 The holiday season is finally here, and for many of us, the holidays will look a bit different this year. Family dinners may not happen on the same scale they usually do. There will be no family or friends coming in from out of town. 2020 has been a trying year for many of us, and while COVID-19 has contributed to the deaths of loved ones, other folks have lost loved ones to different conditions. Whether it’s a sudden heart attack or the ending of a long battle with cancer, people lose their lives every day. Regardless of the circumstances, families face similar challenges and the grieving process of those who have lost loved ones this year due to COVID-19.
We’ve seen an increase in homeowners taking insurance seriously during this time. Still, we realize that not all folks are keen on insurance as others. The insurance process can be scary to some, but at Broker Plus Insurance, we try to make it as stress-free as possible. In the wake of this pandemic, the thought of not having insurance should be enough to get folks to re-look at their insurance needs. If this pandemic has taught us anything, we need to look at the safeguards we should have in place, such as insurance, if anything was to happen to our loved ones or us. Many folks have faced layoffs and job losses during this year. There’s also a common misconception that insurance is an expensive product. While certain factors such as age, smoking status, pre-existing conditions, and the amount of insurance required can lead to a higher premium, there are affordable ways to ensure you and your family have your needs met. For clients who have a history of health issues, we have No Medical options that can be put in place for them to ensure their coverage needs do not go unnoticed. With the uncertainty that's going on right now, one thing that should be certain is insurance. Contact us today to learn about how our company will go above and beyond to ensure your family’s needs are met. Happy Holidays and Merry Christmas from all of us at Broker Plus Insurance. We hope you have an excellent 2021 and stay healthy during the holiday season. To request a quote on the products we offer, click here. Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.
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 With spooky season upon us, it’s time to socially distance around the campfire for some insurance horror stories! These stories are real and were disclosed to us by the clients we’ve helped place insurance for. While these clients' names have been changed, it’s our hope that these stories will provide you with some insight to prevent you from falling into the same traps these clients fell into.  Jason was declined benefit payout by Group Creditor due to failing to disclose a previous surgery: Jason is a hardworking 34-year-old who suffered an eye injury at work. This injury resulted in him having to take some time off work due to being unable to see out of one eye. When Jason went to claim his disability insurance benefit with his Group Creditor carrier, he was shocked to learn that the company needed to underwrite at the time of claim, and went to his doctor for further information. Jason was contacted a few weeks later, noting that his disability benefit would NOT be approved because he failed to disclose he had his appendix out at age 16! Jason’s benefit was not paid, and he had to hastily go back to work to make ends meet at home. At Broker Plus Insurance, all of our underwriting is done UPFRONT, not at the time of claim, to allow clients to have as little delay as possible with their claims being paid out.  Michael declined insurance years ago because he was rated as a smoker due to his consumption of marijuana: Michael was referred to our company by a friend of his; right off the bat, he became very defensive about why he didn’t think he needed insurance. He told us that he was rated as a tobacco user because he enjoys the odd joint on the weekends with his friends. He was upset that marijuana users were rated the same was as tobacco users and noted he would not take a policy if he was rated as a smoker. Michael obtained coverage with our standard-issue carrier for non-smoking rates because he smokes marijuana less than 4 times per week!  Samara is a cancer survivor who was declined by Group Creditor and was only offered an Accidental Death policy: Samara came to our company feeling defeated; she had survived cancer as a child and was told she would be uninsurable with any company. She had been told that an Accidental Death policy was the only product she could qualify for. She was skeptical about taking this policy as it would only payout in the event of an accident. Moreover, the amount insured was only $250,000.00, which wasn’t even half of her mortgage amount! Thankfully, Samara came to us for a second opinion. We were able to put a No Medical Life and Critical Illness policy in place for her!  Carrie is a tattoo artist who has a history of depression and has attempted suicide twice; she was worried she would be uninsurable for this reason:
Carrie got the best service possible at Broker Plus Insurance. Upon hearing of her medical history and occupation, our life agent tried to put coverage in place with our standard carrier. However, upon her decline with this carrier, our life agent knew our No Medical carrier would provide her with the coverage she needed despite the “high risk” occupation and her history of depression. Carrie was insured with our No Medical Life carrier with no rating imposed, despite her occupation class and mental health history. Don’t let the insurance horror stories stop your client from getting a second opinion, with industry professionals who have over 18 years of experience. Contact us today for more information about how we take the tricks out of insurance and provide you, and your family, with the treats of having the best coverage possible! To request a quote on the products we offer, click here. Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.  There’s been a dangerous trend that we’ve seen lately in our industry. This trend is clients cancelled their insurance policies during this pandemic. We realize that with countless people having suffered financial hardships during this time and that having your mortgage payment made and food on the table is more important than having insurance in a worst-case scenario. However, cancelling a policy should be the last resort for any clients. As the minute you are without coverage (assuming Murphy’s Law is correct), something can happen.
