₦airaland Forum

This is a story about an immigrant couple who moved to Canada in their early 30s. Let's call them Jane and John.

As it is common with the immigrant community, they were quickly sold a Term Life Insurance by an agent who advised them to protect their lives and loved ones with life insurance coverage and invest the rest of their funds in other asset types.

This made sense to the couple, so they got a Term Life Insurance for themselves and continued to invest in RRSP, TFSA, real estate and other non-registered investments.

At the time they got their Term Insurance coverage, they were both 35 years old. Based on their family experience in their home country, their parents and grandparents had only managed to live upto ages less than 65 years old. So, they were pretty comfortable that a 30-year Term Insurance (T-30) will be sufficient for their needs.

As expected, the cost of a T-30 insurance was pretty affordable at a premium of $75/month for John, and $55/month for Jane. So, they had more than enough to invest elsewhere while their lives stayed protected with life insurance.

There was only one problem. They lived to be older than 65, the age when ther term life insurance terminates!

John had developed some health concerns at the age of 63 and expected to pass on before his 65th birthday. Shall we say fortunately, the Universe had other plans. He lived past that age but passed on 3 months after his 66th birthday.

Because their Term Life Insurance had now lapsed, that left the family with nothing to claim from the coverage. They had to source for funds from their personal savings and investments to pay for his funeral expenses, probate fees and final taxes.

This experience got the wife, Jane, thinking she needs to get another life insurance coverage in place immediately. By this time, she was already 66 as well. So, her cost of insurance for a 10-year Term Life Insurance was already over $260 monthly.

Considering that some of John's assets had rolled over to Jane, her passing will trigger significant amount of final taxes. So, she decided to get that insurance for another 10 years as this will last her till age 76.

Life can be tricky atimes. Jane refused to die before age 76, and lived until she was 80 years old. At this age, getting a life insurance had become unreachable and impossible for her.

Upon her passing, her family had zero claims to any insurance coverage because it had lapsed yet again.

With the probate process, funeral expenses and final taxes, the financial burden was quite significant for their children as they had to dip into their savings to sort things out while they awaited resolving other issues arising from Jane's will.

Throughout the period of their Term Life Insurance, they paid over $78,000. Yet, they and their beneficiaries were not able to enjoy any benefits from it because they lived longer than anticipated.

Are you planning for long life? Do you want this to be your story?

kaywhy09:
No be small thing o

Bukola94:
like relocating to another state, what if they still come around

Fruit4me:
some of una here on Nairaland Dey write like say na goat milk una suck

kaywhy09:
Vowed not to marry until certain things are achieved.

Close to 4.0

Things getting worse.

No good income.

Can be so tiring sometimes!

But still will never do anything st.upid!

helinues:
Being a boss is even more complicated than being a worker

Bukola94:
A man said in a thread that is girl is good but the girl family are so toxic. What will be your advice for him,is like the man in question wants to wife the girl. Just that her family is toxic

wunmi590:
Wo ju mi le jor

GodWrites:
If you are not a good marketer, you can't succeed in business.

wunmi590:
For congratulating me just because I've spent my June salary even before collecting it 😢

ojun50:
Just avoid the person

ojun50:
Baby or guy avoids avoided ooooooh

wunmi590:
😢

Aunty why are you congratulating me, please don't make me more depressed 😔

Ade1177:
You save more money as a young guy building wealth in this lagos having multiple ladies

Having 1 lady being entitled to your money and demanding you buy iphone 14 pro max will drain you

Personal experience

Will only settle for 1 girl when you're sure you can take care of all her needs

Donpenny:
Very fustrating, mine only take me for fews days despite my adjustments. Bills are choking. Just coming from my daughter's sch, her proprietor just keep adding unnecessary fees to jack up total sch fees claiming my daughter will pay for graduant fees when she is not one yet, i stood my ground that am only going to pay for exam and pta alone after have cleared her sch fees during resumption that is how kasala burst. Finally i paid for exam and pta alone. I hate extortion by greedy business men. My landlord is another greedy idiot, my rent is now more than tripe of what i paid 3yrs ago and my salary still remain within my entry ranges. Only having a viable business can make you stay ahead of this inflation. Is crazy out there.

ojun50:
If you know the family, his back and trust him then help.

Justdare:
I beg you in the name of whoever you hold dear, please don't. Not for anyone and especially not for someone you just met on social media.
I have had bad experiences regarding this, I had to pay off a 9 million naira debt I didn't incur just because I signed the bloody guarantor form.

vincenteger:
Sales of medical/Hospital/laboratory equipment/material, surgical, laboratory consumables, reagents, school science equipment.

condralbedez:
Outside Nairaland , that dude will be complaining to the masses that this Administration nah wahala oh.

wunmi590:


Abeg make I no just talk wetin dey my mind...

This month salary will enter this Friday, I've already sepnt it all, even without receiving it yet...

May God help us

phorget:
Him no get family?

vincenteger:
Thank you very much

We'll be waiting for your tips on how to strive more in businesses.
I hope we can be able to chat here too.

From DM

Can I be a guarantor to someone I just met on Facebook because his an intern and they want to staff him in the organization (HB) & I intend to go into a serious relationship.
Are there dangers?


Please 🙏 advice me as it urgent

okoroemeka:
business is war, to manage an SME in Nigeria now with poor electricity and 140% increase in petroleum products is more than war,it is something else I cannot explain

JOACHINpedro:
Dating never start you don dey dish out relationship advise

Yugoslavia247:
An why some tribe envy a certain tribe. When they try and fail they accuse the other tribes of being ritualist.

Now think 1000 traders are ritualist. Does that make sense.

They decide to be civil servants. The other tribe give them headache because they stand out.

Now tell me. Is it not jealousy

Civil war was fought and gone.

The next war waiting is the economic war.

That war thye shall be victors and not vanquished.

Entrepreneurship is hard.

I duff my hat for every business owner out there.

And I duff my hat twice for every B2C entrepreneur.

I have always wanted to be a business owner right from my first year in senior secondary school.

That's why I chose marketing as my trade subject in secondary school.

Also, why I am currently a digital marketing strategist.

And more specifically, why I help SMEs thrive in the online space.

Small and medium business owners have a special place in my heart.

I finally started my business a few weeks ago, and the experience has been of various shades.

My respect for business owners has 3x.

Dear business owner, you are a super human, and your business is a success.🤍

Henceforth, I will be sharing marketing lessons on the things I have had firsthand experience with in business.

I make sure to take note of the smallest things because of the marketer in me.

So if you don't want to miss out on undiluted value from a skilled marketer and business owner who's willing to help you grow your business, hit the follow button in my profile.

P.S. Say "Hi" if you own a business or planning to start one very soon. Let's know one another.🤭