The value of seeking the opinion of an independent broker who understands your situation cannot be overstated. In Canada, every insurance policy is legally sold through a licensed agent, which generates a commission or salary regardless of whether the policy is purchased from a broker or an online service. Therefore, it’s wise to take advantage of the advice provided by experienced brokers since it’s already paid for (by the insurance company). Additionally, opting out of this benefit won’t necessarily result in cheaper premiums.
One objection to seeking the opinion of an independent broker may be the perception that this would result in higher costs. However, it is important to note that brokers are paid by the insurance company and not by the client. Therefore, there is no additional cost for consulting with a broker. In fact, seeking advice from a broker can often lead to cost savings as they have access to a wide range of policies from different insurers and can help clients find the most suitable and affordable coverage.
In addition, working with an independent broker provides several benefits beyond just cost savings. Firstly, brokers have extensive knowledge and experience in navigating complex insurance policies and regulations. They can provide valuable insights into potential risks that may not be apparent to clients, ensuring that they are adequately covered in case of unforeseen events.
Furthermore, brokers act as intermediaries between clients and insurance companies, negotiating on behalf of their clients to secure favorable terms and conditions. This includes advocating for fair claim settlements and providing ongoing support throughout the policy term.
Overall, seeking the advice of an independent broker is a wise decision for anyone looking to purchase or renew their insurance policy. With no additional cost incurred by clients, brokers offer valuable expertise and advocacy services that can help ensure adequate coverage at competitive rates.
Insurance brokers are representatives for major Canadian insurance companies such as Canada Life, Manulife, BMO, RBC, Foresters, Ivari and Industrial Pacific. Working collaboratively with a broker ensures that you receive the best possible policies from among numerous options and companies available.