Ten reasons for using a Life Insurance Broker

We have collected our Ten reasons for using a Life Insurance Broker. Finding the correct life insurance policy can be easy, difficult, impossible, or just extremely frustrating depending on how much time you have to research it and the people who you end up talking to on the phone. Each person you phone with regards to a policy is going to try and get you to sign their policy by telling you about all of the good things, while conveniently glossing over some of the not so good things. Unless you are an expert at reading contract language you may have signed for something you may not have wanted. This is where an insurance broker comes in.

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Return of Premium Life Insurance

So you’ve decided that you want the protection that only life insurance can provide for you, now what? What most Canadians will do will conduct online research. Next, deciding which particular type of insurance will best cover their needs. The choices that you have boil down to three basic types: term life insurance, whole life insurance and return of premium (ROP) life insurance. If you’ve made it this far, chances are you’re more than familiar with both term and whole life insurance but a little unsure as to what exactly ROP insurance is and the advantages it offers.

Return of premium life insurance is essentially a hybrid of term and whole life.

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Life Insurance Brokers in Canada

An Life Insurance brokers in Canada is a professional who specializes in selling life insurance from various insurance companies. The main difference between a broker and an agent is that the agent sells insurance from a single company. Meanwhile, a broker represents multiple companies giving them more options to find you the most suitable coverage.

Licensing in Canada

In Canada each province is responsible for the licensing requirements for Life Insurance brokers in Canada. The life insurance industry is active and ever changing, and can be complicated; a professional broker is a necessary resource when you are shopping for life insurance. Brokers are tasked with keeping knowledgeable about the latest policy offerings and industry trends.

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