Why You Should Not Cancel Your Coverage During This Pandemic:
While it’s not my place to muddle in your finances, perhaps there are areas in your spending habits that you can cut back on. Do you really need that monthly Netflix subscription when they already have Crave, or maybe it’s a lifestyle change such as quitting smoking will present you with significant long-term health benefits, including a lower premium on coverage when they have been one year smoke-free. It may be helpful to take some time to meditate on your monthly cash flow and analyze areas in which you can save money in. To request a quote on the products we offer, click here. Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.  I remember New Years’ Eve of 2019 like it was not even half a year ago. I had written down some goals I wanted to accomplish in my manifestation journal and was optimistic about 2020 being one of the best years yet, not just for myself but also for everyone. Not many of us could have seen this coming, but 2020 has turned out to be one of the most trying times in modern history. With many folks, including my husband, suffering layoffs from the COVID-19 outbreak, daycares closing, parents becoming homeschool teachers with no time to refresh themselves on how to do long division, its been stressful for many of us, to say the least.
Let’s be real here, how is everyone really doing? It’s okay to feel down, miss your family and friends, to stress clean the house for the second time in one day or to let the dirty dishes pile up because hey, you got nothing planned for tomorrow, right? There is a light at the end of all of this, and as Canada starts lifting restrictions, this light is getting brighter. In times such as these, people are confused as to what they should do next in our changing society. When it comes to insurance, many client’s know that Broker Plus Insurance is the stress-free way to ensure your coverage needs are met. We’ve prided ourselves on going above and beyond for clients during this time by continuing to provide a flexible full-service center here to contact you at a time that works for you. However, if you are one of the many folks we speak to who are putting off purchasing a home at this time or looking at refinancing their mortgage, it's always beneficial to look at one of the various Term Life products we have available. For clients who may want more coverage, we have Disability options (with 2 and 5 year benefit periods), Critical Illness and No Medical products for clients who may have a history of health issues or who may be hard to insure. We even have child policies! Going without insurance is not something anyone should put off any longer, especially in light of the current global pandemic. Contact Broker Plus Insurance today for more information on how we’re here to help our clients navigate through this uncertain time. To request a quote on the products we offer, click here. Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.  We’ve been hearing a lot of concerns from our clients about obtaining insurance during this time of uncertainty in our society due to COVID-19. Many clients think that applying for insurance is something that requires to be done in-person, which isn’t the case with any of the carriers used here at Broker Plus Insurance! We can take applications over the phone, and paperwork can be signed and scanned or faxed back to us for processing.
How Do We Make This Work?
Yes, it really is that easy to apply for insurance while respecting social distancing. We have access to a wide range of products to ensure that your entire family is covered! To request a quote on the products we offer, click here. Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.  I read an article recently, which has prompted me to write this post and with June being Pride month; this article could not come at a better time. According to the report, which is cited at the bottom of this blog, Iowa State University's Ivy College of Business found approval rates for same-sex couples were between 3% and 8% lower than for heterosexual couples. I realize this study is based out of the United States, and I like to think that as Canadians, we are little further ahead with acceptance compared to our southern neighbors. However, we have had clients from the LGBTQ+ community who have told us they have been afraid of applying for insurance for fear that they will be turned down for who they are or who they love. Let me make one thing perfectly clear before I go any further. Regardless of who you identify as or who you choose to love, there is something that you cannot forgo; and that is insurance. Rest assured that at Broker Plus Insurance, we do not impose a rating, nor discriminate clients based on their sexual orientation or gender identity. In fact, sexual orientation is not even asked on any of our applications because that’s your business, not ours! We offer several different products for clients from all walks of life to ensure that their needs are covered with the best product possible. We have Term options of 10, 20 and 30-years; three No Medical products for clients with previous health conditions and specialty products such as Critical Illness and a Job Loss Rider to our Mortgage Disability insurance. We even have child riders for Critical Illness and Child Protection that can be added to our Term life insurance, which covers biological children AND adopted children.  Regardless of who you love or who you are, we should all share the same love for insurance. Contact our office today to find out how you can protect yourself and your family.
