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What The Financial Experts Own – Andrew McKeown

March 24th, 2017
  
Andrew McKeown life insurance expert

Andrew McKeown

Insurance Consultant, Great-West Life 

My name is Andrew and I want to help Financial Advisors help their client's buy insurance!

For two reasons: People hate insurance, but they need it.

Selling insurance doesn't work anymore; we need to help clients buy. People are paying too much in taxes and buying insurance can help save millions but very few people understand how.

I have the ability and knowledge to help Advisors help their clients buy insurance and in turn, I can impact millions of Canadians.

I work for the business owner who thinks insurance is a "scam" but stubbornly buys the disability policy that ends up saving him for financial ruin and giving him an income for 30 years.

Or I work for the Doctor who puts in late hours working with her patients, helping them cope through disease and illness, while implementing solutions that will refund millions that the government would have taken; simply by buying a life insurance policy. This is why I do what I do.

 

1. What Type of Life Insurance do you own?

I own term insurance.

2. What factors did you consider when determining the coverage amount?

I did a needs analysis and figured out how much I would need. I went with a $2MM Term-10 Policy. This might be a bit more than I needed now, but I will need it in the future. Permanent Insurance might be something to look at in the future, but not for now.

3. Do you believe in Life Insurance for Children?

Yes, I think it makes sense in many cases. It might not be applicable in each case, but as a general statement, it works well for many children. Usually I see policies purchased by grandparents for their grandchildren – a legacy gift in that case. On the tax side, this is also an extremely tax-efficient asset transfer to the next generation – either their children or grandchildren. There are some rules surrounding it, but it still works nicely to build up the next generation, while maintain control of the assets in the meantime.

4. What is The Biggest Life Insurance mistake people make?

For the right person, it is focusing on the cost. Like any product people buy, looking at cost alone is sure to be a losing strategy. That isn’t to say blindly purchase the most expensive option, but it is to weigh the benefits of the alternative. Also, another huge mistake people make is not doing a needs analysis. Also, when doing that assessment, people often under value the future value of their income; they want to cover their mortgage, but oftentimes don’t want to cover the income the family won’t receive should they pass away. A big mistake in my opinion.

5. Outside of Life Insurance what other types of individual insurance are often over looked?

#1 is Disability Insurance – sometimes they have coverage at work, so they think they are covered. Usually it doesn’t cover them to the degree that they wish. Critical Illness Insurance is a close second, with most people not paying as much attention that they would to life or disability insurance. This is starting to change as is there is more awareness to that product. There are some interesting transactions around using Critical Illness Insurance in a corporation, so we are starting to see it used more and more for corporate planning.

Everyday Andrew sees a different story: a single mom, a married contractor, a retired couple, the list goes on. His job is to make sure: There is insurance if it's needed (Life, Disability and Critical Illness Insurance) and reduce the taxes that theses amazing Canadian will have to pay over their lifetime.  He helps his Financial Advisors help their clients buy insurance when it's needed!

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How To Enhance The Client Experience

March 23rd, 2017
jim ruta expert advisor

We reached out to life insurance industry veteran and esteemed professional development expert Jim Ruta to shed some light on how advisors can add more value to their client interactions. If you are an agent or broker looking to impress your clients and provide stellar service, check out his tips below:

1) What are some of the keys to enhancing the client experience?

The client experience is a process, not a project. It’s not some thing you do, it’s every thing you do.

That means everything your client sees and experiences about you in the marketplace from how you hold out to the public to how you prospect, contact clients, work with them, encourage referrals and service them all matters. A lot. There is a lot to this idea but here are a few keys… The first key is considering it all and make sure that it is congruent with who you are and what you stand for in business.

Second, make sure your business service is clear and understandable by your clients.You will only ever be referred for what you do best so make sure that is what you promote. Know. Know you know. Become known for what you know. Now clients understand their experience with you.

Third, “If you never do more than what you are paid to do, you will never be paid for more than you did.” This means when you help more, you sell more… and clients appreciate you more. Fourth: Never have a business system in place (regardless of what some coaches tell you) that would make you look badly if it were published on the front page of the local newspaper.

Principal among these ill-advised ideas is “Client Segmentation”. While I appreciate the attraction on a pure business level, client experience is not pure business. No one wants to be your “C” or “D” client. The ICON advisors I know treat all their clients with their best possible service. Doing otherwise only serves to tarnish your brand in the marketplace.

