Seniors looking into life insurance policies in Canada should carefully consider the following variables.
1. Should I buy direct or through a broker? At first glance, it seems that it would be much cheaper to buy life insurance policy directly from an insurance company rather than through an insurance advisor. However, most direct carriers of life insurance charge higher premiums than policies offered through insurance advisors. Moreover, the selection among direct providers of life insurance is much more limited, and the coverage face amounts are generally much lower.
2. Should I use an independent broker or a captive agent? If you decide to go the route of an insurance advisor, you will then have the choice of using an independent broker or a captive agent. Independent brokers are free to work with a variety of companies and can shop for the best policy at the best rate. However, captive agents are limited in the number of carriers that they can represent. In many instances, they are limited to just one insurance provider,and this provider may not have the best insurance solution or premium rate for the insured.(Seniors' Life Insurance: What to Watch Out For continued...) | 4 comments