We have all been there… after a great conversation with a client, you submit their insurance application only to find out a few weeks later that the application cannot be approved as submitted. Either there’s a rating for additional premium or the client is outright declined. Either way, it can be a tough pill for the client to swallow and accept; especially because they most likely perceive themselves as completely “healthy”, regardless of the medications they may be taking.

So, what can you do to avoid these types of disappointments, or to help them out when no one could have seen it coming? Continue reading “What To Do If Your Client is Declined, Rated or Postponed for Insurance” →

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Avoid Underwriting Surprises!

For the majority of families, life insurance needs will change over time. Typically, more coverage is required while your client’s family is still young and building their wealth, with a decreasing amount required as the family finances mature.

Most life insurance policies are designed to provide a level amount of coverage for the lifetime of the policy, making it challenging to fund the policy on an ongoing basis. However, if you’re considering the best overall solution for your client, the decision between term versus permanent insurance doesn’t have to be an either/or situation – your client can have both! Continue reading “The Best of Both Worlds in a TermPerm Blend” →

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The Best of Both Worlds: Term and Perm Insurance

As an Advisor, you probably get this question all of the time: which is more important, disability or critical illness insurance? But as an Advisor, you also know that both types of insurance can be equally important and most clients should have both in their insurance portfolio.

Disability insurance (DI), whether part of a group plan or even as a stand-alone policy, generally will not cover a client’s full income. This is a concern since out-of-pocket expenses typically increase anytime something medically prevents people from working for an extended period of time. Likewise, any additional supplemental costs may only partially be covered by your client’s health insurance – depending on their coverage. Your client could be faced with a shortfall even with full disability coverage; this is where critical illness (CI) can help fill the gap.

Medical expenses currently rank as the number three cause of bankruptcy in Canada. Despite this, CI sales continue to get outpaced by life insurance quite dramatically in Canada. In fact, in 2022, only 8% of insurance applications were for critical illness insurance.

This gap signifies an opportunity for you, the Advisor. Below are some typical concerns that your client may express and how to address them when discussing the prospect of bundling CI with a DI policy: Continue reading “CI and DI: Enhancing Your Client’s Benefit Package” →

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Enhancing Your Benefits with Critical Illness and Disability Insurance

A lot has changed over the past 30 years – the world in which our mothers and grandmothers lived is certainly not the same as the world in which our daughters and granddaughters will continue to live. And although this industry has seen some much-needed changes over these decades, we still have a lot to learn when it comes to our women clients and their financial needs.

It seems obvious, but there are things that make a woman client different from a man client. In response to that, your sales style, sales process, assumptions and sales strategies may be different when communicating. The truth is that the future success of your business could depend on understanding that there are indeed differences and acting accordingly. Continue reading “A Focus on Women Clients” →

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Evolving Dynamics in Planning for Sound Financial Futures

Sometimes a story with a not-so-happy ending leaves readers wanting more, as in this installment of ‘Learning From Experience’. Readers will likely want to know how the siblings faired after they settled their issues, or even wish they could turn back time to encourage their parents to better plan for the peaceful transfer of the family legacy.

As their Advisor, you play a pivotal role in encouraging your clients to plan ahead wisely and intentionally so they can ease, rather than contribute to, the toll of their passing. And you can never overemphasize the importance of proper estate planning.

Read, and share the Carte’s story with your clients to help them understand and remember the wisdom in communicating with their heirs about estate plans and the value of exploring options to cover taxes so their legacy remains intact and can transfer harmoniously to the next generation. Continue reading “Learning From Experience: The Carte’s Story” →

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Learning From Experience: The Carte’s Story

Life moves fast and changes to your client’s health, employment, living situation and finances can happen in a heartbeat. We’ve all experienced a great deal of change, especially over the course of the pandemic. In fact, a 2021 Insurance Barometer Study by Life Happens and LIMRA (1) discovered that the heightened awareness and uncertainty during the recent pandemic motivated people to purchase more insurance. From protecting one’s income for the benefit of surviving family members, to having funds to meet hospital bills, the importance of insurance has never been more evident.

This industry is built on relationships and client expectations have never been higher. Clients want ongoing, personalized relationships with their Advisors and would prefer that their Advisor reach out to them, rather than initiating that contact themselves. Your clients value consistency and reliability above all else, so it’s prudent to have a post-sale service strategy and process in place. Continue reading “The Importance of Insurance Reviews” →

Your client has worked hard all their life and through some savvy financial planning, has accumulated an impressive portfolio. Perhaps they are also at a time in their life when they are slowing down and now considering financial strategies to help the future generations of their family achieve financial success as well.

However, knowing that traditional registered and non-registered investments create tax liabilities, how can your client transfer the maximum amount of wealth to their kids and grandkids while paying the least amount of tax? Well, today may be a good day to let them know about the many tax-saving benefits of purchasing life insurance and using the “cascading insurance” strategy. Continue reading “INFOclip: Transferring Wealth to Future Generations” →

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INFOclip: Transferring Wealth to Future Generations

How many of your clients are dutifully saving for retirement? It’s probably safe to wager that the vast majority of your clients have some semblance of retirement savings in place.

Now, how many of those same clients have implemented the added step of protecting their investments in case of a severe illness?

While many retirement conversations revolve around RRSPs and their goal of helping clients maximize their returns, another important conversation involves critical illness insurance and the way in which it can benefit your clients by adding another layer of protection.

If a client suffers a critical illness and needs to take time off of work, or if they need to pay for additional treatment, that income replacement or funding needs to come from somewhere. Without insurance, clients will first dip into their savings… but there are better solutions including using critical illness insurance as retirement protection. Continue reading “Protecting Your Clients’ Retirement with Critical Illness Insurance” →

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Protecting Your Retirement with Critical Illness Insurance

Over a lifetime, your client has worked and managed to accumulate an estate consisting of registered savings, non-registered savings, property, maybe even a business. And when they pass, they want to make sure that their family or a favourite charity receives as much of their estate as possible. So far so good, right?

However, the reality is that if your client fails to structure their estate effectively, much of those hard-earned dollars could end up in the hands of government as taxes or distributed to heirs in a way contrary to their wishes. So, how can they prevent their estate from being distributed incorrectly? Proper estate planning is key.

Watch this video, then share it with your clients to demonstrate the importance of effective estate planning with a trusted Advisor – that’s you! Continue reading “INFOclip: Protecting Your Estate” →

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INFOclip: Protecting Your Estate

Everyone loves a story with a happy ending, even if it’s rife with tragedy and family drama. But happy ending or not, if somewhere in the story, a loved one is lost, we see the toll the loss can take on the relationships of family survivors. True in fiction. True in life.

You play a pivotal role in encouraging your clients to plan ahead wisely and intentionally so they can ease rather than contribute to the toll their passing will take on the relationships of those they love. And you can never overemphasize the importance of proper estate planning.

Share Bett’s story with your clients to help them understand and remember the importance of documenting and communicating their final intentions.  Continue reading “Learning From Experience: Bett’s Story” →

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Learning From Experience: Bett’s Story