Tag: Insurance

Old Style Planning versus Modern Planning

Surviving an illness like Cancer, a Heart Attack or a Stroke is likely, but it can be financially devastating.

Our Parents and Grandparents may not have purchased Critical Illness insurance, because 20 or 30 years ago it was much less likely to survive these illnesses.   Therefore, these illnesses were appropriately “covered” by life insurance, as the insured didn’t survive, but their families were cared for.

However, now that we frequently survive these illnesses, we need to look after our families during our treatment and recovery!  The CMHC reports that 48% of foreclosures are due to the impacts of a Critical Illness.

Critical Illness insurance provides a cash benefit to help you cover the expenses of treatment and recovery. Examples of uses of the funds:

  • Alternative treatments
  • New medications
  • Hire in home care
  • Cover unpaid leave for healthy spouse
  • Fly in friends or family for support
  • Post recovery vacation
  • Protect your savings and investments
  • Offset lost income

Contact me to discuss further!

kevin@ksfraser.com
587-600-0013
Airdrie, Alberta
Canada

The New Normal for Purchasing Insurance

With the current “social distancing” restrictions in place, the traditional method of your agent/broker sitting down with you and discussing your needs, providing a recommendation and then writing an application has had to change.

However, things have changed for the better.

As an independent broker I deal with many insurance carriers. Pretty well all of them have changed their plans and processes. No longer are face to face meetings required for ID verification. As well, policy limits have been adjusted so that I can now offer up to 1M of coverage without a para-medical exam. For larger policies, each company has their own processes. Some will offer the 1M for now with the promise to cover the rest once face to face restrictions are eased (so para-medicals can occur). Other companies are allowing alternative ‘evidence’ such as attending physician statements to replace the para. I’ve also heard that at least one company will “rate” (i.e. charge a higher premium) each customer until such time as the para can be completed. If the para brings the rating down, then a refund is retro-active to the in-force date.

The long and short is, don’t let the Covid-19 pandemic prevent you from moving forward on your insurance needs.

For a complimentary assessment of your needs, please contact me to line up an appointment! You can use the FB Messenger chat window on this screen, you can email kevin@ksfraser.com or you can phone 1-587-600-0013.

How has Covid-19 affected Insurance Purchasing?

The following effects have been felt:

Many carriers (insurance companies) are not accepting paper applications. These companies are accepting electronic applications.

Managing General Agencies have closed their office space to non employees. Curbside drop-offs is still possible (so we can still submit paper documentation if absolutely required).

Paramedical companies have limited or suspended their in person appointments. This means that any applications that require a nurse visit (vitals, fluids) are on hold. However, they are still doing the tele-interviews for policies not requiring the in person.

Agents have to adapt their practices. While we can still do in person applications, the social distancing rules strongly recommend doing the applications non face to face.

The good news is you can still purchase insurance. You may have reduced policy amounts available for immediate placement due to the paramedical change in the short term, but you can always top up your policies once things return to normal. As well, permanent policies still have the Temporary insurance available.