What Are the Differences Between a Broker And an Agent?

Posted on January 19, 2015 and updated December 4, 2018 in Brokers, Infographics, Life Insurance Canada News 1 min read

What is the difference between an independent life insurance broker and a captive life insurance agent? This infographic helps us figure that out:

life insurance brokers vs agents
 

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Ami Maishlish
Ami Maishlish

For the record, in Ontario as well as most other provinces, legally there is only one type of life insurance intermediary license – a life insurance AGENT license. Whether the person holds out as a life insurance agent, broker, advisor or whatever. Moreover, the licensing requirements are the same and the Continuing Education (aka CE) requirements (at least in Ontario) are best described as inadequate. Consumers should not take it for granted that if a life insurance salesperson holds out as a “broker”, (s)he represents many companies or is able to sell the offerings of a variety of companies. Conversely,… Read more »

LSM Insurance
LSM Insurance

Thanks for sharing your thoughts Ami.