Tuesday Tip of the Week: March 21, 2017
Insurability
Working as a Financial Advisor you definitely see some things that are troubling. Talk to some of the older guys and they can tell you stories. In an industry based on people, you learn a lot about your client’s lives. Today I’m going to tell you about my first client and his insurance story.
My first insurance policy application was an amazing person. He is smart, good looking and ambitious. Yep, you guessed it, I was my first client. The way I saw it was that there is no better time to get coverage than when I start as an advisor. I purchased a very nice whole life policy that grows over time. It has an insurance and an investment component which appealed to me. My excitement was short lived as within a few weeks I received an email denying my application. The decision was based on that I have Ulcerative Colitis and Primary Sclerosing Cholangitis. I was pretty sad about this situation.
If you were to look at me you wouldn’t think I was unhealthy. I work a lot and have a fairly healthy lifestyle. Despite this, I was still seen as a risk to insure by my company. I’m telling you about this because I feel it is a good cautionary story. You may think you don’t need insurance right now and you might be right. The question is: will your future-self need coverage? I imagine you have goals in mind that include needing coverage. Starting a family, buying a home and increasing your wealth are all legit reasons to buy life insurance.
I found out a truth the hard way. Insurance companies don’t insure “sick” people. I will have look elsewhere for coverage and it will be pricier. My best advice would be to get coverage while you are young and healthy. It will be easy and cheaper then. Chances are you aren’t getting healthier, best to take care of it when you can. Once you cross the line of uninsurability there is no going back.
Thanks for reading friends. Tune in tomorrow for Wednesday “WTF.” My weekly rant on things that rip you off. If you have any questions about insurance shoot me a line. Have an amazing day friends!
“It is health that is real wealth and not pieces of gold and silver.” – Mahatma Ghandi
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Joseph James Francis is a Financial Advisor. You can find him on various social media platforms and at budgetboss.ca.