 In a perfect world, every client would have insurance in place for their entire family. There would never be any declines or ratings because everyone would be in excellent health. Sounds like a pipe dream, doesn’t it? Well, that’s because it is. While I truly wish that every client who comes through our doors is healthy, that isn’t the case with some of the clients we deal with. Whether it’s hereditary diseases, a high-risk occupation, a history of driving offences or ongoing medical conditions, there are many reasons why clients are rated for insurance.
Many brokers we work with have access to Group Creditor insurance through their in-house programs. While Group Creditor is a good insurance option for clients, it does present several shortfalls to clients and, in many cases, is not the best choice for their insurance needs. For example, Group Creditor clients declined for Mortgage Life will be offered Accidental Death in many cases. Our personal life insurance policies approve many of the clients that Group Creditors will decline, which allows them to have better coverage than an Accidental Death policy. We can customize these policies to a client’s individual health status by allowing them to try with standard-issue first. Then if that doesn’t work – we will offer No Medical insurance. When a client is rated, our first course of action is to run the rated rates against one of our No Medical products to see if No Medical comes up cheaper. In some cases, it does; however, our primary insurer Wawanesa Life has a fair premium rating. We find that for most clients, the rating for standard insurance is lower than the No Medical ratings. We will then contact the client, explain that they’ve been rated and why. This can be an awkward conversation to have, as sometimes the clients may be embarrassed about why they are rated. Our licensed life agents are professional, compassionate, understanding in explaining it to them. We will then present their options and go over the pros and cons of both. Whichever decision they chose, you can be assured it will be significantly better coverage than an accidental death policy. 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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The fear of claims not paying out is a fear that leads many people to be wary about insurance and, in some cases, not to take insurance at all. In my opinion, there is no higher gamble than to gamble with one's life. When one's life is not insured, it is a gamble that will almost always end in a loss for more than one person. While it is unfortunate when we hear that a claim doesn't payout from one of our clients, it is imperative to note the reasons why claims will out payout. By analyzing the common misconceptions about the life insurance industry, it will allow you to understand why some claims cannot be paid out.  #1 - You Were Dishonest On Your Application: We like to believe that every client we speak to is telling us the truth, however; sometimes, this is not the case. In cases of fraudulent misrepresentation, such as in the cases of smoking status or past health issues, the insurer can deny your death claim. Alternatively, if they discover that you've been fraudulent while you are alive, they will void your policy and return any premiums paid. The only way to avoid this is to be honest with our life insurance agents and to fully disclose anything you feel may hinder you from obtaining insurance. If you have past or current health conditions that prevent you from qualifying for standard insurance, we do offer No Medical Life, Disability, and Critical Illness to ensure you don't have to go without.  #2 - The Insured Commits Suicide Within The First Two Years: All life insurance policies have a two-year exclusion period for deaths that occur as a result of suicide. This means that if you were to commit suicide within the first two years after the policy is issued or reinstated, the death benefit would not be paid.  #3 - Two Year Incontestability Period: For the first two years of a life insurance contract, the insurance company can re-evaluate its underwriting of the policy. If they discover that a material mistake (birthdate/smoking status/health information) was made in the application for coverage, the insurance company has the option of adjusting the premiums, adding exclusions, or voiding the policy. Thus, the policy is said to be contestable during the first two years. Reinstated policies are also contestable for the first two years following reinstatement. Once this contestability period has expired, the policy is said to be incontestable. This means that the insurance company cannot cancel the policy for any reason other than missed premiums, or fraudulent misrepresentation.  #4 - You Didn't Pay Your Premium:
Missed premiums lead a policy to have a 30-day grace period where the premium must be paid for the policy to stay in force. If you fail to pay this premium after 30 days, the policy will lapse and need to be reinstated. Reinstatement may require proof of insurability, so it's best to ensure that your premiums are paid on time to avoid this hassle down the road. It's also noteworthy to mention that the incontestability period and suicide exclusion period will start again after reinstatement. Once you see that the reasons that a death claim can be declined are all valid and above board, you can put your fears and reservations about insurance to rest. Unlike a traditional mortgage insurance policy where they do most of their underwriting at claim time, our licensed insurance agents and up-front underwriting are your best bet. 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.  Insurance can be equated to a horror movie to many of us, as we never know what’s lurking around the corner in the haunted house of life. While we hope to get out safely, we don’t know if Jason, Freddy or Pennywise is around the corner; waiting to catch us off guard. Unfortunately, what happens to many people, is they run through this haunted house frantically trying to evade the monsters who want to harm us. These monsters are cancer, death of a loved one, disability, and the worst, in my opinion – a critically ill child.
