Stack Life Insurance / Top up Life Insurance | What You Must Know

Posted on July 5, 2019 and updated July 5, 2019 in Life Insurance Canada News, Video 2 min read

Lorne: I am here with Mike today from Canada Protection Plan. We are having fun talking about life insurance, imagine that. We are talking about a great idea and a great point that Mike had – how clients who have health issues may actually stack their life insurance (i.e. buy several policies) with different life insurance companies and how that might work so it is a great opportunity to tell our audience about it.

Mike: Absolutely, at Canada Protection Plan we only have half-a-million dollar no medical protection plans (i.e. $500,000 of coverage) but sometimes you have a client who wants to have $750,000 or $1,000,000 dollars coverage. It is difficult because we can only offer $500,000 but what we actually do, is go to our competitors and get the additional funds you may need so you can top up or what we call “stack” the coverages with two companies, with three companies and get what the client was actually applying for.

Lorne: It is great to know because, like you said, a lot of times clients might require or they want a million dollar in coverage and a broker may not realize that they can combine coverages with different carriers like yourself (Canada Protection Plan) being one of the leading carriers. It is great to know that they still can get that coverage with multiple carriers to get insurance that they need even with health issues.

Mike: Absolutely. Again, we always have a plan A. We also trying to have a plan B, maybe C, or D

Lorne: That’s great – that is a great information. Thanks for sharing it, Mike.

Mike: Thanks Lorne.

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