If you are healthy, you certainly are…
Have you ever stopped to consider how many times you signed for your business loans? The answer is usually twice. Once on behalf of the company and the second time personally to guarantee the loan.
This poses a large financial risk to both the business as well as exposing your personal and family assets in the event of a death, critical illness or permanent long-term disability. Banks will often require insurance as part of the loan agreement and may offer coverage themselves through a group creditor type product.
However, bank plans are often more expensive and less comprehensive than individual coverage. Since bank plans do not ask many health related questions, almost everyone can qualify for coverage. However, this drives up the cost of insurance in order to offset the additional risk of less healthy people joining the pool of insured people.
On the other hand, individual plans are fully underwritten based on a person’s current state of health and price accordingly.
Individual coverage is the best option if you are healthy and can qualify for coverage. Start by reviewing your existing insurance and even if you are currently insured through the bank, you can apply for individual coverage to replace that insurance.
You may be shocked by the price difference of individual coverage compared to what you are paying with the bank. Don’t hesitate to contact us to discuss your individual needs.