Why Should You Use An Insurance Broker To Purchase An Insurance Plan?

By Canadian LIC, August 23, 2023, 8 Minutes

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As complicated as an insurance policy is, it is too important not to ignore it. It can cause stress and confusion for most individuals when they try to compare several insurance policies and choose the proper coverage. When the time comes to file an insurance claim, the stress automatically creeps back in, asking what if you do not have the required financial support to recover from your loss? An insurance broker takes on many roles. They can use their experience, knowledge, and insight to guide you through the whole insurance process.

Below mentioned are the reasons why you should use a broker when it comes to purchasing an insurance policy:

Insurance Advisor: Always there for you

As experienced insurance brokers in Mississauga, we understand your budget and needs clearly and offer professional support, and that is why so many clients choose to work with us. Our persistence in looking after the well-being of our clients sets us apart from other insurance brokerages. Being licensed professionals, we aim to help clients find the right insurance plan to suit their budget and specific requirements. Whether it is Travel Insurance or Health Insurance you can count on us to provide expert advice that is free and unbiased.

We work for you and only you, and not the insurance company. This means you will have more choices, better rates, better Insurance plans, and, most importantly, a broker that’s on your side even when you want to make an insurance claim.

You can definitely expect more from our Insurance brokers in Mississauga at Canadian LIC because:

  • Offer clients a comprehensive range of insurance products and price comparisons from several insurance Companies.
  • Advises on the Benefits and risks of insurance plans.
  • Explain the policy details concisely and clearly
  • Supports and Guide you when you need to make a claim

Protecting your assets and loved ones

Our insurance brokers in Mississauga have a great deal of expert knowledge that can cover areas that may not be considered insurable. You will also not need to worry about paying a lot as they will ensure you are paying a fair amount for insurance protection and, most importantly, getting an excellent service. If you do not have the patience and time to shop around yourself and find the right coverage you need, you can rely on an insurance broker to find the right plan in the challenging and competitive market. We do not just stop once we have sold you the policy; we monitor the policy terms and notice the market conditions for any fluctuations. If you need to make an insurance claim, we will assist you in the process of the claim and assist you in communicating with insurance companies. We also make sure your needs are presented to the insurance companies to get the most appropriate product at a fair price. Our insurance brokers in Mississauga can offer valuable advice and guidance on how you need to report a claim to insurers. You must have the right insurance coverage as it can provide you with peace of mind. It can be tricky to navigate an insurance plan when buying insurance. With the help of Canadian LIC, you can get solid advice that you can trust.

The importance of excellent and honest insurance advice

To ensure that you and your loved ones are safe and secure against various risks, you must choose a plan and be sure that it covers all your risk requirements. Seeking the advice of an insurance broker is one way of mitigating this risk.

We clearly understand your insurance requirements

Our insurance brokers in Mississauga take the time to get to know their clients better by understanding their individual insurance requirements and identifying the best insurance products to suit their needs. As mentioned earlier, it can be time-consuming to find the right plan, and certain insurance companies do not cater to special insurance requirements. We strive to make sure we find the right insurance protection plan that leaves both parties happy and satisfied. As clients, we can sometimes get lost in the insurance jargon present in the policy documents. With the help of an insurance broker, they will simplify it, ensuring you understand the plan and know what you are purchasing and, most importantly, not making a mistake. All the insurance plans that we try to sell are from top Canadian Insurance Companies whom we know well and trust.

Offering insurance advice that you can trust

Canadian LIC is a reputable insurance brokerage that offers comprehensive insurance solutions to clients all over Mississauga and the surrounding areas. With years of experience in the business, we work with all of the leading insurance companies in Mississauga. Our insurance brokers will negotiate the best rates and terms on your behalf for a wide range of insurance, such as Travel Insurance, Critical Illness Insurance, Life Insurance, Life Insurance with Investment etc. We provide coverage for even some of the most complex Corporation Insurance – Key Person, Etc. We also understand how vital it is to handle claims efficiently and effectively.

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Helping you make a well-informed decision

When it comes to looking after your well-being, we highly recommend that you place your trust in our insurance brokers in Mississauga. It is down to the simple fact that we have access to the right Insurance companies and, secondly, our expertise.

To learn more on insurance broker benefits go to -’ Benefits of Using an Insurance Broker’

Some Pros and cons of Insurance Brokers

Here we bring you some advantages and disadvantages of using insurance brokers in Canada to give you an even clear picture that will help you make a better decision if you still have doubts about whether you should go with one or not.

Insurance Broker Pros

  • You will be able to have a better idea of the market
  • You will receive totally unbiased advice
  • No need to pay any fee. You only have to purchase the policy if you want.
  • Access to discounted prices.
  • You can easily have help and support whenever you want.
  • Policies made as per your specific needs.

Insurance Broker Cons

  • Sometimes the broker might be unknowledgeable about some types of insurance
  • Few brokers are sales-driven. They may sell you something which is not what they were saying.

When you purchase insurance straight from an insurance broker, you will experience certain advantages, making your insurance buying journey super smooth. You will never be able to experience these advantages when buying directly through an insurance company.

