Insurance is a necessary evil in life. We have it for liability, for our cars, and for our homes but…………………….it is something we don’t want to consider or think we can’t afford when it comes to our life. Thinking about the end of life is not a happy thought and when we are young, we are invincible.

As you age and there are others involved in your life like a partner or children and that perspective must change because it is not now about you but still there is a reluctance to spend money out of a tight budget on life insurance. People will gravitate to the cheaper option, which is not always the best, without considering the impact of that decision on the future.

With 50 + years in the finance/mortgage business, I talked about the only product I was allowed to talk about as a non-licenced insurance person. That product was mortgage life insurance. I found that some already had a policy in place or didn’t think they needed it so more often than not, I did not sell it. I recommended they talk to their own insurance agent or I put them into a policy to cover them in the interim, at a low cost, but I knew this was not the best coverage for the long term.

In 2017 at the age of 67, I decided to get licenced as an insurance agent. Why on earth would I do that then and not earlier?

There are a lot of reasons, which included running a brokerage business and my own business but primarily because I needed to be able to discuss alternatives to Mortgage Life Insurance based on what I had come to find out. It was a natural and needed conversation to have when I know a family’s situation from having done their mortgage.

Here is what I had found from many years of not being a licenced agent:

1)People were being oversold on their insurance. In one case, one of my clients was being oversold coverage by a “friend”. I was able to provide them twice the coverage at half the price

2)People were being sold policies that may not be suitable for the long term.

3)There were a lot of people who were sold insurance policies and never knew what coverage they really had, and that coverage had not been reviewed recently.

4)People were relying on their group work coverage as their main form of insurance. 90% of people have no idea what their work coverage is!. They may have supplemented their coverage but people who lost or changed jobs had reduced coverage or none in their new position or they may have health insurance that impacted getting coverage.

5)There was little discussion with people about Critical illness coverage, which is coverage for you when you live and encounter a life-threatening illness.I believe this coverage is even more important than Life Insurance coverage. A perfect example is Breast Cancer where treatment costs may not be covered under health insurance and the financial impact on a family dealing with those costs, plus a loss of income during long-term recovery.

6)Many “Mortgage Life Coverage” cases were being disputed and unpaid by the insurer because of non-disclosure.

7)People were being sold insurance and not realizing that the policy would renew at a much higher premium down the road. The reality was they may not be able to afford the cost later. (Happened to me)

8)People decided to wait until later to get coverage and then encountered a health issue that either prevented them from getting coverage or coverage at a much higher cost.

9)People covered their mortgage amount only but never considered the financial future of their family in the loss of a partner. The remaining partner faced childcare costs, education costs, and living expenses all on one income.

10)There are tragic circumstances where someone dies much earlier than expected leaving their family’s future in jeopardy because they didn’t think they needed life insurance.

So, in the past 4 years, I have been able to help my clients with a balance of coverage and price that goes beyond their immediate needs by looking into the future. It’s peace of mind for them and for me in knowing they are properly protected.

When Covid hit it woke up the world as to how vulnerable we all were. Suddenly all the issues above came to the forefront very quickly.

Now, I am semi-retired from the mainstream mortgage business that is now handled by my daughter, Karen. I am continuing to provide insurance consultations to my existing clients but also have offered to do the same for her clients.

You might want to talk to me if:

1)you simply have Mortgage Life insurance and would like to explore other options. Mortgage Life insurance is a good starter option when you are young but it is not a good long-term solution.

2)if you do not have Critical Illness coverage

3)if you have existing coverage that you took over 10 years ago.

4)If you have coverage and think it maybe need to be reviewed

Here is how I work.

In our first online meeting, you will need to set aside at least an hour where we can review where you are in life, your work coverage (if any), your medical history, and your plans for the future of you and your family.

Following that meeting, I will give you a coverage recommendation or if you have existing coverage, I may refer you back to your existing insurer if I feel that is the best route.

I will then arrange a second meeting to go over the coverage recommendation and make changes or review other scenarios with you.

Finally, if you decide to proceed, we will have an online meeting to apply for your coverage in an online application. You will need to set aside at least 1 ½ hours for this process. You will need the contact information of your family doctor. There is seldom a need for a medical appointment but there may be a subsequent phone interview, depending on the answers to the medical questionnaire.

Once your application is submitted, we will await approval.

Appointments

So, if any of the above observations strike a chord with you, you can contact me direct brian@mtgprof.com and we will set up an online meeting. For most people that will be in the evening and maybe after the kids have gone to bed. The nice thing about online meetings is you can enjoy a glass of wine or your favorite beverage while we talk. Can’t do that in my office, so maybe this is one of the only benefits of Covid!

 I am not a high-pressure type of salesperson and my income doesn’t depend on selling you a policy. My role is to make sure you have the best coverage you should have for peace of mind now and in the future, whether that is through me or your existing insurer.

Regards

Brian Matthey