Link Between High Stress Jobs and Critical Illness – Why Critical Illness Protection is Vital!

For most of us, getting up and going to work every day is necessary. No matter what job you do, whether it is an interim stepping stone or your dream career, there is always the chance that stress will lead to a critical illness. Whether you work as a lawyer, dealing everyday with fast paced cases, a police officer or firefighter dealing with life or death situations, or a nurse working shift work, the chances of dealing with stress, and a subsequent critical illness, are quite high, especially as we get older. 

There are several different workplace conditions that have been identified as leading to job stress, including the design of tasks, management style, work roles, career concerns, or environmental conditions. High stress jobs don’t necessarily mean high powered jobs – anyone can suffer from the effects of high stress – which all too often lead to critical illnesses, such as heart attack, stroke, or even cancer.

Since most of us can’t just quit our jobs and find something that requires very little interaction with those factors that can lead to stress, critical illness protection is vital. So, what is critical illness protection (or critical illness insurance)? Critical illness protection is a form of insurance that protects you in case you end up suffering from a critical illness. Rather than life insurance that protects you after you pass away, critical illness protection is there to assist you when you are still alive.

Critical illness protection can provide you with a cash benefit to be used to rebuild your life after suffering the illness or injury that takes you away from work.

Since survival rates for those illnesses covered by critical illness protection are quite high, it is essential to make sure that you are covered by a policy in case you suffer from one. For example, various forms of heart disease will affect 1 in 3 women and 1 in 2 men during their lifetime, but the survival rate for a heart attack is over 80% in Canada.  Similarly, 1 in every 20 will suffer a stroke, but the survival rate for strokes is 85%. These stats prove just how important it is to safeguard yourself with critical illness protection, especially if you work in a high stress job.

Here are some other stats that may help convince you of how important critical illness protection is:    

-          48% of house foreclosures are a result of a serious illness.

-          In 2000, over $800 million of individual retirement savings were used to pay for critical illness care.

-          72% of Canadians have noted that governmental aid will not cover all medical costs related to a critical illness.

Whether you are in what may be considered a high stress job or not, a critical illness is always a factor, and so taking advantage of the benefits of a critical illness insurance policy needs to be just as important. If you suffer from a critical illness and are unable to work, or need to take a significant period of time off work, critical illness protection can help you keep up your current lifestyle.

For more information about critical illness protection, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Paying for an Education is Easy with Whole Life Insurance for Children

When your children are born, generally life insurance is not the first thing that you think about. The joy of watching your child learn and grow takes precedence, and thinking positively about the future is usually the only way to go. However, life insurance for children is incredibly important, and so taking out whole life insurance for children when they are young should be a significant consideration for planning for the future.  

Although most people think about life insurance as a way to pay for the costs associated with the death of a loved one – it is not the only reason to acknowledge the benefits of a life insurance policy, especially for children. If a parent has to suffer the tragedy of losing a child, the benefits of a policy that can relieve some of the financial stressors are essential. That being said, purchasing life insurance for children does not necessarily have to be so negative.

Firstly, what is whole life insurance for children? Whole life insurance for children is just like whole life insurance for adults; it is a policy that protects you, holds a cash value that can be borrowed against, and generally is garnered by paying fixed monthly payments set at the beginning of the policy that will not change over time.

Whole life insurance for children is an essential savings tool – especially when planning for future education costs. Every parent wants their child to have access to the best education, and therefore the best jobs that help ensure their future. But this education is costly, and so education planning is critical. Knowing that the average cost of one year of post-secondary education is currently around $12 000, thinking about where that money is going to come from is key.

As a savings account, whole life insurance for children provides you with the ability to continually add to these accounts and watch the balance grow. Then, when the child is old enough, planning to go off to college or university, they can access those savings that you have worked so hard to amass for them.  This saves them from having to take out extensive student loans or O.S.A.P loans to pay for their education. By taking out a policy that provides life insurance for children, you are giving them a chance start their future without a heavy debt load.

These life insurance policies also make great gifts. If you are a grandparent and want to give a gift to a child that will actually benefit them, life insurance for children as a vehicle for saving is a great way to do that. Take away those negative connotations attached to life insurance, and giving a life insurance policy that a child can watch grow over time and eventually use to pay for their education, or for any number of other big purchases, will mean a great deal.

To find out more about life insurance for children and how it can help secure your child’s or grandchild’s future, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Can a Managing General Agent be the Driving Force Behind Success?

If you are an insurance agent, you are no doubt aware that working for an insurance company may hold many challenges as far as reaching your greatest potential. Keeping up with current technology trends and offering the best products and rates to customers is often very difficult when working for an insurance company. However, if you have noticed these challenges and are thinking about switching to working with a managing general agent, you have clearly recognized that a managing general agent can often be the driving force behind your success. 

Working with the right managing general agency can provide you, as an insurance advisor, with the tools and strategies that will allow you to provide the best service to your clients as well as the means necessary for you to reach your full potential. 

So how can a managing general agency help you achieve the success you want to meet your own goals? There are several things to consider.  

