Buying mortgage protection insurance or life insurance protection is an easy decision for many people to put off until later. Anytime we delay protecting an asset (home, income, a business, assets etc.), we put those assets at risk. One of the biggest reason this happens is people say “I need to think about it.”
For many people, waiting carries no negative consequences. For some, however, waiting has dire consequences. We never know which category we will fall into until it’s too late.
We recently had a client affected by a decision to wait too long to purchase mortgage protection life insurance.
We had a 45-year-old gentleman, named Billy (name change for privacy reasons), inquire about mortgage protection insurance with us just over a month ago. We followed up promptly and talked with them to get all the information to get them an accurate insurance quote.
Billy said “I want to think about it” and have some time to decide and review his budget. He asked us to follow up with him in 30 days; by then he thought he could make a decision one way or another.
When 30 days came around, we promptly followed up with Billy as he requested.
Billy told us he had had a change in health and didn’t think he would qualify for insurance anymore. We were concerned and asked why he would say he was not eligible for coverage anymore.
Fortunately, after about 10 days in the hospital, Billy’s left hand suddenly started working again with limited feeling and a severe nerve pain on his left side. Over the next five days, Billy regained some feeling and movement in his left leg was able to walk again (although awkwardly and with a great deal of instability).
Upon Billy’s release from the hospital 17 days later, Billy was left to finish his recovery at home. He had nurses, physical therapists, and doctor visits taking up a major majority of his new daily routine and duties.
His feeling in his arm and leg are still greatly impaired. Billy still can’t grasp objects with his left hand, and he must walk around with a cane, as his left foot drags on the ground when he walks. He can support his weight on his leg, but it is difficult for him to walk and balance.
The nerves in Billy’s arm and hand are giving him a great deal of pain as the nerve and synapses begin working again and sending electrical signals through his arm. The pain is a good thing, as it indicates the body is healing itself…but it still hurts him and makes him depressed.
With a new sense of urgency, Billy wanted to get mortgage protection quickly.
I had to tell Billy that his options were, unfortunately, limited as he had just suffered a major stroke. I had to remind Billy that I warned him of the dangers of saying “I need to think about it.” I had encouraged Billy to get an application in just in case something were to happen…he would have time to “think about it” over the next 30 days.
The day before his stroke, Billy was healthy and could have qualified for almost every mortgage protection or life insurance plan available. The minute he had a stroke, he became ineligible for practically all mortgage protection or life insurance coverage.
Billy was upset with himself that he didn’t take advantage of his ability to purchase mortgage protection when he was healthy. He was upset with himself that he had said “I need to think about it.”
It wasn’t a money issue because he could afford the premiums when he was healthy. It was merely a decision that many consumers make when purchasing financial products…they just wanted to think about it.
He knew he needed to coverage to protect his family and loved ones, and he could afford it; he just wanted to “think about it.”
It’s like when you go to buy a television, and the salesperson walks up and asks if they can help you. Nine times out of 10, you a customer will say, “No thanks; I’m just looking.”
You want a TV, you need a TV, and you have the money to buy a TV; it’s just that you’re worried you will be “sold” vs. helped by the salesperson.
Very few salespeople or insurance agents will take the time to understand a homeowner’s unique financial needs, the economic outcome they would like to see for their home and family when they die, and work diligently to find mortgage protection or life insurance that will fit into their budget for the long-term.
Many insurance people are so worried about making a commission that they will push homeowners into decisions they might not feel comfortable with or cannot afford. That’s a sign of either a rookie insurance person or a manipulative insurance person, who cares about their financial needs more than their client’s needs.
Our goal is to help our clients in an honorable and ethical manner.
Most of our time is spent in a “consultant” role, not a “sales” role. We are unique because we greatly dislike the old-style insurance salesperson, who pushes products only and doesn’t consider the wants and needs of the client.
Our role is to work with you to find you a life insurance product you understand, will easily fit in your budget, and will leave you grateful for the service you received from us.
If you’re looking for a better life insurance shopping experience, contact us today. You can either call us or fill out our free quote form to get an idea of what your mortgage protection or life insurance premiums will be.
When is the best time to purchase mortgage protection insurance?
Before you need it. As Billy’s story reminds us, we don’t know what will happen to our families and us today, tomorrow, or anytime in the future.
Mortgage protection insurance is one way to protect the most significant asset that most families will ever own. And if you want your family to own your home asset, mortgage protection is a critical step in the right direction.
We do things differently
We believe if we treat you fairly, are honest, and get you the best pricing available, you will come back to us in following years. We also believe you will refer us to your family and friends.
We also don’t pressure our clients into purchasing products they don’t need or sell them overpriced mortgage protection policies. We make sure our customers understand what their plan costs and why we recommended it to them.
We are happy to be a 100% independent insurance agency, and not an IMO or MLM insurance agency. This gives us greater freedom to serve our clients better, and you the best pricing for the mortgage protection insurance you so desperately need.
There are many reasons it is important to protect your home… the most important is your family. The second most important is to protect your financial investment.
Nobody wants their spouse or partner to lose their home after a death or disability occurs. Mortgage protection allows your loved ones to keep your home after you are gone. Protecting your family with mortgage protection is a gift you hope your family will never need, but a gift that is there for them if the worst ever happens.
We’re here to help you understand your options and help you find affordable insurance protection that will protect your home and family and fit your budget.