Is It Better To Buy Insurance Through A Broker?

At a certain point in life insurance becomes almost a necessity to safeguard against unforeseen circumstances. 

Buying any type of insurance whether it be auto insurance, life insurance, health insurance, disability insurance, home insurance, business insurance, or even group benefits requires information and knowledge of the industry to better understand what deals would work best for you given the type of insurance you intend to purchase.

What do most of us do when we are looking to learn more about something? We search online of course. That is how you have probably come across this article in the first place. So, let’s not beat around the bush and get straight to it!

Is It Better To Buy Insurance Through A Broker?

Did you know that the insurance aggregator websites that we routinely come across every time we go near the word ‘insurance’, don’t actually have the license to sell you any insurance directly? 

Yes, only an insurance company, agent, or broker can actually sell you insurance. What’s more, insurance brokers are the only licensed option out there when it comes to having an actual person find the best insurance policy for you that is in your best interest.

So, yes, in many instances it is always best to buy insurance through a broker rather than an insurance company or insurance agent. Why? Well, let’s find out.

Buying From An Insurance Agent Vs. An Insurance Broker

An insurance agent works for a single insurance company. As such, they can only offer products and pricing offered by their company and not others. So, if you are in the market to buy life insurance, for example, you will have to speak to multiple insurance agents in order to find out pricing and terms and conditions. 

Opting for an insurance broker instead saves you from all this hassle. Brokers act simply as intermediaries between insurance companies and you. Their goal is to get the best policy for you at the best price. As they have access to multiple insurers they are able to provide a lot more options and work with you to find one that suits you the best.

As they work independently they are considered to be the best option to take when considering insurance, especially, here in Canada.

What Services Does An Insurance Broker Provide?

An insurance broker can provide a variety of services to their clients. Apart from doing the initial research by finding and locking in the best deal for you, they can also help with post-sale services such as mitigation in case of a claim. 

However, the primary service that an insurance broker provides is the ability to take your case and present it to a bunch of insurance companies to find out what they can offer based on your given circumstances. They then screen through the results to find a policy that is best suited to your needs.

Insurance brokers can help you pick the most affordable and rewarding policies to ensure a wholesome future for you, your family, and even your future generations.

What To Look For When Choosing An Insurance Broker?

The aim of any insurance broker is to find their clients’ policies that offer the lowest insurance premiums while providing maximum coverage. This isn’t easy as each insurance company evaluates risk differently. Each provider also has its own set of terms and conditions that can prove either favorable or unfavorable depending on the coverage you need. 

Insurance brokers help you find that perfect balance of coverage and premiums by dissecting policies and estimates from various insurers. Finding one that is just right for you can help you save a lot of money and time. So, let us take a look at what you should be looking out for when choosing an insurance broker.

Unbiased Insurance Advice

As insurance brokers work independently and have no allegiance to any one insurance provider, you rest assured that the advice they provide will be in your best interest and unbiased. 

A Lot More Options

Insurance brokers have the ability to negotiate on your behalf with a bunch of insurance providers to track down policies and deals that work in your best interest. They present you with a lot more options that otherwise would take days or weeks for you to find on your own. Using their expertise, knowledge, and connections they get quotes faster and process applications quicker than we ever could do on our own. 

Regulated & Licensed

Insurance brokers, in Canada, are both regulated and licensed by governing bodies that overlook professional competence, ethical conduct, and other insurance-related financial obligations to ensure that all independent insurance brokers work for the best interest of their clients. Life insurance brokers, for example, must pass the Life License Qualification Program (LLQP), before they can sell life or health insurance.

Accessible & Easy To Communicate

Hiring an insurance broker to find the right policy for your needs means that you don’t have to get into this brutal cutthroat world of insurance. What’s more, as you have an actual person working for your best interest you can communicate with them feely both pre and post-policy signing. The convenience, ease, and benefits this provides are unmatched.

Finding The Right Insurance Broker Near YOU!

If you are on the hunt for an affordable and great coverage policy for life or health insurance look no further than McIver Insurance – The most trusted and reputable insurance broker in the Maritimes.   

Specializing in all types of health insurance and group benefits, our company puts you first; always! Based out of the beautiful city of Halifax, in Nova Scotia, we aim to offer reliable and affordable insurance products and at the same time help our customers navigate through multiple health and dental plans while all the while working on closing insurance gaps. We also provide group benefits to startup businesses for their employees.

Want to learn more? Give us a call today. You will be amazed at the results we can get and the service quality that we provide.