Remember, your brand is just what your clients think about you. Imagine discovering your physician had you on the “D List” for medical service. Finally, whether we get a fiduciary type standard of care or not, live by the rule that “There is no right way to do a wrong thing”.

As the late great John Savage said years ago, “Take care of your clients first, last and always and they will always take care of you.” It’s a great mantra for client experience.


2) What are some tools you recommend to increase customer loyalty?

Anything and everything that seems like a “business hug” to your client is a good thing. Little things like birthday cards for clients and kids, holiday cards, anniversary cards, hand-written notes, birthday breakfasts/lunches (bring a friend on me!) are all good.

The rule I’ve learned is that “hokey” really works. If no one does it any more, it’s a great idea. Show them that you care and they will care for you too. The more you care for them the more loyal they will be. My experience is that these small things have a big impact on loyalty – far out of proportion to the time and cost of doing them.

Remember, your best clients are your competitors’ best prospects. Think about it. If you aren’t servicing them, someone else will be and you will lose your client. Think I’m wrong? How many good clients do you have because their existing advisor took them for granted? And, service means some sort of review every year.

How many years should it take to do an annual review? This means both a “policy” and a “people” review of the client situation. You are obliged in common law to do it. When you do, you discharge that responsibility and build loyalty. Ask for feedback on your service too. Studies show that advisors who ask increase client loyalty by up to 69%. That’s worth it.

Of course, here, I’m also partial to InforcePro.com to help you manage the service needs of your existing block of life insurance business. Your clients think you are watching out for them and their policies. InforcePro helps you keep the promise you made when you sold it. Surprisingly too… asking for referrals can boost loyalty.

When you have a business that earns loyalty in a specific area, people want to share the good news. Be great and they want to look good by referring you. But, you have to be great first. You can only be good in one area too. FOCUS and then refer the rest. That is a great loyalty tool.


3) It’s been said that referrals are the lifeblood of any good business. What’s your take on this?

If you do business right, referrals will help you build it bigger. I come back to focus here too. When you know you are particularly good at some thing, you can speak with more authority when you ask for referrals. That sense of authority makes all the difference. Make no mistake about it.

You have to be good – probably VERY good to speak with authority. Be great at something and you know you can help someone who needs that. That belief is very compelling when you ask. But, you do have to ask. If you don’t A.S.K., you don’t G.E.T. as I was told one day in Chicago. I like the idea of building your business around referrals.

Tell everyone you work with that you will work so hard that when you ask for an introduction to a friend, they will want to recommend you. We’ve used “By Referral” on business cards for years because it prompts exactly this discussion. I recommend it. We also build the referral issue into initial client meetings – the “Relationship Engagement Document” so there are no surprises.

With this approach, asking for referrals is a client advantage. “I work so hard to earn them that you get the best possible service.” Finally, here’s the dirty little secret about referrals. “If you aren’t getting the referrals you want it’s probably because your clients don’t believe you deserve them.” Focus. Be great at something.

Be sure that you will make your clients look like geniuses for referring you. That’s the lifeblood of any great business.

4) How does a sales professional find the right balance between persistence and annoyance?

Prospecting is all about timing and fit. If you have the right prospect for your business benefit, then setting a meeting is all about getting the timing of your “ask” right. The only way you can find the right time is to keep checking for it at reasonable intervals.

In my experience with advisors asking, the first step is ensuring you have the right prospect – I say in your natural market, where you have natural influence. Then, if the timing isn’t right, ask if you can check back again say in a couple of months. If that’s OK, you can be persistent without being annoying. Keep them on your email list.

Connect with them on LinkedIn. Prove your value. Show them you know what you know. Be their source of information in your speciality. Remember also that persistence is a function of inspiration – like the I in ICON Protocol. If you are inspired by your work, you will be inspiring to prospects too. You’ll also be less annoying because that belief will come through.


5) How can Insurance professionals and other businesses use social media to build their business?

I’m using a lot more social media today than ever but I am far from an authority on it. My clients are starting to use Facebook Live to tell their story and have their own little 2-minute “television show” on a regular basis. I am too.

I believe you can do this without running afoul of compliance but be sure to check. I’m surprised at how many advisors have little or no LinkedIn profile. They also have few connections too. People, this is a free prospecting system at your finger tips. It makes “playing around on the computer” productive work! That’s if you do it right.

I spend a lot of time helping advisors get their story right for LinkedIn. Join a few LinkedIn groups (MDRT, MDRT Aspirants for instance) and take in some excellent information online too. Lots of help out there if you look for it.