1.       How will your managing general agent support you? If you are working for an insurance company, you are probably well aware of how long it can take to receive a response to your inquiries or to have your applications processed. Instead, the right managing general agent will provide you with a guaranteed turnaround time on both, giving you the support you need to be successful.

2.       How will your managing general agent ensure you have the tools you need to succeed? By providing you with access to the newest tech advances in the industry, hosting training seminars and continuing education to ensure that you do not lag behind when it comes to keeping up to date with the latest trends.

3.       How will your managing general agent allow you to garner and keep clients easily? By choosing the right managing general agent, one that works with not one or two but several of different insurance companies, you will be able to research and find the best rates and products to offer your clients. Instead of being confined to a small selection of services, the right managing general agent will provide you with a vast portfolio from which you can draw to ensure that your clients are happy.

4.       How will your managing general agent keep you motivated? Sometimes we all need that little extra push to keep us going, and a good managing general agent will take recognition and compensation seriously to keep you continually performing at your best.

It is important to remember that a good managing general agent will take pride in their agency, therefore taking the time and providing the resources to let you succeed. By investing in you, the right managing general agency is in turn investing in their own company. 

To find out how you can succeed by working with a managing general agent, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

How Do You Know the Right Size MGA Insurance Agency to Choose?

If you are an insurance advisor, you know that there are several different ways to build your portfolio. However, as an insurance agent working for a major company, you are no doubt aware of the problems that also exist; challenges that make it difficult to increase your earning potential or to provide the best services to those clients. Once you have recognized these challenges, you might be questioning whether your position as an agent at one of these companies if the best fit for you.  

One of the best ways to ensure your future career goals and your clients’ needs is to become an advisor with an MGA insurance agency that is the right size and offers the best resources and compensation. An MGA insurance agency that is too big may not offer you the support you need because they are too busy to return your calls, while an MGA that is too small may not offer you the support you need because they simply don’t have the resources to. 

Working with a mid-sized and well reputed MGA insurance agency has many perks. These can include company sponsored events, team building, and training. Moving your insurance license from one insurance company or MGA to another can be quite simple, so there’s nothing to worry about. Just like with insurance rates, time is not on your side. If you are unhappy now, chances are you will be unhappy in the future. The longer you continue to build your portfolio under a particular company, the more complex it can become to switch.   

Working with an MGA that is large enough to offer all insurance products from all companies, while attending to your needs and professional development, will lead to increased success in the long run. It will mean greater success because you will be more agile, will be able to work your files faster and more efficiently, and most importantly you will be able to provide your clients with all of the insurance products offered by all companies to get them the most competitive deal. 

Because an MGA that vests your clients to you immediately means that you are able to begin building a strong portfolio that is yours right away, instead of dealing with the restrictions that come with working directly for an insurance company. This puts time back on your side because every client you develop is a building block in your empire.  

When making the difficult decision to move your license to a new company, and if you think that an MGA insurance agency is the right choice for you, there are some further things that you may want to consider:

1.       Do they employ the necessary tools to allow you to profit from continued learning and best business practices?

2.       Do they offer the types of products that you favour?

3.       Do they offer training and support?

4.       Do they offer a good compensation package?

5.       Do they offer a commitment on turnaround time for both applications and call backs?

6.       What is the culture like? Does the MGA insurance agency feel right for you?

Do your due diligence and you will quickly be able to determine the right fit for you. If you are ready to make the switch to becoming an advisor with the right MGA insurance agency, you know that that is a smart choice. Not only will you be able to encourage a stronger clientele base, but you will be able to provide the best services to keep them happy, while still beefing up your bottom line. 

To find out more about becoming an MGA insurance advisor, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

How to Increase Your Insurance Agent Salary: Why Working with a Managing General Agency Provides Far More Benefits

If you are currently working for an insurance company but have contemplated switching to work with a managing general agency, you may be thinking about what a managing general agency can offer you, especially where your income is concerned. Those who are new to the insurance business may think that working for an insurance company as an insurance advisor will guarantee them a large insurance agent salary, which is generally not the case. 

As you know managing general agencies and insurance companies alike do not typically offer insurance agents a fixed agent salary and much of an insurance agent’s income is based on commission. The more you sell, the more you make – the sky truly is the limit.

Working for a managing general agency offers one major perk, and that is that your clients are your own. Many insurance companies will provide you with a contract that will mean that you will have to be with them for many years before you will have any interest in your client base, and even after years pass, the insurance company will still retain the first right to purchase your client base if you want to change agencies or pursue other career opportunities for a period of time. The longer you work for an insurance company, the deeper the hold they will have on you, and as years pass it will be more and more difficult to move if they stop offering competitive products, training or remuneration.

With an MGA, you have the ability to provide a far better service that ensures that your clients are happy. Furthermore, by providing you with the tools that allow you to attract and retain customers quickly, your MGA can increase your profitability. Who wants a basic life insurance salary when you can be accumulating renewals with each new policy that you add to your portfolio of clients? In the insurance industry an insurance agent salary system doesn’t work because insurance agents deserve to have a piece of the pie for every policy that they put on the books and expect to be compensated for their good performance.

