Insurance Understood: Don’t miss the boat
By Medicine Hat News on September 22, 2018.
Have you ever taken a ferry? They generally have a set schedule of departure and return times. There is one in Waterton Lakes National Park that takes you around the lake and stops at the trail head of a famous hike, Crypt Lake. Years ago, my wife and I decided to hike it one Saturday. We invited my brother and another friend to come along. Unfortunately, my brother had slept in and was late coming over to car pool with all of us. Our friend was driving and tried to make up the time on the highway but received a speeding ticket. This did not help our prospects of getting on the boat and onto the trail head. By the time we got to the lake we had missed the boat. The alternate way to get there was an extra 10 kilometre hike to the trail head. For the next hour or so, we asked around for someone that could boat us to the trail head. Eventually, we found someone that would take us across the lake for about double what the ferry would have cost. The extra financial costs and time wasted put a damper on the first part of the trip but we did eventually move on and enjoyed the rest of the day. Sometimes, I find the same scenario of “missing the boat” happening in peoples lives when it comes to applying for their insurance. It could be life, disability or critical illness coverage. They simply applied for coverage too late. There are a host of reasons for not being able to get standard coverage. The obvious one is a person’s health having changed. It is worth pointing out that a change in a family members health, changes to your driving record, and occupation changes can also affect your ability to get regular coverage through a standard application process. So, we have to look for alternatives. We have always been able to find coverage but the extra time and costs do put a damper on the rest of their life. I recall one client that required coverage but due to their driving history ended up paying $350 per month instead of the normal $70 per month. As an insurance specialist, I am often introduced by accountants and lawyers to their business owner clients who need a policy to cover a tax bill, satisfy a shareholders agreement or shelter investments within an insurance policy. Usually, the professional has introduced the idea a few times before the client acted. Although I enjoy working on those challenging cases, I know that the individuals involved really wish that they had not missed the boat. They do eventually get coverage and move on but with a bit more of advanced planning they could have avoided a lot of stress. Steve Meldrum B.Mgt. CFP CLU is the founder of Swell Private Wealth Ltd. For over a decade he has specialized in helping individuals and businesses expand protect and perpetuate their wealth. For further information or tailored advice, contact him at 403-487-0490, steve@swellwealth.com or connect on social media. 12-11
