Interview with Joel Sopp - life insurance discussion - Part #2
Monty Loree: Right, okay. First question I’ve got for you is, tell me about life insurance and how it helps me and my family. We kind of understand the concept but give me some more specifics about that.
Joel Sopp: Well this is kind of my own mantra, being in this role now for nearly 5 years and this is what I truly believe in when it comes to how life insurance, critical illness, long term care – doesn’t matter what type of insurance. How it can help you and your family is – insurance, regardless of the type I believe is meant to help your family or yourself maintain dignity in a time of crisis. Whether that means not having to make the choice of selling your family home and moving to a rental because you can’t make your payments because of a disability or that means you lose a family member and other added expenses that weren’t considered beforehand during a full review. I think life insurance really gives your family or yourself independence depending on the situation. That’s very important to a lot of people.
Monty Loree: Okay. I’m just wondering if you have some specific examples of people. Because you’re in the industry, I’m sure you talk a lot and you learn about different instances. Is there an instance where a family didn’t have life insurance and then somebody passed away or a main breadwinner passed away and they didn’t have life insurance or they did have life insurance and it did help them out? Do you have some stories that you can talk about with that?
Joel Sopp: Definitely. I can speak from personal experience myself. I have relatives who had a baby passed away after being only a few months old. As a result, due to depression and everything else that comes along with the loss of a child, they ended up being off work for 6 months straight. Now the work they’re at was more of a self-employed role and had no coverage whatsoever. So that’s 6 months off work with no income coming in the household, living off from whatever savings they have. It really devastated the family both emotionally as well as financially. Had they had anything as simple as disability insurance so that if it was diagnosed as clinical depression, that the doctor will allow them to put that claim in, I think it would’ve put them in a much better situation financially because they can focus on getting well emotionally as opposed to trying to force themselves to work because they need to go to work.
That was one that really impacted me personally and made my goal of making sure, regardless if it’s a family member or a friend or someone I don’t even know yet, I want to make sure I offer my services to them so that they are not ever put in that situation. The good news is there are things that are positive extremes as well. It’s not all negative. That’s the good news. For example, there could be people – I know myself, personally I haven’t had to do anything with regards to death claim where it’s helped a family out. However one of my colleagues, Tom, he was actually able to travel to a family’s home and sit down with them, show them how the life insurance that was put in place based on the family’s need that will help them; help them set up a financial plan afterwards. Now a single mom with two kids is financially set until her children have graduated. There’s that one less thing to worry about on income in one family.
See Interview with Joel Sopp - life insurance discussion - Part #1
See all Canadian Money Advisor Podcasts
Monty Loree: Right, okay. First question I’ve got for you is, tell me about life insurance and how it helps me and my family. We kind of understand the concept but give me some more specifics about that.
Joel Sopp: Well this is kind of my own mantra, being in this role now for nearly 5 years and this is what I truly believe in when it comes to how life insurance, critical illness, long term care – doesn’t matter what type of insurance. How it can help you and your family is – insurance, regardless of the type I believe is meant to help your family or yourself maintain dignity in a time of crisis. Whether that means not having to make the choice of selling your family home and moving to a rental because you can’t make your payments because of a disability or that means you lose a family member and other added expenses that weren’t considered beforehand during a full review. I think life insurance really gives your family or yourself independence depending on the situation. That’s very important to a lot of people.
Monty Loree: Okay. I’m just wondering if you have some specific examples of people. Because you’re in the industry, I’m sure you talk a lot and you learn about different instances. Is there an instance where a family didn’t have life insurance and then somebody passed away or a main breadwinner passed away and they didn’t have life insurance or they did have life insurance and it did help them out? Do you have some stories that you can talk about with that?
Joel Sopp: Definitely. I can speak from personal experience myself. I have relatives who had a baby passed away after being only a few months old. As a result, due to depression and everything else that comes along with the loss of a child, they ended up being off work for 6 months straight. Now the work they’re at was more of a self-employed role and had no coverage whatsoever. So that’s 6 months off work with no income coming in the household, living off from whatever savings they have. It really devastated the family both emotionally as well as financially. Had they had anything as simple as disability insurance so that if it was diagnosed as clinical depression, that the doctor will allow them to put that claim in, I think it would’ve put them in a much better situation financially because they can focus on getting well emotionally as opposed to trying to force themselves to work because they need to go to work.
That was one that really impacted me personally and made my goal of making sure, regardless if it’s a family member or a friend or someone I don’t even know yet, I want to make sure I offer my services to them so that they are not ever put in that situation. The good news is there are things that are positive extremes as well. It’s not all negative. That’s the good news. For example, there could be people – I know myself, personally I haven’t had to do anything with regards to death claim where it’s helped a family out. However one of my colleagues, Tom, he was actually able to travel to a family’s home and sit down with them, show them how the life insurance that was put in place based on the family’s need that will help them; help them set up a financial plan afterwards. Now a single mom with two kids is financially set until her children have graduated. There’s that one less thing to worry about on income in one family.
See Interview with Joel Sopp - life insurance discussion - Part #1
See all Canadian Money Advisor Podcasts