A good managing general agency will provide you with the tools to achieve your career goals:

·         Structured training program – by providing ongoing, consistent, and proven effective training, your managing general agency can increase your earning potential through professional development.

·         Mentoring program for newer agents - by allowing you to learn strategies from those who have had years of experience in the industry, those who know how to increase income, you can implement their trade secrets.

·         Lead generation – an established lead generation program means easy client building.

The right managing general agency should also provide resources such as a professional website with no upkeep for you but full access for yourself and your clients, access to the newest technology in the industry (and training on it), and referral sources. 

There are also huge incentive perks to working with the right managing general agency, those that accompany a commission compensation system as opposed to an insurance agent salary system. Recognition and rewards are an important part of a managing general agency’s commitment, and perks should include things like reward programs to recognize not only your own commitment to your clients but also to your managing general agency, as well as social activities to keep you abreast of changes within the agency and to help network.  Access to and funding for annual conventions are also things that a good managing general agency may provide in order to help with personal development and fostering smart business strategies. 

Leaving your career system and moving on to greener pastures is easy when you find the right managing general agency. There are so many different benefits that can come from switching to a managing general agency, including increasing your earning potential. 

For more information on how to increase your insurance agent salary and the benefits of choosing the right managing general agency, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com

Life Insurance in Canada – Why Going to An Ontario Insurance Broker is a Smart Idea

If you are thinking about purchasing life insurance in Canada to help protect you and your family in the future, it may seem like a cheaper idea to go right to the source, sort of like purchasing direct from the manufacturer. But life insurance is not the same as a television, and purchasing life insurance in Canada directly through the insurance company can be a bad idea. Instead, obtaining life insurance through an Ontario insurance broker is a much better idea.

First of all, going directly to the source and purchasing life insurance in Canada directly from an insurance company means that you are getting the rate from that company and no other companies. The company is interested in getting you as a client, and can tell you all about the benefits of their policies, their rates, etc., without giving you access to any other insurance company rates. Instead, by purchasing life insurance through an Ontario insurance broker, you get to know all of the perks offered by all of the different companies that brokerage works with. A good Ontario life insurance broker will have a portfolio of several different companies, thus allowing you to choose from the different plans and policies to find the life insurance plan that best suits your needs.

Going directly to an insurance company means service with their best interests in mind. As an alternative, going to an Ontario insurance broker to obtain life insurance in Canada means that you are dealing with an insurance broker who is interested in making and keeping you happy. Their goal is not to make the insurance company money by selling you life insurance in Canada, but to make sure that you will continue to get the best services and policies. You are not just a number or dollar sign.

Those Ontario insurance brokers that choose to work with an insurance brokerage have done so because they feel that they can give their clients the best rates and services only by working with an insurance brokerage, not by working directly for an insurance company. They know the benefits that can be garnered for their clients, and if you are looking for the best deal on life insurance in Canada, it pays to seek them out rather than going directly to the insurance company.

For more information about life insurance in Canada, or how an Ontario insurance broker can get you the best rates, please contact Gary Mandel at Independent Financial Concepts Group at 416-849-1653 or visit www.wecoveryou.ca.

Insurance Advisors in Ontario Should Expect a Lead Generation System to Help Boost Sales

Whether you work for an MGA or an insurance company it is crucial that you have the tools to be successful. One of the most important things to look for in a good managing general agency is a lead generation system that will get you referrals. 

What is a lead generation system? A lead generation system is a program that will assist you in finding new clients through different means. We all know that, as an insurance broker, it is essential to continually work on growing your client base. A lead generation system is essential in this, and a good managing general agent should provide you with access to a lead generation program that can promise definite results. 

These are all techniques that a good managing general agency should employ in their lead generation arsenal. It is easy to try lead generation on your own – it does not mean though that it will be effective. These methods that have already been developed for you  mean less work for you – all with the same, or better, advantages.

How can an effective lead generation system entice clients and get you the base you need to be successful? By offering the best, most attractive services out there.  For example, offering the same bread and butter services as any other insurance company won’t get you very far with regard to appealing to people and peaking their interest. Instead, offering an exceptional, unique service,

such as a Medical Expense Reimbursement Plan (MERP), will allow you to easily garner the results you need to be successful.

A lead generation system established by an experienced managing general agent should not only provide you with the tools to find and attract clients, but also the training to make it possible for you to take advantage of those different lead generation strategies. Being able to learn from those who have taken advantage of and benefited from these same strategies in the past allows you to learn the best ways to use lead generation to grow your profits.

Working with a managing general agent with a tried and tested lead generation system means that you can take advantage of an established lead generation plan that will help you grow your client base quickly. Rather than sticking with that insurance company that keeps you dependent, switching to an MGA that provides you with the tools necessary to make your career successful gives you what you need to reach your own goals.

For more information about switching to an MGA or to discuss the benefits of an effective lead generation system, please contact Gary Mandel at Independent Financial Concepts Group by calling 416-849-1653 or visit www.joinifcg.com