Category Archives: Canadian Life Insurance
How To Get The Best Life Insurance
The Canadian life insurance industry is regulated by the government and has many laws in place to protect the consumer. Many independent associations also operate in Canada that work to ensure that life insurance brokers have access to continual professional development this combined with a commitment to continually improving the standards of qualifications make Canadian life insurance a safe product to purchase.
Who can you trust
How else can you be sure that the life insurance that you are purchasing is of good quality? All life insurance professionals are licensed, meaning in order to sell insurance in Canada they must pass the required exams. The Life License Qualification Program (LLQP) and the Life Licensing are exams that are specifically designed to provide that the broker or life agent is qualified to sell life insurance.
Canadian Life Insurance Brokers
Canadian Life Insurance Brokers
Canadian Life Insurance Brokers are professionals who specialize in providing insurance policies from various insurance companies. The main difference between a broker and an agent is that the agent sells insurance from a single company. On the other hand, a broker represents multiple companies. This allows a broker to provide more options to find you the most suitable coverage at the best rates.
Licensing in Canada
In Canada, each province is responsible for specific licensing requirements for brokers. Thus, the province regulates and monitors the market to insure that fair and ethical practices are being followed. A Canadian life insurance broker is a particular type of broker who specializes only in life insurance.
Are Canadians Under-Insured?
According to the Canadian Life and Health Insurance Association, more then 20 million Canadians are protected by life insurance with an average amounts owned were $156,200 for insured individuals and $312,200 for insured households.
That leaves approximately 30% of individuals without important insurance protection as well insured households only having an average amount of $312,200 of life insurance, this could represent many families being under-insured in Canada.
Creating awareness around the need for life insurance is paramount there are many brokers and insurance agencies in Canada available to help with your insurance needs, call a insurance professional whether you are protecting your family your business there is help out there.
Author: Peter C.