Jim Ruta is a best-selling author, speaker and coach with a difference – he actually did the job at the highest level.

Jim is the former executive manager of one of Canada’s most successful insurance and investment agencies – with over 250 advisors. He has highlighted major conferences like the MDRT Main Platform and online and network media worldwide. His unique ICON Protocol™ reveals the timeless rules top advisors follow to lead the industry.

Jim is the “Master of ICON Protocol” and delivers practical ideas and perspectives that inspire you to be better today.

Follow Jim on Facebook Live and LinkedIn for lots of great business building ideas. Check out www.JimRuta.com for all the ways he can help advisors be their best.

We’ve Got The Answers: Is Mortgage Insurance a Ripoff?

March 20th, 2017


The word ripoff is a very strong word, however, if you were to ask me if Mortgage Insurance is a good deal, I would generally say no. If you are a non-smoker, Mortgage Insurance would end up costing you more as opposed to an Individual Plan.

There is a good side to Mortgage Insurance. For example, if you are a smoker, the rates for Mortgage Insurance may actually be less. If you have any health conditions, it is best to cancel your Individual Plan before applying for Mortgage Insurance.

Book Review: Burn Your Mortgage

March 16th, 2017
Sean Cooper: Burn Your Mortgage

Mortgages now a day are seen as nearly lifelong payments that never dissipate. With the cost of owning a home at an all time high, many people find themselves unable to pay off their mortgage as quickly as they presumed. In fact, the average mortgage loan term is 25 years – 10-15 years if you are lucky. Sean Cooper, however, managed to pay off his mortgage in an astounding 3 years! Sounds nearly impossible, but he certainly made it happen.

Sean Cooper, Personal Finance Journalist and Author of Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians, shared his journey through his mortgage process; from the time he bought his first home, to when he burned those mortgage papers in relief. The question on everyone’s mind, how did he manage to pay off his mortgage in just 3 years?

There are no secrets and no gimmicks to how Sean Cooper managed to pay his mortgage off in a span of 3 years. The key to his successful mortgage move was simply hard work. Sean purchased his first house at the age of 27 and knew he wanted to minimize the duration of his mortgage payments. In his book, he discussed how he worked up to 100 hours a week at 3 jobs: financial writer, pension analyst, and supermarket clerk. Between a full-time job and two part-time jobs, Cooper managed to make just over 6 figures a year which he devoted to paying off his $255,000 mortgage.
Giving up luxuries such as driving, fine dining, and time, was no doubt difficult for Sean, but he does exude confidence in his ability to see past such luxuries.

"You don't necessarily need to pay down your mortgage in three years like me. You don't need to eat Kraft dinner. That was just my path to financial freedom.”

Sean Cooper is confident in what he has done and he shares, in detail, his path in his book. Understanding the market, he knows the importance of paying off such a huge debt in such a small amount of time. There are, of course, those who are against his actions. There are some who believe he went beyond the realms of frugal, but Sean is certainly not remorseful about what he has accomplished. He knows his story will help those who see their mortgage as a never ending burden.

Sean continues to work at a Personal Finance Journalist, aiding those to accomplish their financial goals. The main message of his book goes beyond the surface of paying off a mortgage in 3 years, but rather what it took to achieve that. There are no gimmicks or tricks to paying off a mortgage, it all comes down to how badly you want it and how hard you are willing to work to ensure your financial success.
 

We’ve Got The Answers: I am a Marijuana User, can I apply for Life Insurance?

March 14th, 2017

Today's Question: I am a marijuana user, can I apply for Life Insurance?
 
Pamela Kwiatkowski, Associate Vice President at Assumption Life, joins us to break down the correlation between marijuana usage and Life Insurance. So, can marijuana users apply for Life Insurance? Absolutely. There are a plethora of options for marijuana users. Coverage depends mainly on how much and how often one is using marijuana; these factors will determine the rate and the type of coverage for the individual.
 
When applying, you may be asked to complete a drug questionnaire, as well as other various tests to determine if you will have a higher rating on your policy (meaning you pay a higher premium), or if you are issued as a Standard Rate, Non-Smoker, or Smoker Rate.
 
If you are unsure what policy is best for you, speak to a Licensed Life Insurance Advisor; they will help you determine what is best for your situation.
 
 

What to Consider When Buying Mortgage Insurance – Q&A With Sean Cooper

March 13th, 2017
Sean Cooper Mortgage Insurance

A little over a year ago, I achieved financial freedom when I paid off my 30-year mortgage in just 3 years by age 30. I celebrated by burning my mortgage papers on national T.V. My story went viral, making headlines around the world.

