Brokers are missing out on significant opportunities in the low income client sector, where potential customers often use “can’t afford it” as an excuse not to buy insurance. But one young man is serving as a shining example of how insurance cover is not just achievable, but also essential, while living on a modest income in one of the most expensive cities in Canada.
A recent article on the Toronto Life website reveals how 28-year-old Iain Soder juggles life as a café manager and artist, living on an annual budget of $24,000, but still keeps himself covered with renter’s insurance.
Soder took nine months off work to focus on his art, living on his personal savings and grants from both the Canada Council for the Arts and the Toronto Arts Council. Since January of this year, he has spent $15,000 in savings and earned $6,000 through his art. Since recently taking a job as a café manager, he makes $2,000 monthly for full-time work. Soder contributes $516 monthly towards a basement apartment and studio space shared with two other members of his art collective but also pays $22 in tenant insurance monthly.
Brokers dealing with low-income clients who refuse to pay for insurance on grounds that they cannot afford it should use cases like Soder’s to try convincing their customers that they can still receive adequate coverage. Renters insurance is more affordable than many consumers think, and should be a must for young adults who possess valuables.
