Tag Archives: 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 there is a strong chance that you signed for something you may not have wanted. This is where an insurance broker comes in.
They know the product.
By definition an insurance broker sells insurance.
An insurance broker is a certified professional who specializes in providing insurance policies from various insurance companies. The main difference between a broker and an agent, who works for a specific company, is that the agent sells insurance from a single company, while 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. The province regulates and monitors the market to insure that fair and ethical practices are being followed by brokers. A life insurance broker is a particular type of broker who specializes only in life insurance.