I received dozens of emails both congratulating me and wanting to follow in my footsteps. This inspired me to write my new book, Burn Your Mortgage: The Simple, Powerful Path to Financial Freedom for Canadians. With home prices skyrocketing in cities like Toronto and Vancouver, many feel like the dream of homeownership is out of reach. I'm here to tell you that it's not. I may have paid off my mortgage in 3 years, but that doesn't mean you have to. There are simple yet effective lifestyle changes that anyone - from new buyers to experienced homeowners - can make to pay their mortgage sooner.

Although many Canadians have a mortgage, mortgage insurance remains an often misunderstood topic. I discuss mortgage insurance in my book. Here is a brief Q&A with my thoughts on why individual life insurance is generally a better deal than mortgage insurance through a lender.

1) What are some of the differences between individual life insurance and mortgage insurance through a bank?

One of the benefits lenders like to boast about mortgage insurance is that your premiums stay the same over the life of your mortgage. While that may sound good on paper, you're actually paying the same premiums for less coverage. For example, let's say you start with a $450,000 mortgage and manage to pay off $100,000 in five years; your premiums stay the same, but your coverage has decreased by $100,000. That isn't the case with individual life insurance. For instance, with term insurance, your coverage remains the same as long as you continue to pay your premiums.

With individual life insurance, you can choose you beneficiaries (i.e., your spouse, children, or estate). With mortgage insurance, you can't. Your beneficiary is your lender. While mortgage insurance can only be used to pay off the remaining balance on your mortgage, with individual life insurance your spouse can use it as she/he sees fit - to pay off your mortgage, help fund your children's education or to take time away from work.

2) Expand on the concept of Portability 

In my book, I encourage homeowners to shop around for to six months before their mortgage comes up for renewal. If you find a better mortgage elsewhere and decide to switch lenders, if you have mortgage insurance, it doesn't automatically come with you. In fact, you'll have to re-qualify for coverage with your new lender. You'll need to provide new medical evidence and could end up paying higher premiums. Your coverage could even be denied if you're diagnosed with an illness such as diabetes. Also, if you pay off your mortgage like me, with mortgage insurance your coverage ends.

Individual life insurance is a lot more flexible. You can pay for coverage as long as you need it. For instance, until your kids grow up and are financially independent and your mortgage is paid off. As long as you keep paying your premiums, you won't have to re-qualify or prove your insurability. 

3) Explain what is meant by Post Claim Underwriting

Post claim underwriting is another major drawback of mortgage insurance. Post claim underwriting is when your lender doesn't bother to check your medical history when you apply for mortgage insurance. Instead, they ask you to complete a medical questionnaire and decide if you qualify based on that. It isn't until you pass away that your lender takes a closer look into your medical history and may decide that you should have never qualified for coverage to begin with. Lenders to this to save time and money. This can be heartbreaking for families. Your loved ones will already be dealing with the emotional stress of your passing. Do you really want to add the financial stress of being denied for mortgage insurance?

That isn't a problem with individual life insurance. Underwriting is done at the time of application. If you don't qualify, at least you'll know upfront. It won't come as a shock to your loved ones later on.

4) What are some pitfalls people look at before cancelling their mortgage insurance?

There are some instances where signing up for mortgage insurance makes sense. For example, if you're buying a home and you intend to get individual life insurance later on, but it isn't in place yet, consider getting mortgage insurance until your individual life insurance is in place (you can always cancel mortgage insurance later).

If you're a smoker, you could pay a lower rate at the bank for mortgage insurance than individual life insurance because the banks often use blended smoker and non-smoker pricing.

As mentioned earlier, if you're suffering from health issues, you should be careful before cancelling your mortgage insurance coverage. Make sure you qualify for individual life insurance first.

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Life Insurance for Non-Residents

March 13th, 2017
life insurance non resident

Canadian insurance companies have developed insurance plans for all types of visitors to Canada. Whether you are a new immigrant, business traveler, visitor, foreign worker or student, there is an affordable life insurance plan designed to suit your needs.

Industrial Alliance, one of the largest companies in Canada (founded in 1892), has a long history of providing insurance products and financial services. The company offers coverage to anyone who has been in Canada for at least 6 months (regardless of their status). The maximum amount of coverage for a fully underwritten product is $100,000. However, 2 products are excluded – Life Serenity 65 and Child Life Health Duo. People with work permits or on a work visa may be eligible for a higher amount of coverage, depending on their situation.

