IN FOCUS: Hard to Insure Clients

How to deliver top quality service to your hard-to-insure clients

Oct 31, 2016
For brokers working in the life insurance space, some clients have been traditionally hard to insure. Whether it’s due to an ongoing health problem, lifestyle or residential status, certain clients who want to purchase life insurance products are being left out in the cold by traditional insurers who are unable to take on the risk. For brokers, not having the capability to service this large group of clients is both frustrating and costly.

In addition, consumer needs are changing, and the demands and expectations of today’s client compared with 20 years is vastly different. “First of all, we have an aging population - and when you get older it can be difficult to get insurance through a traditional carrier,” says Michael Aziz, SVP of Sales at Canada Protection Plan. “In many cases, those older clients either can’t get coverage or have to pay highly rated premiums to get it.”

Also, the consumer of today does not have the time or the inclination to meet with a nurse or wait for a doctor’s report; they need their coverage quickly and they want it conveniently. Consumers in 2016 are not prepared to jump through hoops to qualify for life insurance. The lengthy and tiresome medical appointments that some traditional insurers require are creating serious issues for both advisors and clients.

“Consumers are changing but traditional insurance carriers are not always keeping up. Many small business owners who need to set up buy and sell agreements, but traditional carriers may not always be there.  What can the entrepreneur do? ”Aziz says.

“You buy a house and you need mortgage insurance but you have a medical condition or you participate in are involved in hazardous sports, so what happens? You bought the house, you want to protect you family but how can you do that if you can’t get insurance or if premiums are prohibitive? Advisors are being forced to look for alternatives to the traditional carriers in order to help all of their consumers.”

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Company Info

Canada Protection Plan is the leading provider of No Medical & Simplified Issue Life Insurance in Canada. Our goal is simple – we want to make buying life insurance straightforward and easy to purchase. No matter your health, you can apply for affordable coverage fast. We offer coverage up to $500,000 on our No Medical & Simplified Issue Life Insurance plans. This means no medical exams and being able to get protected quickly. We also provide coverage up to $1 million – applying is quick and easy. And now, it’s $0 cost for your first month – applicable on monthly payment plans only.