Almost every day one of our clients reaches out to us for a recommendation on another professional, which we’re happy to help with. For us to recommend someone it usually means we’ve used them ourselves, and this is the case with Jacqueline Knoblauch from Raymond James. I’ve used Jacqueline for a number of years now, across a variety of insurance needs, including life, critical illness, disability, travel, and more – each time we’ve engaged I’ve sensed her desire to put our needs first and to genuinely consider all options.
Jacqueline fits well with our ethos, so I asked her if she’d answer a few questions for us, including property related insurance questions, a blunt question about working with an insurance broker, and a question each for an employee and a business owner. If you’d like to speak more with Jacqueline you can reach her at Jacqueline.Knoblauch@raymondjames.ca.
- Should I take the insurance with my mortgage?
Almost NEVER! Generally, lender offered insurance is more expensive and for inferior coverage. By purchasing insurance yourself, you choose the coverage length and amount that makes the most sense for you and your family, while also locking in premiums at your current age and health status. - I purchase investment properties – why would I need any insurance?
While it is true that rent is still collected while you are sick or injured, insurance is not just for income replacement. For client’s with large real estate portfolios, insurance forms a critical part of their financial picture related to the future tax liabilities on their properties. - How do I know I’m getting good advice and not just being sold to?
Understanding – Advice can only be as good as understanding so if you start getting quotes for $1M of life insurance after a five minute call, I would look elsewhere.
Options – Much like you would not work with a realtor that can only sell you a blue house, speak with insurance agents who are contracted with more than 5 insurance companies. Ask them who they are contracted with and why they are recommending one company over another.
Comfort – If you aren’t comfortable speaking openly and honestly about your financial picture, health history and family goals, they may not be the right person for you and that is ok. You likely have a friend or colleague who could introduce to someone they have had a good experience with.
Affordability – If the recommendation does not fit within your monthly cash flow and financial goals, it is not the right recommendation for you, regardless of the bells and whistles it offers.
Education – At minimum I believe anyone offering any financial planning or insurance planning advice should have their Certified Financial Planner (CFP) designation as it confirms a level of education as well as experience in the industry. Outside of that, look for those with their Chartered Life Underwriter (CLU), Personal Financial Planner (PFP) or Trust and Estate Practitioner (TEP). - I’m an employee, why do I need anything more than my employee group benefits?
Group Benefits are a great foundation but they are not personalized. I recommend an insurance analysis to confirm that group coverage is actually enough or identify any gaps in coverage that you may want to take care of. Here is a great place to start. - I own a business and I keep hearing about ‘Be Your Own Bank’ – what’s that about?
Also known as infinite banking, there are ways to use insurance and investments together to effectively create ‘equity’ in an insurance policy that can then be borrowed against. Is it for everyone? Absolutely not. Does it work in some situations? YES – when properly structured and understood between an experienced insurance agent, the business owner and their accountant.
Thanks, Jacqueline, for all your help!