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The Benefits Of Purchasing Life Insurance Through A Licensed Life Insurance Broker

/ Life Insurance / Mar 14, 2021

When opting for a life insurance policy, you may opt to buy directly from a life insurance company or purchase a plan through an independent life insurance broker. A licensed independent broker often provides you with a better choice, especially in terms of ROI in the long run. You may also be able to find yourself the cheapest plan at the best value for your money.

Here are a few benefits of purchasing life insurance through a life insurance broker.

  1. A licensed insurance broker works for you and not for a company

Your insurance broker isn’t bound to a particular company or the products of a specific company. They are free to research multiple companies along with their offers and discounts to find the best price for you.

An insurance broker can also help you get a personalized life insurance plan by taking a closer look at your needs and current financial condition. This ensures that you are neither overinsured nor underinsured in any way.

Brokers can help you get the best available deal from their wide array of options across a host of life insurance companies, while direct insurance company agents are bound to represent a particular company, and are hence, extremely limited to the number of products they can offer. They are only allowed to recommend their own company products which may not be suitable to your requirements and budget.

  1. Life Insurance brokers are veterans and professionals in the industry

Brokers deal with a lot of services and products. They are veterans and qualified enough to recommend the policies that best suit your needs from a broader range of life insurance options than a direct insurance agent.

Life Insurance brokers also provide a more direct support and are easily accessible any time you face a problem. In addition, every insurance broker has a bond to fulfill, which means that you are protected from any dishonest behavior.

  1. Brokers are licensed

The Registered Insurance Brokers of Ontario or the RIBO is a self-regulatory organization that authorizes the licensing of brokers for all general insurance in Ontario.

Brokers must meet RIBO’s requirements for ethical conduct, professional competence, and financial obligations related to insurance. RIBO provides runners with the opportunity for lifelong learning and the opportunity to continually improve their knowledge and skills. Brokers must earn additional educational credits each year to ensure they stay up-to-date on the latest developments in the insurance industry and offer comprehensive advice and knowledge.

  1. Your privacy is protected.

Brokers are bound by their Code of Ethics to maintain their privacy and keep all discussions and customer information completely confidential.

To sum up,

Working with a licensed life insurance broker means you are having a pro on your side when searching for the best and affordable life insurance plan for your family. Insurance brokers are professionals and unbiased in terms of their advice, thus, making sure you always make an informed decision.

And the best thing about all that is that the consultation comes for free with zero obligation. So, get in touch with us if you are looking for a life insurance policy. With over 30 years of experience, we have been providing expert insurance and investment advice for our clients in Ontario.