While running through the haunted house of life, frantically does work for some people, it’s not a practical solution to fighting off these monsters. No, you don’t need a knife, hatchet or chainsaw; what you need is insurance. Now imagine you’re trapped in this haunted house with another person named Georgie. Georgie confidently claims, “I have insurance through work, I’m covered three times my salary if I pass away; these monsters can’t hurt me!” Wrong Georgie, let’s break this down to make it a little easier to see why Pennywise grins from ear to ear when he hears someone say this. Georgie makes $50,000 a year if he passes away his spouse gets $150,000. While this amount is enough to cover three years without him; what about the other years he would have been alive? Does Georgie have children? If so, he will need much more than three years of coverage to ensure his family’s needs are taken care of. If Georgie was to take a Term 20 policy for $500,000; he would be able to have 10 years of his salary paid upon the time of his death, add the three years he gets paid from work – that’s 13 years of his lost salary wages his spouse will have to ensure his family can safely navigate through the haunted house of life without Georgie. Don’t fall into the pitfalls of work coverage as the magic potion for your needs; contact us today for more information. 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.  It’s not a stretch to imagine that you’ve probably encountered many of your friends, coworkers, or family members who are worried about job stability in today’s changing economy. Regardless of what industry you work in, there seems to be a lingering threat that one day, you may be laid off of work. What’s more worrisome, is the thought of becoming disabled while having to support a family; especially if only one spouse is working.
With stress tests, mortgage payments, and life insurance, it’s easy to understand why many clients may not opt for an individual disability policy, particularly if they have group benefits available through work. However, with only 50%-70% of their pre-taxed income being covered under most group plans, there is another 50%-30% of funds that are unaccounted for and could be a detriment to someone who becomes disabled. In 2017, 6.2 million people in Canada had at least one disability, with a woman more likely to have a disability than men. Our Mortgage Disability coverage provides the reassurance that families need:
Possibly one of the best benefits of this policy is the optional rider for Job Loss insurance. According to Statistics Canada in January of this year, 88,000 jobs were lost and while many of these jobs were part-time; it isn’t hard to imagine the financial hardships some of these families faced while dealing with this loss. Job Loss must be taken at the time of purchase with the Mortgage Disability and has several benefits, including:
We have many marketing tools such as informative flyers, past client letters, and web buttons where your clients can request a quote for these products directly through your website! 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. *Statistics on Job Loss and Disability from https://www.cbc.ca/news/business/canada-employment-january-1.4527905 and https://www150.statcan.gc.ca/n1/pub/11-627-m/11-627-m2018035-eng.htm  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.  Image from Getty Images With Halloween happening at the end of this month, there is no doubt that many of you may be partaking in the festivities by watching horror movies, eating copious amounts of candy and taking your children out trick or treating. With all the ghost, goblins and witches that will be on our streets over the next few weeks, I felt compelled to write a post about something potentially horrifying – not having insurance. According to a study conducted by the investment firm Edward Jones, less than one-third of Canadians have insurance coverage for serious life events. The study goes on to say that 23% of Canadians answered that they are not financially prepared if they pass away too soon and only16% said that they had purchased life insurance that would cover their remaining mortgage payments should they ever pass away.*
