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Life Insurance Brokers in Canada

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. Therefore, they can apply that knowledge to help you.

Why Canadian Life Insurance Brokers?

If you are purchasing life insurance, it can be very beneficial to work with an life insurance broker in Canada. A life insurance agent has a direct relationship with ONE insurance carrier. Therefore, their interest is with the provider, not the life insurance consumer. A life insurance broker has contracts with numerous insurance companies they represent. Therefore their interest is more directed at getting the client the best possible contract.

We Make it Easy

Consumers are becoming more reliant on using the internet to educate themselves on life insurance. Accordingly, Life insurance brokers are forced to adapt. Solutions financial prides itself in connecting Canadians with the best advice. Solutions Financial works hard at ensuring our brokers are committed to getting you the best possible coverage at the best price.

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Facts about Life Insurance Policy Backdating

Life Insurance Policy Backdating

Backdating Life Insurance

As you get older the backdating strategy makes more sense as premiums tend to be much higher.

Life insurance policies are priced based on your health, family history, lifestyle, occupation and the most key factor, your age. In most cases the insurer will use age nearest i.e. which birthday are you closest to. However, there are some instances where a client can take advantage of Life Insurance Policy Backdating.

It is legal to backdate a life insurance policy by up to 6 months to help you get the lowest possible price for that age. While this can save you money, you need to be aware that you’ll have to pay the premiums for the months covered by backdating. You’ll have to do the math to see if the overall savings realized are beneficial. Year to year as you get older the backdating strategy makes more sense as premiums tend to be much higher.

Solutions Financial is a leading online life insurance brokerage based in Canada, bringing you the best price life insurance quotes from multiple leading insurance companies.

What is Guaranteed Issue Life Insurance?

Photo of Life Insurance information

Discuss your options with an insurance professional and find out for sure if Guaranteed Life Insurance is your only choice.

What is Guaranteed Issue Life Insurance?

Guaranteed Issue life insurance is a type of life insurance policy where acceptance is literally guaranteed.  However, there may be restrictions for the first 24 months of the policy. For example: it may only pay for an accident for the first 24 months, after that the policy would pay for any cause of death. This might sound ideal, but it comes at a price, literally. This means if you are considering this type of policy, be absolutely sure that it’s truly your best option. An advisor may be able to save you substantially on your premiums with a more traditional form of life insurance, and get you better coverage in the process.

Who is Guaranteed Life Insurance For?

Unfortunately there are some groups of people who are too risky to insure through conventional markets. These people are best to go with guaranteed issue life insurance product. These groups have a significantly higher likelihood of dying prematurely. People with serious medical conditions are an example of a segment of the population that insurance companies are unlikely to insure under a standard life insurance policy. For people who find themselves in this category, guaranteed issued life insurance may be there only option. With guaranteed issue life insurance, coverage in most cases can be obtained with answering just a few medical questions. This means there is no medical examination being required.

What’s the downside?

To start, the premiums you pay are significantly higher than other life insurance policies. Second, in some cases it takes a while before the death benefit coverage kicks in. If you die during the first 24 months the insurance company may simply be required to reimburse the premiums instead of paying out the death benefits.

Are you considering guaranteed life insurance because of your medical condition or health issues? It is advisable to first speak with an independent life insurance broker about your options. Often people who get these types of policies assume that they would not be able to get another type of life insurance and end up spending much more on their premiums as a result. Discussing your options with an life insurance broker is the only way to know for certain this is your only choice.

Solutions Financial saves you time and money.