Financial Planning For Canadian Business Owners

On this episode of Financial Planning For Canadian Business Owners, Jason Pereira talks to Matthew Inglis. He is the founder of Creditor Insurance Watchdogs, which is division of Mobile Advisors. Matthew specializes in educating people and providing tools for people to get better rates and better coverage on their various forms of creditor insurance.

Episode Highlights:

• 01.38: Matthew is a life and health insurance advisor. He has been in the industry for a long period of time that just has bones to pick with specific industries. He finds the best way to express myself through Insurtech Technology. 
• 01.53: Matthew explains - creditor insurance - in a nutshell, is a product that is offered by financial institutions to make sure that your loans are taken care of and paid off in the event of a death. It is typically sold through all types of different financial lenders and institutions within Canada.
• 03.20: Depending on what financial institution or mortgage broker or mortgage organization you are borrowing from you will run into products like creditor life, creditor critical illness and creditor disability insurance.
• 05.27: Most Canadians don't know when they are purchasing greater insurance products when rates are blended. This means that male and female blended smoker nonsmoker translates into is that non-smoking female who is paying the same mortgage as a male who smokes in packet day. 
• 06.11: Matthew says that creditor disability insurance is blended so male female smoker, non-smoker it is blended but what is even worse is that all of all clauses are blended as well. 
• 6.43 Jason explains that a female accountant that's in office all day is going to be paying the same to protect her mortgage payment from disability as a guy that is swinging a pipe wrench with a smoking as well standing on the rig floor as a roughneck. 
• 7.42 Jason points out that, when you go and apply for an insurance policy through a licensed insurance agent, you basically have to go through the underwriting process that can mean medical questions.
• 9.09: Matthew says underwriting is black and white. If you get it right, it's good, but it's not about whether or not we get it right in front of professionals that help me get it right now and the seriousness of the simplified questions that these people are answered. 
• 10.38: Referring to the strengths and weaknesses to the contractual insurance strengths and weaknesses so it could be 99% of the consumers out there are going to make a switch based on saving money, not contractual obligations.
• 11.42: Matthew says some mortgage creditor products are portable, most aren't. You switch your mortgage and upon time of application for your creditor insurance on your first mortgage you were insurable, but you aren't moving forward as you switch mortgage carriers. 
• 12.25: Jason talks about the bottom line of paying less. If anybody decides to move their financial situations because they are getting a better deal, he is back to square one.
• 15.35: The first opportunity that a Canadian consumer has to learn anything about life, critical illness, or disability insurance is being taught to them by a banker who knows nothing about it, says Matthew
• 16.01 The real big problem is that people will often go to their banker, mortgage broker, automotive dealership, whatever, and be offered life and health insurance products prior to a Canadian consumer actually understanding what the process is. 
• 18.14: A person needs to take into consideration the traditional criticalness insurance side, carriers are constantly evolving their definitions so that they are more competitive and more attractive, says Mathew.
• 21.55 Matthew explains how Canadian consumers, all they know is their credit or insurance. They know absolutely nothing about traditional life and health insurance space. Because their bankers and lenders, which doesn't make any sense at all about, says Matthew
• 22.52 Matthew points out about the rule of thumb - the more your debt, the older you are, the more you're going to be spending on creditor insurance problems. 
• 24.04 Matt suggests identifying the primary product and then when you have identified the primary product that you want to replace your client, go start digging up the secondary stuff so likelihood of them having primary or creditor insurance on a primary loan is going to be a skill off. 
• 25.24: Matthew suggests, when we are comparing traditional disability creditor disability insurance were actually using a product that takes all class into consideration, which means your disability insurance is priced on the risk of your occupation. 
• 26.45 Matthew says that the creditor critical illness insurance only covers three illnesses and at age 55 it would be increasing in price every year.
• 27.45: The policy along time of claim pays you, not the bank. You can determine how much or how little of that goes to paying off said loan based on the factors of your life, says Jason.

3 Key Points:

1. In today’s episode Matthew is going to explain the concept of creditor insurance, where the flaws and gaps are in the current normal credit insurance people get daily basis is and how to do something better and actually protect yourself with a high degree of certainty. 
2. CUMIS creditor insurance certificate states that if you have not made your critical illness claim given in a specific number of days from the date of your critical illness, they could literally say it right there contractually declined, says Matthew.
3. Jason inquires, how does disability differ from a typical disability policy we get from an advisor or even the group insurance policy plan?”

Tweetable Quotes:

• “Underwriting is black and white. If you get it right, it is good” - Matthew Inglis
• “If you're clean, healthy, you've never had a problem you check those underwriting question boxes and you got no problem whatsoever, but these are very loosely open to interpretation.” – Jason
• “The big things other than beating up the price are those portability, declining balance and conversion option.” - Matthew Inglis
• “There comes a point in time in everyone's life where it is no longer about renting insurance and protecting debt. it is about buying insurance and protecting its stated legacy.” - Matthew Inglis

Resources Mentioned

• Facebook – Jason Pereira’s Facebook
• LinkedIn – Jason Pereira’s LinkedIn’
• Woodgate.com – Sponsor
• LinkedIn – Jason Pereira’s LinkedIn
• Matthew Inglis: LinkedIn | Website 
• Podcast Editing

Transcript