One size does not fit all. That is a philosophy that I’ve been thinking about lately. Every client that I’ve seen recently had very different needs and wants. In the past few months, I’ve brought on more life insurance products that better support the different clients that I have.
Years ago, I worked for Freedom 55 Financial, and although they have some excellent insurance products from Great West life and London Life, they were limited. Limited to selling only to healthy people that lead a safe lifestyle (the kind of people insurance companies want). The problem that I had, however, was that by limiting my offerings, a client would leave my office without the proper coverage often because of issues with health and lifestyle.
Since then, I’ve made it a mission to offer the financial products that clients need. Not only ones that they can get approved for but ones that won’t hurt the wallet as well. Although all insurance companies use similar data when creating their pricing structures, some are more efficient than others. This means we can have similar coverage at a better price OR a much easier and less intrusive underwriting process. Let me explain with an example:
A 40 year old male, non-smoker needs $500,000 of 10-year term life insurance
Option 1: Sun Life Financial
Underwriting: Full Medical Questionnaire (with agent); Paramedical Questionnaire;
Blood Sample, Urine Sample, Vitals; Possibly Attending Physician’s Statement
Approval Time (From Application to Approval): 3-6 weeks depending on underwriting
Benefits: Level premium for 10 years; Renewal after 10 years at a pre-set price; conversion
opportunity to Whole Life & Universal Life without medical at anytime.
Option 2: HuGO – Humania Insurance
Underwriting: Full Medical Questionnaire (with agent and can be done over the phone)
Approval Time (From Application to Approval): 15 minutes – 6 weeks depending on underwriting – if questionnaire has concerns, other underwriting might take place
Benefits: Level premium for 10 years; Renewaal after 10 years at pre-set price (2 options at time of application), conversion to longer term product (Including Term-100) without medical at anytime.
So what does this all mean? In a nutshell, it means that depending on what the client’s need is, I am able to provide value in more ways than just lower premium. How many people are terrified of needles? How many people can’t line up times to meet with me in person to get the questionnaire and signatures done. How many people have a hard time lining up with the nurse to get their blood and urine samples comleted? Unlike the majority of the insurance agents in New Brunswick, I am able to offer very competitive and flexible products all from JDS Financial Planning. No more shopping around, let us do that for you! Let us give you advice for where you should be buying your products. In the above example, there may be many reasons why the more expensive one should be used, but we won’t know that until we have done a proper analysis on you and your situation.