Episode 3 Transcript – Vancouver mortgage insurance
This is Jessi Johnson here and we’re with Kira is it? Kira, from Mortgage Protection and this is in regards to research on products. We’re also with Brian Pappas, say hi Brian, [Hi Everyone]. So Kira, exactly what is mortgage protection? {Mortgage Protection Plan is a life and disability product great for clients and different than traditional products offered by banks because it’s fully portable, so whenever you go to the bank and take bank insurance you are with a product that is tied down to a specific lender. This product is offered through Manulife but it gives you full portability which means that if you ever wanted to change lenders down the road, if you ever wanted to change your property, you can do so and your insurance just transfers with you, so that gives you huge future flexibility because you never know what’s going to happen down the road. There’s other advantages as well. One of the things we do at our company that no other company does is, we have something called interim mortgage payments. So if someone is to die, because now a days doctors are so busy it takes a long time to get the paper work into insurance companies, what we do is we start making the mortgage payment on behalf of the client until such time as the mortgage payment or the mortgage is paid out. So that’s another advantage because during a stressful situation like death you don’t want to be worrying about how to get} You don’t want to have to be dealing with that. {the payment into the bank and banks do call unfortunately, saying where is the money. So it’s an advantage not to have to worry about that. Another feature is disability. Our disability is one of the least expensive out there on the market. Another thing that happens at the banks is if a client wants to take disability insurance, they make you take the life product because traditionally you make money on the life product. More people are likely to have a booboo in a 25 year span of time than they are to die. So with our company, if you just want disability, you can just take disability. You don’t have to take the life product. Like I said it’s very inexpensive because it’s a group policy. You’re not having to buy an individual policy so the cost savings are just tremendously lower and it covers you for your own occupation. A lot of companies will have something in their disclaimer saying if you have a pulse and can do any kind of job we’re not going to pay the amount owing. But with our company it’s the job that you do and if you can’t do the job that you do, we won’t make you do a lesser than job to avoid making payments. It’s a fantastic product and it’s only available through our broker channel.} And what percentage of brokers would use this product offered? Is it 75% of brokers using your company, right? {Yes. 75% of independent brokers choose Mortgage Protection Plan. The product is good and we do a lot to protect clients and to protect our brokers.} You may have already mentioned this but your health, if your health changes a little bit, a lot of companies will void the policy. You guys don’t necessarily do that. {No, no we won’t do that.} So you are protected. {Once you’re in there, once you’re covered, you’ve got that money. If you have a health issue come up down the road and you apply for additional funds you may not qualify for that but you’ll never lose the original amount that you got in there at.} Okay and you have 60 days to decide right? {You’ve got a 60 day money back guarantee so you can take it today, get your insurance in place, go shop around. If you find a better deal it’s no problem, you just call the 1-800 number on the back of the brochure and you can cancel with us. We record everything over the phone so it’s not a big hoop-de-la to cancel the coverage.} OK and that’s about it. {Yes} Thank you very much. Say goodbye Brian. [Great! Ciao everyone}. It is what it is. You can contact me further at firsthomeinfo.ca. Have a good day!
