to poster.

SMH

In the mind of many tenants, mortgage and utilities are are the only carrying costs of home ownership, yet when something breaks in the house, they have the landlord on speed dial.

ExcellencyFSA:
Hi everyone, so I got another Qatar ticket that will land in Montreal Trudeau (not yet paid). Has anyone taken this route before? Any condition attached to landing in Quebec first? Will the layover time in Montreal Trudeau be enough for all the necessary Port of Entry documentation?
Thanks.

The route is good. Layover of 4hrs is reasonable and sufficient. Landing in Quebec is same as landing in Pearson.

You can now ship to your door in Southern Ontario at the lowest prices:

Free delivery to Ajax, Bowmanville, Brampton, Brantford, Burlington, Cambridge, Hamilton, Kitchener, London, Milton, Mississauga, Oakville, Oshawa, Pickering, Toronto, Waterloo, Woodstock

Kemabassi:
Op should setup a whatsapp group so we can start the process. I have other options to get her here but School will be her best bet. Lets stop talking but start doing something now.

PM me or send me a message on WhatsApp - number on signature

@dawoyo
@keepingmum
@crenzywilliams
@ibilelfe
@texazzpete
@rickleye
@iykenuwa
@geegee08
@kemabassi
@yakson123

Please PM me as NL is not allowing me send more PMs

UPDATE

My lawyer was at OP's house today and was able to confirm that OP is genuine.

For privacy reasons, I am not able to disclose more information about OP's circumstances, but we will be proceeding with supporting the young girl moving forward. Her dream is to be a lawyer and I am believing that God will make that dream come true.

I will be engaging all those that have volunteered to help and will setup a WhatsApp group to coordinate our support. You can PM me if you want to join our collective effort.

@gaby
@dawoyo
@keepingmum
@crenzywilliams
@ibilelfe
@sirjamesjnr
@texazzpete
@rickleye
@iykenuwa
@geegee08
@kemabassi
@yakson123

SOLUTION

I have engaged OP and I am currently working to confirm the veracity of his story. This should be completed by next weekend. Once confirmed, the plan is to do any of the following:

1. Full-ride scholarship (tuition and living expenses) to any public university in Nigeria (including cost of preparing for JAMB etc) - the condition for this is that she must be able to get admission on merit.

2. Alternatively, sponsored training in a structured fashion school in Lagos, including cost of sewing machine, transportation and stipend for one year.

It will be nice to collaborate with @Gaby, @Dawoyo and everyone else that would like to pitch in.

VoidLife7:
I can give you my main account if you insist. I was too ashamed using my main account to post what my family are going through. I have told you I'd give out any evidence down to my abode. I have nothing to hide to anyone who's willing to support this young girl and her brother

PM me

gaby:
Ooops, I just saw you registered this moniker today for this purpose.

I don't think I have the time to waste here...

The last comment before this actually helped me to go check your profile.

I've been disappointed one too many times trying to assist people here. Never again.

Good luck to you guys.

Please don’t be hasty in withdrawing your support. Let’s allow him prove the genuineness of the situation, then between us, we can see how to support the girl.

7COLOURS:
When travelling with kids, what should parents hold as hand luggage that might be needed?

Considering change in time and weather, do children adapt easily?

What should parents that just landed in Canada do or be on the look out for?

Please let's make this group thrive

Children adapt easily to cold, but you must invest in quality cold-resistant clothing. This is because part of the daily routine in school is for kids to play in the snow (during winter).

sam4774:
Hi all,

Anyone understand the process or how seamless or difficult it is to order a Nigerian passport for a new born in Canada that definitely has no NIN. The Canadian passport ordering was seamless I really hope our Country doesnt show me unnecessary pepper.

You can get your NIN in many major cities in Canada

Zeewirld:
..

What then is the advantage of buying houses through mortgage considering that you still pay humongous amounts as closing costs.

Whether you purchase via mortgage or cash, you will pay closing costs.

feelme3:
Amdman, please 2013 Honda Accord EXL?

Prices start from N7.5m

TheOldGods:
please boss, just to be clear, will this Money land this car to my house in Lagos? Or do I pay any other fees?

You pick up the car at Lagos port. No extra charges.

2007 Pontiac Torrent

No faults reported

159k miles

N3.3m

Born2conquer:
I've showed interests on this but I got no response from.you

Am sure we chatted about this?

TheOldGods:
Hello boss please, I need a car for my mum. I want an SUV, my budget is 3.5m for now. I am interested in Acura MDX, Hyundai, or any other sub which will be easy for her to maintain.

2009 Hyundai Santa Fe

No faults reported

122k miles

N3.5m

MPVGoddess:
Just to be sure, given the recent increases in custom clearing charges, does this price cover custom clearing charges as well?

Yes… includes Customs charges

iykofias:
Looking out for Mdx and rav4

What year?

wunmi590:
Ok, thank you

What of Pontiac torrent 2006-08

2006 Pontiac Torrent

No faults reported

115k miles

N3m

Chriswazo:
Welcome back bro.
For me, u came at the right time..
We are entering Dec, so orders will be much this period..
Keep doing the nice work bro

Thank you

wunmi590:
@amdman response to this

Have not seen any with a reasonable price

MPVGoddess:
Toyota Sienna 2012/2013 LE or SE 8 Seater how much?

2012 Toyota Sienna LE

Dent on bonnet, Front bumper broken at bottom

169k miles

N5.6m