Hi there, I’m Sim! I am a life insurance agent and investments advisor servicing customers across Ontario, Canada. With each client, I aim to build policies and solutions that factor current needs, affordability, and financial goals.
I was born in Delhi, India to parents that were teachers. My parents from a young age instilled the values of saving, planning, and investing in my mind. With this foundation, I successfully completed my bachelors in education and then went on to attaining a masters degree in sociology.
I am a wife, and a mom to two kids and a maltese teacup. My daughter, Ashna, is in law school and my son, Pranav, is building artificial intelligence for the insurance industry. And Romeo, my favorite child, mostly sleeps.
My MGA (Managing General Agency)
I am a proud advisor at HUB Financial, which is a one of Canada’s leading insurance MGAs.
HUB Financial is contracted with over 30 life insurance companies, which allows me to access and compare policies, specific coverages, rates, and other variables, with multiple carriers.
With this support, I am able to craft policies that fit the client today and the tomorrow to come.
Before you begin your insurance hunt
The first thing to understand is, buying the right policy should be the only focus. A cheap annual or monthly premium for a coverage is always good. But you make to sure that the policy itself is a fit for your needs. Buying the wrong policy can be very costly as you will have to end up cancelling it at some point. Your life insurance policy premium depends on your age, health and your lifestyle. So if you take a policy that does not fulfill your needs in the long run and you end up cancelling it in the middle, the new policy of your choice will cost you a lot more due to the change in age and health at the later time. So, it is always the best idea to do full research and understand your policy inside before you commit to anything. Your life insurance company or agent should have answers to all your questions.
You want to make sure that the policy you buy today is the policy that will do what you intend it to do tomorrow. I always suggest my clients to read online, talk to their friends, and call life insurance companies directly to learn about insurance products that interest them.
People often think that life insurance is bought just for the death benefit and if “something happens to me, my family or beneficiaries will get some money to cope with my loss”. This is absolutely true. But your life insurance policy can also act as an investment tool that can provide you a return after a certain period of time.
Please find below my breakdown of the most common type of life insurance policies and who they are a good fit for:
Term insurance is usually purchased to fulfill a short term need. You control the period of the term, meaning the years that you are protecting your beneficiary. For example term insurance is a choice for people to protect their most valuable asset, their house. Term protects their mortgage and they can choose to take the term (# of years of insurance coverage) matching the number of years their mortgage is.
Term insurance is the cheapest form of insurance as it only pays on death and expires when the term is over. Saying that, these policies are renewable and convertible to permanent life insurance. To make it more clear, this policy gives you the insured the choice to convert your term policy into permanent coverage at a later age. By doing this, we can fulfill the current needs of protecting our debts by paying a small premium today while having the option to change the policy to permanent coverage in the future.
Not all companies offer the customers an option to renew or covert a term policy. Always ask your life insurance broker to clarify any doubts or questions you have.
This is the type of life insurance which provides the protection for life long as long as the person lives.
Whole life policies accumulate cash value that one can use while being alive. Also, there are some policies which are permanent meaning the coverage is provided till age 100 with no cash value available. This would be quite similar to term 100 which is term policy that expires at age 100 with no cash value.
Universal Life is also a permanent life insurance. It is also called “Buy the term and invest the difference”.
Universal life policies allow policy holders to invest extra money into the market. Since the cash is in the market, the client can earn or lose money in their insurance policies just like the market.
This policy gives policy holders flexible protection and allows them to chose their investment and payment. Investment and wealth accumulate tax free within the limits subject to government limits.
Participating whole life policies are the policies where policy holders receive the dividends into the policy if declared by the company. Dividends declared invest into the policy and become part of the guarantees of the polices going forward. So regardless of the performance of funds you never see the cash value decrease unless you opt to use it.
Participating whole life policies have great benefits. There is a guaranteed payout at the death. Premiums for the policies are fixed meaning they never change regardless of the age. Over the period of time cash value is built into the policy and policy holder can access the cash value while being alive for any emergency need or child education or retirement income. The cash value of the policy grows tax free while inside the policy subject to government limits.
How I help my clients
My approach with my clients is simple. I will break down my process below:
- I first either meet in person or chat over the phone with my clients about what they know about insurance. This allows me to gauge how well they understand the industry, what insurance is, and how it works.
- During my meeting, my first step is to do the needs analysis with the client finding their exact needs for their insurance. Then I learn about what coverage they may feel or know of, that they are interested in. Young couples usually know they need term insurance for their house, while on the other hand, couples with teenage kids explore whole life insurance or universal life as both of those policies come with a death benefit which is accompanied by an investment/return component.
- Following that, I understand the financial goals, death benefit concerns, affordability, existing policies, and if applicable, their insurance history.
- At this point, I have a good understanding of the client and their needs. It is at this stage, I recommend the client the type of policies that may be a good fit considering all factors discussed.
- Questions are asked and I educate the client of each policy I suggest. We also discuss beneficiaries (who get the money if a death occurs), who pays the premium, and other technicalities.
- The conversation then steers to medicals. When you purchase life insurance, with the exception of no medical life insurance, you will have to undergo some form of medical examination. Usually blood work but some policies can work with urine and or saliva samples. The reasoning behind the medical is to let the insurance companies know about your health and how to underwrite you. In simpler words, the better your health, the cheaper the rates, the more comparisons you will have.
- At this point, I email my customers policy wordings, summary of the conversation, and multiple quotes for each policy discussed. I recommend my clients to sit on our discussions for at least 1 week and during this period I answer questions or concerns.
- If the decision is made to proceed with acquiring coverage, I schedule a medical for the customer with a nurse. The nurse comes to your house in most cases. The examination is conducted. There is no cost associated with the medical process.
- At the same time your application is submitted to the insurance company decided. Once your medical results arrive, they are sent to the insurance company for underwriting. In normal circumstances, policy gets approved within two to three weeks.
- I schedule a meeting with the client to discuss the policy further. At this stage the client has the choice to change the product of their choice and if needed, I request a reissue if the client chooses something different.
- If all okay, the client pays the insurance premium.
- If no further information is required from the insurance company, the policy is approved and I deliver that policy to the client.
The whole process described above can be much simpler or even more complicated depending on the type of life insurance in discussion.
I am licensed broker which allows me to sell life insurance and investment products across Ontario, Canada. If you are in the Greater Toronto area or surrounding regions, I prefer to meet my clients in person as my office is located in Markham, which is not too far . In the event you are further away, we would be conducting this whole process remotely. Either way, the process of insuring or providing life insurance quotes is the same.
Get in touch
I am always a call away. If you are looking into life insurance coverage or rates the very first time or would like to discuss your existing policies, I would be happy to be your life insurance agent!
My contact information can be found here.