Life Insurance... Waste or Worth it?
I'm currently 26, I have a life insurance policy through my financial advisor (wfg... i know, got suckered into investments and insurance, got my money out of there and now I'm rethinking my insurance options, was young and dumb when I signed up for all of this, they dont teach personal finace worth a crap in school and I've been learning this all myself through the years)
My situation is as follows:
house - worth roughly 340k, 170k left on mortgage (pounded out extra payments the first year before I started taking investing really seriously)
side by side - roughly 23k left on a 1% loan (defintely not making extra payments on that one to rid myself of it)
truck, holiday trailer, quad trailer and a garage full of tools and stuff that I'll call a total really low ball value of 40k
no CC debt or other debts
RRSP - roughly 27k
TFSA - roughly 81k
Emergency/vacation/chequing accounts total just over 20k
My current policy he convinced me to get costs $31/mo for $250k coverage, billed at $250/mo into an investment portfolio through the insurer (industrial alliance if that makes any difference), ive only been doing the extra money part for just under a year. the site is showing a total 21% return on the extra funds.
also have 80k in disability coverage that he says will get paid out at a certain age (70 if i remember correctly) if not used thats costing me $78/mo.
All of the money I had invested through him has now been transferred to wealthsimple and all i have left is the life insurance policy.
I forgot to mention I'm single with no children, the way I'm currently seeing it, with how I've set myself up thus far, a life insurance policy is sort of needless for me. If something were to happen all of my assets cover everything after a sale of the house leaving a reasonable sum of money for my mom, dad (divorced), and brother to split as they saw fit.
I work as a journeyman industrial electrician averaging roughly 140k/yr gross for the past 3 years since i switched from residential. I'm currently on a job that pays travel per shift that I bank $900 tax free dollars on every 21 days (14 on 7 off rotation) which is now going straight into my RRSP, plus a few extra bucks here and there when I feel like it.
I guess basically my question is, is my life insurance policy pointless since I could be putting that extra $360/mo into my RRSP and taking advantage of a better tax return to continue maxing out my tfsa every year?