Why Prospr by Sun Life Outshines Traditional Insurance Options
In the ever-changing landscape of insurance, Prospr by Sun Life stands out by offering innovative, client-focused solutions that address the limitations of traditional group coverage and creditor protection. Here’s how Prospr leads the way:
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1. Tailored Flexibility for Modern Needs
Prospr’s flagship “Evolve” term life insurance is designed for flexibility:
Customizable Coverage: Choose term lengths from 5 to 40 years, with amounts ranging from $50,000 to $25 million.
Adjustable Policies: Clients can modify coverage as life circumstances change—like buying a new home or welcoming a child—without undergoing a complete medical reassessment.
Unlike traditional creditor protection, which ties coverage to a specific mortgage and decreases over time, Prospr policies maintain a consistent coverage value. This ensures peace of mind and financial security for beneficiaries.
2. Comprehensive Critical Illness Protection
Prospr’s critical illness insurance covers 26 conditions, far exceeding the limited “Big 3” (cancer, heart attack, stroke) offered by competitors. This comprehensive safety net helps clients manage medical expenses, ongoing living costs, and other financial needs during recovery.
3. Transparent and Efficient Process
From referral to coverage, Prospr makes the journey simple and transparent:
Quick Follow-Up: Clients are contacted within 24 hours of referral, often sooner.
Streamlined Application: A Prospr advisor completes the process in 10–15 minutes over the phone, offering interim coverage of up to $1M during the 1-2 week underwriting period.
Secure Payments: Clients choose their preferred monthly withdrawal date, ensuring seamless financial planning.
4. Portable, Personalized Coverage
Unlike employer-based group policies or creditor protection tied to financial institutions, Prospr’s policies are independent and portable. Clients retain their coverage when changing jobs, refinancing, or moving homes. This ensures stability and eliminates the need for reapplication.
5. Competitive Advantage Over Creditor Protection
Here’s where Prospr truly outshines traditional creditor protection policies:
Direct Payouts: Death benefits go directly to beneficiaries, offering financial flexibility. Creditor insurance pays the lender directly, limiting usage.
Stable Premiums: With Prospr, premiums remain fixed throughout the term, avoiding surprises during renewals or refinancing.
Higher Payout Rates: Prospr conducts underwriting upfront, ensuring clients know their eligibility. This contrasts with creditor insurance’s post-claim underwriting, which results in payout rates as low as 13%.
6. Designed for Modern Homeowners
Prospr serves:
First-Time Homebuyers: Affordable and flexible policies tailored to protect mortgages.
Young Families: Ensures financial security for dependents in case of unforeseen events.
Single Homeowners: Comprehensive critical illness coverage to safeguard against health-related income loss.
Final Thoughts: Why Choose Prospr?
Prospr by Sun Life redefines insurance by combining customizable products, comprehensive protection, and client-first processes. Whether you're safeguarding your mortgage, protecting your family, or planning for life’s uncertainties, Prospr delivers unmatched value.
BOTTOM LINE
As you consider your mortgage protection options, take actionable steps by comparing Prospr with your current provider or exploring its offerings further. Reach out to a mortgage advisor to discuss how Prospr can be tailored to fit your unique situation. Whether you’re a first-time buyer or a seasoned real estate investor, leveraging the insights from this blog can help you make informed decisions that enhance your financial stability. Remember, the right protection can make all the difference—make it count with Prospr
Level Up Mortgages is a mortgage broker team focused on helping the self employed, new immigrants, non-residents, and investors, access best rate and alternative lending in Canada. We have been nominated for best up and coming broker in Canada in 2021 and have been on CTV News and various publications because of our education-first approach to helping you always stay a step ahead of the process. Reach out to us for access to our first-time buyer course or a mortgage strategy session.
See What You Qualify For Or Contact Paul To Get Your Pre-Approval.
Paul Davidescu (www.levelupmortgages.com)
Level Up Mortgages
604-809-3188
paul(at)levelupmortgages.com
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