Insurance Myths Debunked

Image obtained from  https://blogs.zarget.com/5-cro-myths-debunked-2017.html

Imagine this, you have just purchased a home that you’ve worked hard for and it’s time to consider whether or not to protect it with mortgage insurance. With all of the myths and negative publicity the insurance industry can get, it’s not hard to see why some people might be hesitant. 

Here are some common insurance myths that we’ve debunked so that you can help make the right decision to avoid being faced with financial hardship in the future:

1. Insurance companies don’t pay claims:
   While this is true in some cases, declined claims always come down to two things: undisclosed medical history and not understanding the terms and conditions of what’s been purchased.  Here at Broker Plus Insurance our insurance coordinators and licensed agents will work with you to reduce this gray area. We always have your best interest in mind when providing you with a quote to ensure that we are placing you and your family with the best coverage possible.
2. I have benefits through my employer so I’m good:
   You may want to think again.  Even if you have extended healthcare, dental and life insurance it may not be enough to cover time taken away from work if, for example, you were receiving chemotherapy treatments. A critical illness policy would help to cover the costs of thing such as time off work, hospital parking tickets and other unforeseeable costs. Most plans offer minimal coverage and leave many gaps in protecting your mortgage.  Not to mention, there is a high likelihood of losing this coverage if you switch employers. Our full range of products ensures you are covered from all angles.
3. You are more likely to die than to become disabled:
   According to StatsCanada, 13.7% of the adult population are limited in their daily activities due to a disability, that’s 3.8 million people in all of Canada. While life insurance does seem like the most important coverage to put in place, you need to consider how you will manage to continue paying for your mortgage and expenses if you are unable to work.  With our plans, we encourage you to take partial coverage if you can’t afford both so that you are not leaving yourselves exposed in any one area.
4. I’ve been declined for coverage in the past, all I can get is an Accidental Death policy:
   While previous health condition can make it harder for you to get insurance that doesn’t mean that you should settle for a policy that will only pay out if you die from an accident. We offer three No Medical products for Term Life, Critical Illness, and Disability. With no medical underwriting required, the main exclusions to this policy are any pre-existing conditions that your client may have. It’s also worth noting that the No Medical Critical Illness covers strokes, cancer, and coronary surgery; which are 3 leading causes of death among Canadians.
   

Whatever your families’ needs are, let Broker Plus Insurance walk you through the benefits of our products and how we can protect your family, investments, and future. 

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.