How the Brokers of LSM Are Better than Your Average Broker

Posted on December 28, 2010 and updated December 28, 2010 in Life Insurance Canada News 3 min read
Insurance broker
LSM Guarantees our
brokers are of higher quality
than our our competition across Canada.

A recent article in The Globe and Mail exposes the bonus and vacation structure used to incentivize brokers by the insurance companies that employ them. In most cases, such carrot-dangling means brokers are not acting in the best interest of their clients, referring their customers only to plans from the insurance companies that give out the best bonuses — not the best plan that suits the client’s needs and economic situation. The article makes plain the following:

Rather than scouring the market to find the best coverage, and the best price, for the clients sitting across from them, many independent agents and brokers steer all their business to just one or two insurers, according to a number of high-ranking insurance executives interviewed by The Globe. They favour the ones that reimburse them most generously in commissions, bonuses and perks, such as those all-expenses-paid trips to break up the monotony of a long Canadian winter.

While this could very well be the thinking process of most brokers operating in Canada, LSM has always operated from a higher moral ground. Our brokers receive very similar bonuses from all the carriers we work with, so there is no incentive to choose one carrier versus another except in meeting our client’s needs.  It’s a fact that many brokers only work with one or two companies and thus, are more biased towards those carriers, but LSM is contracted with over 15 insurance carriers.

In addition, LSM is in constant contact with all of the insurance companies in their repertoire and is working extremely close to those underwriters to match each client with the best carrier possible for their unique situation. This, combined with LSM’s one of a kind specialization in those clients that are hard to insure (those with health or lifestyle issues that prevent them from qualifying for traditional insurance products) have allowed LSM to rise above the perceived conflict of interest affecting the rest of the Canadian insurance industry.

However, if skepticism still permeates your thoughts, check out our Testimonials Page featuring honest praise from the clients we have helped over the years. LSM also gives our clients the opportunity to put their destiny in their own hands using our many interactive tools like our Needs Analysis Calculator and Internal Rate-of-Return Calculator, which adds more precision to the buying process.

 

 

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