An insurance broker is a certified professional who specializes in selling insurance policies from various insurance companies. The main difference between a broker and a captive agent is that the agent sells insurance from a single company, while a broker represents multiple companies giving them more options to find you the most suitable coverage.
In Canada each province is responsible for the licensing requirements for brokers and regulates and monitors the market for fair and ethical practices. A life insurance broker is a particular type of broker who specializes only in life insurance. Because the life insurance industry is dynamic and ever changing, and can be complicated with certain polices, 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, and applying that knowledge to help you.
If you are in the market to purchase life insurance, it can be very beneficial to work with an independent insurance broker for a few reasons. A captive life insurance agent has a direct relationship with the insurance carrier, which means their interest is with the provider, not the life insurance buyer.A life insurance broker usually has no such contract with the insurance companies they represent meaning that their interest is more directed at getting the client the best possible contract.
As consumers become more reliant on using the internet to educate themselves on life insurance, life insurance brokers are forced to adapt. As a company that prides itself in connecting Canadians with the best advice through our vast network of independent brokers across Canada, we're helping brokers do exactly this. LifeCover.ca works hard at ensuring our brokers are as committed as we are to getting you the best possible coverage at the best price.
Get a quote today or contact us with any questions you might have.