If you want to know how to pick the right insurance broker for yourself you can read- How to pick the right Insurance Broker?

What is the cost of buying insurance from an insurance broker?

The cost of buying insurance from an insurance broker in Canada can vary depending on a number of factors, including the type of insurance coverage, the insurance company, the broker’s commission structure, and the particular policy you’re looking for.

Insurance brokers in Canada earn through the commissions paid by their insurance companies. When you buy an insurance policy through an insurance broker, the commission is usually added to your premium. This means that the cost of using a broker’s services is typically included in the overall premium for the insurance policy, and there is no need to pay an extra fee directly to the broker.

Don’t forget that different types of insurance (e.g.home, life, etc.) have different premium structures and commission rates. Also, commission rates for different insurance companies offered to brokers are different, which can affect the final cost of the policy.

It is essential to compare quotes from multiple insurance brokers and companies to get the best coverage and price as per your specific requirements. Insurance brokers can help you navigate the options available, provide expert advice, and assist you in finding the most suitable policy according to your requirements.

It’s best to reach out to a licensed insurance broker in Canada to get an accurate cost for insurance coverage and request a quote tailored to your specific needs and circumstances.

Get The Best Insurance Quote From Canadian L.I.C

Call 1 844-542-4678 to speak to our advisors.

Get Quote Now

Some Other Ways of Buying Insurance in Canada

If buying insurance through an insurance broker isn’t something that interests you, then you can purchase the insurance directly through the insurance company, or you can even choose to work with an insurance agent. But the only problem is you might miss the biggest benefits of buying through an insurance broker in Canada, which is the chance to compare different available options in the market and pick the best from them for yourself.

In case you are thinking of working with an insurance agent, then it is best advised to do your proper research to make sure you grab a perfect Insurance coverage for yourself.

Coming to the end

Whatever age you may be at right now, insurance can be an integral part of your financial well-being. If you are still unsure which can be a good plan for you and your family’s protection, it is high time that you start doing proper research and get a good one for yourself.

If whatever knowledge you gathered from here has interested you, then you might have been very sure about the benefits you will enjoy when you buy your insurance through a broker. If you take care of the above-shared steps, then you will be able to have a perfect insurance policy for yourself very soon.

Faq's

You can access various insurance products from different insurance companies that best suit your specific needs with the help of an insurance broker. They are the link between the insurance seeker and the provider to impartially advise you on the best option as per your situation.

They answer and resolve all your insurance queries and take care of the application process. They earn through the commission from the insurance company and, in very rare cases, might ask for any fee for the services they provide.

When a particular insurance company hires a person to sell their insurance products, then that person is an insurance agent. Whereas on the other hand, a broker is a licensed individual between the insurance seller and the seeker. Insurance brokers offer a great variety of choices as they bring insurance products from a marketplace from different organizations.

But the best part is that both of them possess the best knowledge in their fields. Both of them are licensed and earn commissions on the products they sell. The commission to insurance agents is paid to them by their employer. Whenever they accomplish their sales targets by selling more, then they are entitled to gain some additional benefits as well. Whereas the insurance brokers get a commission from the different insurance companies whose insurance products they are able to sell.

It would be great to get an insurance broker for yourself for assistance especially in the case you are new to the world of insurance. Your insurance knowledge will help you decide whether you should go for one or not.

But some people are very well aware of what they need and are well versed in insurance knowledge. These people can purchase directly through the insurance agent or insurance company.

Yes, there may be differences in the cost whether you buy through an insurance broker, agent, or company. But there are more chances of getting discounts when you purchase through brokers.

Also, you will be able to save a few bucks when buying through a broker as they will also bring some alternative options and will help to negotiate with the insurance company directly on your policy. Since there is not any cost involved in buying insurance through a broker, it would be a wiser option to go with them.

Of course, insurance brokers earn only through commission and can’t charge any personal fee. The commission can range from company to company and product to product.

If you still have any more questions left, you can easily schedule an appointment with Canadian LIC today!

First of all, you should finish up your schooling and then pass an exam of licensing if you want to become an insurance broker in Canada. However, the training and requirements for licensing are different in different provinces in Canada.

If you want to gain more knowledge on federal and provincial regulations, then you can visit the Insurance Brokers Association of Canada. This website will help you greatly if you are thinking of becoming an insurance broker. Contact Canadian LIC to get answers regarding Registering into HLLQP.

The above information is only meant to be informative. It comes from Canadian LIC’s own opinions, which can change at any time. This material is not meant to be financial or legal advice, and it should not be interpreted as such. If someone decides to act on the information on this page, Canadian LIC is not responsible for what happens. Every attempt is made to provide accurate and up-to-date information on Canadian LIC. Some of the terms, conditions, limitations, exclusions, termination, and other parts of the policies mentioned above may not be included, which may be important to the policy choice. For full details, please refer to the actual policy documents. If there is any disagreement, the language in the actual policy documents will be used. All rights reserved.

Please let us know if there is anything that should be updated, removed, or corrected from this article. Send an email to Contact@canadianlic.com or Info@canadianlic.com