With this information, the sheer thought of not having any insurance in place is enough to frighten Jason Voorhees himself. Luckily, there is a solution, and that solution is simple – buy insurance. Now here’s the tricky part, not everyone likes the concept of insurance. At Broker Plus, we try to keep insurance simple, affordable and stress-free by educating you about the benefits of the products while forgoing the jargon that can leave clients scratching their heads. However, we’ve noticed a trend with clients who still feel overwhelmed when they get insurance quotes because, let’s face it, thinking about one’s mortality or morbidity is usually not a happy topic to discuss. Here are some ways you can navigate through the fog when it comes to insurance: 1. A Quiet Place – find a quiet place that brings some peace to you. Take 5-10 deep breaths before you begin reviewing your options, this will help you think more clearly as opposed to being “stressed” about the thought of your morbidity and mortality. It may be best to get out of the house and find a nice, quiet place (assuming your home has a screaming 20-month-old as mine does) to be able to become fully focused on what your true needs are. 2. The Others – often children get forgotten about when homeowners take out insurance policies when ideally it is the best time to add a child rider to a policy for products such as Term Life. The riders are usually affordable, $10 per month for $20,000 amount of coverage, which is cheaper than two specialty coffees at Starbucks. 3. Let The Right One In – if you’re getting multiple quotes from different companies it can sometimes be hard to make clear decisions without feeling overwhelmed. Broker Plus Insurance has been working with Canadians for over 20 years with our focus on helping mortgage clients be more aware of the different options that are available to you. We also can do partial coverage for folks who are worried about the premium amount or who have additional coverage already in place. 4. As Above, So Below – what if I told you that for those 3 points above Broker Plus Insurance could do all of those things for you? No, it’s not a trick, at Broker Plus Insurance we put your needs first and have a full-service center open five days a week to assist you with any questions you may have. We can even do evening and weekend calls! We do the shopping around for you, so you can rest assured that we have your best interest in mind and try our best to provide you with the cheapest premium while not sacrificing the quality of the coverage offered. With a full-service center that genuinely cares about its clients and puts their needs first, does insurance seem that scary? Contact Broker Plus Insurance today for a no-obligation quote to ensure that you and your families insurance needs are being met! 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. *Sources cited from https://www.insurancebusinessmag.com/ca/news/breaking-news/most-canadians-are-underinsured-study-62245.aspx  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.  Just yesterday, I was privy to a conversation at the grocery store check-out in which a husband and wife were speaking about whether or not they should commit to an insurance policy. The husband was stating that they had a lot on their plate financially right now and that insurance would be another bill. In fact, he even said, and I quote “if we get this we’re just adding another expense to a huge financial commitment we just made.”
I had to bite my tongue, as I could already find several fallacies with what he just said. The husband was not wrong about debt being an issue, according to an Ipsos poll, the average Canadian owes $8,500 excluding their mortgage. On top of that, there are lifestyle expenses we try to defend, such as a cable package, Netflix, gym membership and even daily trips to Starbucks While budgeting can be daunting, there are ways that you can ensure that you can afford a monthly insurance payment. For example, a daily latte may cost the average person $4 some insurance policies are as affordable as $1-$2 dollars per day! With this perspective, does insurance seem like that much an expense? Another factor to consider is that you cannot afford to be in a situation where you have no insurance in place. If you have no savings, are the sole income provider (whether single or in a relationship), have a lot of debt, no room in the budget or no money put aside for funeral cost and living expenses you need insurance THE MOST! Broker Plus Insurance is proud to offer a wide variety of personal and mortgage products that are flexible to suit any budget. Whether it’s a term of 10, 15 or 20 years, Disability, Accidental Death or partial coverage; we ensure that your needs are paramount and that it fits your budget! Remember, insurance is always one of those things where it’s better to have it and not need it than need it and not have it. Ensure that you and your family are protected today by contacting us through one of the links below! 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. *Sources cited https://globalnews.ca/news/3933617/average-canadian-consumer-debt-ipsos-poll/ |
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All blog posts are written from Cassie Meadows, a Broker Account Manager at Broker Plus Insurance. 
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