To request a quote on the products we offer, click here. Alternatively, call: 1-877-242-8820 and press 3 to speak with an insurance coordinator. **Source https://www.mortgagebrokernews.ca/market-update/do-mortgage-lenders-discriminate-against-samesex-couples-256558.aspx?utm_source=Pinpointe&utm_medium=20190418&utm_campaign=MBN-Morning&utm_content=CD515713-56DD-42B4-A34A-AC106012B56D&tu=CD515713-56DD-42B4-A34A-AC106012B56D  We’ve heard almost every excuse in the book from our clients regarding why they think insurance is not an urgent matter. While aspects such as budget, sudden vehicle work, or a rainy day can lead one to tighten the grip on their wallets; there is never a “good” excuse not to have insurance. The alarming fact is that if you are living with a tight budget, you are actually in need of insurance the most. Consider what would happen if you were suddenly disabled and unable to work for eight months, or worse, you or your spouse pass away unexpectedly. Do you have one year’s living expenses tucked away to see you through months of reduced income or the loss of an entire income?
1. I have life and disability coverage through work. This is a common rebuttal we hear almost every week and while health and extended benefits through work are a fantastic thing to have; they are usually not enough to cover you if something were to happen. As an example, my husband makes $60,000 per year, and his work coverage pays three times his yearly salary if he dies; which equates to $180,000. While this may seem like a decent amount; when you factor in costs such as childcare, mortgage payment, living expenses, vehicle insurance and maintenance, food, clothing, and other necessities; it’s easy to see that this amount will not be sufficient to sustain my family’s long-term needs. The other major concern is what happens to his coverage if he loses his job? It is always smart to have a personal policy that belongs to YOU and not your employer. 2. I have a history of health conditions; no company will cover me! Broker Plus Insurance is proud to offer three No Medical products in Life, Disability and Critical Illness for those who may have a history of past health conditions or who do not want a medical exam as an underwriting requirement. The benefit of these products is that they provide three different insurance options for those who may be turned down or have been turned down in the past. The best thing about this product is that there are three different rating structures for clients interested in this product; thus almost every client can be covered under this policy. If, for whatever reason, your client cannot be covered under this type of policy; even having an accidental death only policy is better than no coverage at all! 3. We’re living paycheque to paycheque; we don’t have enough money for an insurance premium. This is by far the most common rebuttals we hear from clients, and we understand that with a new mortgage, utility bills and a family to feed; there isn’t much money left for anything else at the end of a paycheque. However, there are several “necessities” that we spend money on which can be cut back or put towards insurance. A typical example is those who stop off to get coffee every morning. Let’s assume it’s just a coffee and the going rate for that is $2.50 – what if I told you that insurance policies could cost as little as $1 to $2 per day? It’s true, and something that could easily be cut back to have coverage in place. Another option is to do partial coverage so that there is at least some coverage in place, should something happen. Contact us today for more information about how we can take care of your families insurance needs. To request a quote on the products we offer, click here. Alternatively, call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.  In the words of Bob Dylan, “the times are a changing.” With marijuana now legalized in Canada, the smoke is starting to clear regarding how companies are rating those who smoke marijuana. Many companies have already made adjustments to their policies for those who consume marijuana, specifically, about smoker rates. For certain companies, those who consume under a certain amount of marijuana per week can now qualify for non-smoker rates!
Broker Plus Insurance is proud to offer mortgage insurance and term life products through Great-West Life and Western Life who both allow marijuana users to be eligible for non-tobacco status on an individual case by case basis provided that there has been no other use of tobacco products, nicotine or e-cigarettes in the previous 12 months. This new amendment is excellent news for those clients who may not have taken insurance because they “smoke a little bit of weed” occasionally or who may have turned down insurance in the past as they were afraid they would not qualify or did not want a rated policy. Another one of our providers, Canada Protection Plan, enables clients who smoke marijuana up to four times a week to qualify for non-smoker rates! This policy is perfect for clients who are regular users of marijuana as it is very generous in the amount they are allowed to light up. These clients are eligible for:
Insurance is something that everyone needs dude! Contact us today to for more information! To request a quote on the products we offer, click here. Alternatively, call: 1-877-242-8820 and press 3 to speak with an insurance coordinator.  Insurance, for many of us, is not something we get overly excited for unless, like us, you happen to be in the insurance industry. It creates worry, doubt and in some cases, causes people to shut down and not look at all their options. Chances are you may even have insurance in place already, whether it’s through group benefits from your place of employment or perhaps life and disability insurance on your credit cards once you have this insurance in place you don’t think about it unless you need to submit a claim, or a significant life change happens. The same mentality can be said for mortgage, life, disability, and critical illness insurance, however, more often than not, we’ve seen clients get overwhelmed, confused or even outright reject the thought of putting another product in place because they already have enough coverage (or so they think).
