Benefits Ontario (Canada) 1.866.856.6799

It was hard to put this topic out there. What would you think of me?

If someone wrote a book called “Insurance for Dummies”, you’d laugh, and if you wanted to really find out how to look at insurance, you might even buy the book.

Part of my website includes an ability to see what keywords folks use to find the insurance issue they are looking for.

Nobody is a dummy! But, if I were looking for something in your field of study then you might know right off the bat that I didn’t have a good grip on the issues, or what I really should be looking for. Right?

Same for insurance. And, the industry is ripe for agents and companies to separate you from your money with piecemeal products that don’t have a rhyme nor reason to really exist.

These products have really high relative premium to what they might, if ever, actually return.

Shame on the insurance industry!

Look at the credit card companies asking you to take out the disability insurance.

You might tell me you have disability coverage, and we look at it, and yep, if you are disabled, the credit card company pays the minimum monthlypayment on your card. Whoopee!! What’s that worth $50 or less? Wow, thanks guys!

And they feed you the “if you don’t have a balance you don’t pay”. Thanks again! Imagine how happy that should make you.

And have you ever oversighted some insurance plan like this and tried to appeal to have the premium returned? Not so easy is it?

Right. The card company will blame the insurer and say they cannot control the insurers policies. Well, who was it that sold me that turkey in the first place?

Live and learn, or do we?

The problem is it is an insignificant issue. The premium though can be significant.

It is not uncommon for families to have a whole bunch of insurance charges for insignificant coverages, and have no basic idea of the important issues like how much will I get in income replacement if I am disabled? How long will it pay? How will it refuse to pay? Will it be enough to keep us in our home?

You know, the big questions.

But, we rarely get that call at 6 PM as we prepare to eat our dinner do we?

No, we get the “Hello, it’s so and so company….thank you for your loyalty…and because you are a good customer, you have an opportunity to take blah, blah, blah for only $8 per month? Would you like some of that?”

Ouch!!!

Would you want your healthcare to be handled that way?

“Hello, this is a medical clinic calling. We would like to offer to remove your appendix because it may need to be one day, so why wait?”

Doesn’t work does it?

Go to the doctor and monitor your health, and if there are issues creeping up work on a plan with your doctor, right?

Well, with insurance, income replacement in the event of death or disability is the goal.  And not $13 minimum card balance payments either – really important income replacement or debt payments like the mortgage and property taxes.

We can do that for you. But we won’t do anything until we look at what it is you might have, and what you need to supplement what’s already in place.

And by the way, you’d be no dummy to want that!

There is ‘No book required! ‘

Do me a favor though…. don’t answer your phone at dinner time again! They probably just want to make a meaningless sale.

We are here it help at 1.866.856.6799, in Ontario and Alberta, Canada.

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The Ontario Blue Cross mortgage plan is an excellent disability plan as a stand alone.

Life insurance is not required to get at the disability insurance, and the benefit period can be up to the amortization of the mortgage. Normally plans limit to 12 to 24 months, but not the Blue Cross mortgage plan!

How would this be integrated into a disability program?

Well, here is how I would look at this option as an addition to a disability program.

Let’s say you are an employee, and you do not pay the full premium for the disability insurance at work. This means the benefit would be taxable. Let’s also assume the benefit is 66.7% of your usual pay.

Therefore, after tax, your paycheque is cut in half. Doing the math, would this leave you short an amount approximately equal to the mortgage payment or a good portion? If the answer is ‘yes’ then the mortgage plan should be considered, as a means to bring you back to pre disability earnings.

For details on the plan, please click Brochure Mortgage Plan.

Another nice feature is that only one of the two borrowers is required to apply, not both if not required. So, if a spouse has adequate coverage elsewhere, but the other does not, we can fill the gap for the spouse without proper disability coverage. Saving money with this plan is possible because of it’s flexibility.

Many mortgage plans at the banks will:

• force you to take the life insurance to get at the disability option
• cover off only 12 to 24 months of payments not the full term
• have other long waiting periods and other restrictions
• have limited underwriting leaving you wondering if you are ‘truly’ insured

With the Blue Cross Mortgage plan, leave those worried behind! You are fully underwritten up front to alleviate worry, and can have full coverage for a lengthy disability. With bank plans only covering off 24 months, you might as well start packing, as often the plan gives you time to readjust, but not stay in your home.

Insurance planning is all about ‘being okay’ financially if you become disabled, or if you should die. Looking at income before and after a disability is the only sure way to determine if your plan is adequate.

Sound too good to be true? I knew you would think that. So, here’s the contract wording so you can fine-tooth comb it to ensure it is what we say it is!

Please call us at 1.866.856.6799 to discuss this further.

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I keep track of web searches that bring people to this site.

And, in response, I like to take positive steps to give the information of interest.

Are you truly insured enough to stay in your home?

Blue Cross has likely the best mortgage plan on the market for disability.

It can pay to the end of the mortgage amortization in many cases, in the event of disability, and one or two mortgagors can be insured, depending on need.

Flexibility therefore is at the heart of this plan.

Having said that, for those that want to see it, here is the link to the Mortgage Plan wording. Please note the sample shows the standard two year benefit, but you can also extend this to the full mortgage amortization (recommended).

You can download or print this brochure below. And, please remember to call us at 1.866.856.6799, ext 201.

Please give us a call to discuss how this plan can effectively increase your disability coverage, and help keep you in your home during a disability.

Craig

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