Case #1: Misleading/Misunderstood Product
A couple in their early 50’s thought they had purchased a
joint-first-to-die insurance policy to pay out to the other
spouse as soon as the first spouse passed away.
Because they were already "taken care of", they were concerned
that a financial review may be a waste of time.
Through the financial needs analysis process, we found that the policy was a joint LAST to die.
Meaning, both spouses would need to pass away for the benefit to pay out & the benefit would be left to the children, not the surviving spouse.
We were able to catch this error before it was too late and made the adjustments to fit their current needs.
Case #2: Overpriced Mortgage Insurance
A couple in their late 40’s was referred to us for support with their
debt and investments, but didn't think an insurance review was
necessary because they had a policy "at the bank".
They were under the impression that they were paying $200/month
for $500,000 of coverage that lasted until their mortgage was paid off.
In reviewing their mortgage statement, we found that the policy was $200 bi-weekly, with a declining death benefit. Meaning, if, for example, $300,000 was left owing on the mortgage, only $300,000 would pay out, in spite of paying for $500,000 worth of coverage.
We were able to find term life insurance policies for both of them, for the coverage amount they wanted, for $250/month less than they were paying.
Case #3: Avoiding an Expensive Renewal
A 50-year-old male was paying $200/month for $300,000 of
overpriced term-life insurance coverage.
The coverage was set to expire in three years and the auto-
renewal was set to triple the premiums to over $600/month.
For the same $200/month, we were able to get this individual approved for:
Case #4: Exercising Return of Premium
A female in her mid 50’s had a critical illness policy she had purchased
15 years prior with a full return of premium option coming up at the end
of the year.
She wanted to still have coverage in place, but was considering canceling
the plan so she could use the cash from the return of premium to pay off
some of her debt.
We got her approved for a second critical illness policy so that she could get the best of both worlds.
1. Critical illness coverage for another 20 years; and
2. Cashing out the return of premium on the existing policy to pay the debt.
Additionally, the new policy came with a complimentary online will prep service, saving her money on estate planning.
Case #5: Change in Smoker Status
A 40-year-old male with a wife, two kids and a mortgage had no life insurance.
Due to having a smoker rating, it was out of his budget to put a permanent life
insurance or a term-20 policy in place.
Even though he had a need for beyond 10 years, we put a term-10 policy in place
because that what was affordable at the time.
When the policy was first put in place, we showed him the change in price between the smoker and non-smoker rating.
Since that conversation, this individual is over three years smoke-free.
After the first 12 months, we were able to apply for a non-smoker rating to reduce the cost of insurance.
For the same monthly price as the term-10 as a smoker, he was able to convert the term-10 into a term-20 and add critical illness coverage.
Case #6:
A 24-year-old female was declined on a previous life insurance and critical illness application due to a cancer diagnosis.
Case #7:
A 31-year-old female was approved for life insurance, but declined for critical illness coverage due to a family history of cancer.
Case #8:
A male in his late 40’s was declined coverage due to series of mental health concerns (anxiety, depression & bi-polar disorder).
Case #9 & #10:
A 27-year-old female and a 53-year-old male were both declined for coverage based on their height to weight ratio.
These stories are a great reminder that insurability is a privilege, not a right.
The earlier you can apply, the easier it should be to secure cost-effective protection.
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