The benefit of utilizing Broker Plus Insurance to ensure your family’s insurance needs are being met is that we put your needs first and will walk you through the coverage options we feel are best suited for you. Our objective is not to oversell you on something you don’t need. Instead, we make recommendations and help you see how it can fit in your budget. We translate the jargon that a lot of clients have issues understanding and make insurance simple, proactive, and affordable. We have products for the whole family, even children as young as 15 days old can be insured on our child policies and riders to our Term Insurance! Some products your family may need include:
What makes us different? We have been in business for over 19 years providing this service to mortgage brokers and their clients. Our insurance coordinators are not paid on commission, so you need not worry about feeling pushed into getting a product. Moreover, we have a wide range of coverage options and the ability to scale coverage to fit any budget while still ensuring that all your bases are covered. We could all use a little less stress in our lives, give us a call today to find out more information or to request a quote! To request a quote on the products we offer, click here. Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator. We’ve all heard the old adage “Age is but a number” and while most of us would agree that’s a good motto to live life by, when it comes to insurance the older you get means the harder it can be to obtain. That being said, there are insurance products out there for most age groups. Let’s take a look at what insurance can look like at different times in your life.  0-18: Even though you may not be this young, it is worth noting that when it comes to the best age to buy insurance this is the BEST age group. We have fantastic child policies which can cover Life and/or Critical Illness. Now you may ask yourself why does a child need life insurance when they don’t have any debt or dependents? The value lies in locking in their insurability before any health issues put them at a higher rate or render them uninsurable. Once they become adults, they can convert the policy to a permanent one, take over the premiums and enjoy a low rate of coverage for their entire life. We even have a rider to a term life policy that allows a parent to buy coverage a blanket policy for all of their children – even those who are not born yet! All for as low as $5 or $10/month!  19-29: While this group is likely new to the housing market and probably strapped tight when it comes to being able to afford it, this is a fantastic time to purchase as much insurance as they can for the longest term they can afford it. There’s a lot of benefits to taking insurance at a younger age, not only are they offered the cheapest premiums, they are also locking in their health status while they are young and hopefully healthy. A 30-year term will have those rates locked-in and hopefully see you through to retirement. Although rates will rise when they go to renew their insurance between 50-60 but a significant portion of their mortgage should be paid down and they can lower their insurance coverage to prepare them for retirement.  30-49: This group is probably your most significant demographic when it comes to mortgage clients – and the best suited for it! They likely have children, car loans, credit card debt and may even be living beyond their means. The loss of a spouse could be devastating if insurance is not in place to cover debt and living expenses. At this age insurance rates can vary depending on health but it should be made a priority and for as long a term as your clients can afford. With mortgages being refinanced at the rate they are, those financial obligations are extending further and further into retirement age. We encourage you to lock in their rates before health and age triple and even quadruple premiums.  50-69: For those who are older, insurance can be a daunting prospect as premiums increase as one ages. Maybe these individuals have had a history of health problems or have been rated in the past and don’t want to go through the headache of getting a paramedical exam done only to find out they will be declined or rated. While we try and encourage everyone to apply for standard insurance policies first, we do have a line of No Medical products (Life, Disability, and Critical Illness) that require no medical underwriting! These policies are rated higher for risk and will come at a cost – but it’s not too late to lock in your rates for 10 or 20 years. Even if coverage amounts have to be lowered to fit a budget, some insurance is better than nothing!  70-85:
If you fall into this age category, insurance isn’t always an easy sell. Unfortunately this age group is rated the highest in risk and therefore the premiums to cover an entire mortgage loan are usually unaffordable. What we do recommend for this age group is a final expense policy – something in place to cover remaining debt, burial costs and some living expenses for the surviving spouse. If the remaining spouse can’t afford to take on the mortgage, this leaves the funds available from the sale of home so he or she can downsize or make other living arrangements. So no matter you are, insurance should be considered! Contact Broker Plus Insurance today to ensure that your needs and your family’s needs are satisfied. To request a quote on the products we offer, click here. Or call: 1-877-242-8820 and press 3 to speak with an insurance coordinator. |
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All blog posts are written from Cassie Meadows, a Broker Account Manager at Broker Plus Insurance. 
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