The company also offers a No Medical Simplified Issue plan called Access Life, which will insure non-residents in Canada for up to $300,000 assuming the insured can answer “no” to all 15 health and lifestyle questions.

Canada Protection Plan, the leading No Medical and Simplified Issue insurance provider in the country, has a huge lineup of insurance products, including No Medical Simplified Issue plans, Term insurance and Permanent plans for non-residents. Non-residents in Canada can get up to $250,000 in life insurance coverage.

There are certain restrictions on who can apply for life insurance coverage, but if you fall into one of these categories, you may be eligible:

  • Open work permit
  • Students visa
  • Convention refugee status
  • Nannies or caregivers
  • Temporary work visa
  • Landed immigrants
  • Physicians
  • Investors, entrepreneurs and self-employed

Foreign Workers

Holders of a work permit may qualify for fully underwritten products from Assumption Life, such as FlexOptions, FlexTerm, ParPlus, Youth Plus and Critical Protection, for a maximum of $500,000 in coverage. Higher coverage amounts may be available. These cases are assessed on an individual basis and subject to review.

The applicant must provide a copy his work permit, valid for at least one year and not expiring within the next three months and been living in Canada for more than a year. Applicants that don't meet these requirements are subject to stricter screening and underwriting processes, such as paramedical and blood profiling, including tests for hepatitis B and C.

Foreign workers are not eligible for disability income, premium waivers or accidental death riders. Workers of all nationalities are eligible for Simplified issue products like Golden Protection, Total Protection and No Medical Insurance, but anyone considered a risk of returning to their country of origin will be closely scrutinized.

Studying in Canada

Holders of a study permit can qualify for fully underwritten products such as FlexOptions, FlexTerm, ParPlus, Youth Plus and Critical Protection for a maximum of $250,000 in coverage and may be eligible for the critical illness rider and the Accidental Fracture Plus rider. Married students with children may be eligible for the Child Insurance Benefit rider (CIB) if the spouse and children live in Canada and if the rider is offered on the selected product.

Foreign students are not eligible for disability income, premium waivers or accidental death riders. The applicant must be enrolled in a minimum six-month study program and provide proof of enrollment to confirm full-time attendance in a school, college or university. Anyone that doesn't meet regular underwriting requirements may qualify for other plans with stricter screening processes.

Foreigners With an Open Work Permit

Holders of an open work permit also qualify for fully underwritten life insurance plans up to a maximum of $500,000 in coverage. Requests for higher amounts are assessed on an individual basis. These applicants may be eligible for critical illness and Accidental Fracture Plus riders, as well.

All nationalities and all workers are eligible, however a copy of the open work permit must be provided.

Convention Refugees

Applicants that have been granted convention refugee status may obtain fully underwritten life insurance coverage up to a maximum of $250,000. They may also be eligible for critical illness and Accidental Fracture Plus riders.

Refugees are not eligible for Critical Protection, disability income, premium waivers or accidental death riders. To apply, refugees must have been living in Canada for six months or more, have a stable living environment and gainful employment. The applicant must also provide a copy of a permanent residence application and a copy of the letter from the Immigration and Refugee Board of Canada and from Citizenship and Immigration Canada verifying protected refugee status.

People with dual a citizenship (Canadian and American) may be eligible for fully underwritten life insurance products with no maximum, providing they can justify the amount requested. Nannies and caregivers can apply for up to $250,000 in coverage, but proof of employment from the nanny program must be provided.

Life insurance plans and eligibility requirements for non-residents are determined on a case-by-case basis. For more details on this, or any other insurance inquires, please contact us at 1-866-899-4849 or visit our Quote Page.

Life Insurers Increasing The Use of Big Data and Predictive Analytics

March 5th, 2017
life insurance predictive analysis

Big data has become a topic of great interest in the insurance industry over the past few years. Not just ordinary; the main focus has turned to big data. Responses from insurance companies indicate that harnessing the power of big data has become an important factor in the predictive analytics framework. This information can be a huge benefit regarding decisions about pricing, underwriting and the company's overall business strategy.

Most industries have already caught the Big Data bug and life insurance is no exception. The key is to extract useful insights, which requires the careful planning and execution of advanced analytical techniques and technologies. However, insurance companies need to have the right people, proper systems and the best processes in place in order to be successful.

Karen Cutler, Chief Underwriter at Manulife and a real proponent of how this technology is changing the industry says, “Through predictive analytics we understand our business better than ever. We expect to use analytics and modelling with our living benefits products in the future, but right now we are focusing on life insurance.”

P&C and Advanced Analytics

Property and casualty (P&C) insurance was one of the first in the industry to use advanced analytics for improved risk selection and to offer their clients new products. Auto insurance providers, for example, offer coverage on a usage base. Their technology monitors driving behaviour and rewards careful drivers with a discount on premiums. Tech-savvy Millennials find this idea particularly appealing, especially if they haven't yet established a good credit score or long good driving history.

With so much potential in this area, it will be very beneficial for life insurance providers to learn from the knowledge the P&C industry has acquired over the years. Of particular importance is how big data and predictive analytics can be best used and deployed. Some P&C insurance companies made huge initial investments on infrastructure and applications, before considering market deployment. Life insurance companies should first think about how these tools will be used, set their goals, chart their course and then invest in the areas they need to succeed.

Data sources already in use or in consideration include:

  • credit scores
  • administrative systems
  • medical records
  • prescriptions
  • claims data
  • social media
  • website clickstreams


Combating insurance fraud is another area the industry is using analytics. Canada’s main insurance providers have amassed huge amounts of data over generations, allowing them to spot questionable applicants. As Cutler explains, “The majority of people do provide full disclosure on their insurance applications. One of the biggest challenges we have found in North America over the years has been the issue of smoking disclosure and tobacco use. We use analytics to identify the people that have a high probability of being a smoker. Because of that, we need to test those people before offering insurance.”

Moving Towards the Future

While many life insurance companies are in the early stages, most expect big data and predictive analytics usage will dramatically increase over the next few years. Many life insurance companies also anticipate the expansion of data applications and new sources for data collection.

According to a Willis Towers Watson survey, only 8% of insurers are actively using the data they collect to assist in making important business decisions. Respondents expect this to change in a big way: 62% say they plan to take full advantage of big data and predictive analytics over the next two years to:

  • expand relationships with customers
  • transform business models
  • improve internal performance management
  • enhance the customer value proposition


The challenge for insurance companies is what data to collect, where to collect it and what to do with the information. Currently, administrative systems (claim data, agents, underwriting data and postal code) is the top data source. Although these will continue to be reliable sources, additional sources such as emails, websites and social media will also be used.

According to Lorne Marr, Founder and Director of New Business Development at LSM Insurance, implementing the use of big data and predictive analytics has a few pros and cons.

Benefit to Consumers

1) Reduce the cost / number of medical tests required. More and more insurance companies are reducing the number of intrusive tests. Numerous studies have shown Millennials are not fans of medical tests - they want everything done quickly and are not fans of huge delays. 
2) Could reduce the cost to insurers which could be passed on to the policyholder. 
3) Life Insurance policies should be issued quicker.


The Drawbacks

1) Many consumers have privacy concerns and do not like the increased use of outside data to assess insurance applications.
2) It may be more challenging to issue policies at preferred rates without the supporting medical tests - preferred rates can save consumers up to 35%.
3) This may lead to a higher number of claims being contested.

We’ve Got The Answers: How Long Do I Have To Quit Smoking Before Applying For Life Insurance?

March 3rd, 2017


Today's Question: How long do I have to quit smoking before I can apply for an individual Life Insurance Policy?

You do not have to quit smoking in order to apply, but keep in mind that smokers do pay higher premiums than non-smokers. To apply as a non-smoker, however, the rule of thumb is 12 months where you have been smoke-free - including nicotine or nicotine substitute products.

For preferred rate plans, the period can be longer. What you want to do is talk to a broker who works with a plethora of companies and knows the protocols for all the carriers to ensure you get the pest policy for your situation.

 
 
 

We’ve Got The Answers: I Was Recently Declined, What Are My Options?

February 27th, 2017

Today's Question: I was recently declined for Life Insurance, what are my options?
 
If you were recently declined for life insurance, there is no need to panic; there are options. You need to first figure out why you were declined - doing so will aid you in taking the next few steps. If you were declined for a significant reason, i.e., any serious medical condition, you may want to look into a No-Medical Insurance Policy. For less serious medical conditions, you may qualify for Simplified Issue Policy.
 
The key is to find a Broker that can help guide you through the necessary steps to take after you have been declined, in order to ensure you receive the best policy for your particular situation.
 
 

Head Office: 2900 John Street Suite #302 Markham, L3R 5G3
Office 1-866-899-4849, 905.248.4849 Fax 905.300.4848


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