Where to Buy Insurance - Insurance Agent, Insurance Broker or Direct Insurance

When the holidays are approaching, it is highly unlikely that life insurance is on anybody’s shopping list.

Millions of Canadians are still without life insurance or are underinsured; many of them have minor children and a mortgage.

If you don’t have life insurance, you don’t necessarily have to rush out the door to buy one now.  It is important to stop to think whether you still need life insurance. For sure, young breadwinners who have loans to pay, a mortgage, and dependents, need a back-up plan.

Life insurance is something that should be reviewed yearly or every two years because circumstances in life change, and so do individual needs.

Where should you buy insurance? What type of insurance do you really need?

Online comparison sites can provide many different quotes for insurance policies quickly.  When you use Compare Insurances Online, you connect with insurance agents and brokers who can help you with your insurance needs.

Insurance Agent Vs. Insurance Broker – Who gives the better deal?

Insurance agents and brokers generally provide the same service – offer life insurance products to help with your financial planning.

Agents and brokers are the intermediaries between the insurance companies and the buyers.  They both have a legal responsibility to help you to get the right type of coverage for the best price.  They both must have a license to sell insurance and comply with government insurance regulations.

The difference between Agents and Brokers

Agents can be captive agents of a single insurance company or independent and representing various insurers. They represent the insurance companies and are bound by the products the companies offer.

Insurance brokers obtain insurance quotes or policies from various insurers on behalf of consumers.  They can offer wholesale or retail insurance.  They don’t work for insurance companies but for the buyers. Brokers have options that may not be open to insurance agents.

8 Unique Services Provided by Life Insurance Agents and Brokers

Insurance agents and brokers are compensated from the commissions you pay with your insurance policies.  In exchange for this commission, they are expected to provide customers with several services.

1. Understand your Needs

Any agent or broker must understand the customer’s needs. He must know what you do, how your business operates, and other essential details.  Since you know yourself more than anybody else, it is important to be forthcoming with your agent by being clear about your finances, your liabilities, and your goals.

2. Analyze your Coverage

With a clear understanding of your needs and risks, your agent must analyze how much coverage you need.  He must help you maximize your insurance budget and recommend insurance products that would benefit you the most.

3. Find the Best Insurance Products

Your agent or broker will then apply on your behalf to an insurer or various insurers.  An independent agent will be knowledgeable about insurance products from insurers he represents.  He will obtain various quotes from several insurance companies.

4. Study your Options and Recommend the Best Product

After obtaining various insurance quotes, your agent can compare and recommend the best insurance product.  If premiums are too high or coverage is inadequate, he can try to get you a better deal.

5. Check on your Coverage

An insurance agent’s job continues long after you have obtained your policy.  He will monitor your insurance needs over time and recommend changes as necessary.  He will contact you for renewal updates and provide you with better options as necessary.

6. Claims Assistance

An insurance agent helps clients with claims forms and follow-up.  He can speak to an adjuster on your behalf in case a claim is delayed or denied.

7. Provide Insurance Advice

An insurance agent answers questions about your coverage and can advise you about managing your risks.

8. Resolves Issues

An insurance agent or broker also helps resolve issues regarding your insurance policies.  He works with the insurer not just about claims but other potential problems such as non-renewal or rising premiums.

An insurance agent or broker can help you find the right insurance product you can afford for your life insurance needs or business insurance.

Understanding their roles can help you decide where to buy insurance.

Our network works with multiple insurance agents and brokers who can offer you the best insurance solutions for your needs.

Fill-out our online request form for home insurance, life insurance, or other insurance needs.

Should you Buy Direct Insurance? The Pros and Cons of Direct Life Insurance

Life insurance is very important whether you are married with children or single.  If this is your first time to buy life insurance, or maybe you just want more coverage, you would probably want to know where and how to find the best policy.

You can purchase life insurance directly from an insurance company or through various independent life insurance agents.  Is it better to trust an agent to help you out or to just go directly to an insurance company online?

The Different Types of Life Insurance

Life insurance is a great way to ensure financial support for loved ones in time of death or to provide for final expenses.  Your status, financial obligations, income, and goals will help you to decide what type of insurance you need.

You can choose term-life insurance policies which are for specific periods such as 5, 10, 15 or 20 years. This is the most inexpensive type of life insurance available.

There is also another option for those who want lifetime coverage. Permanent life insurance policies insure an individual for life, regardless of any change in their health condition. They are, however, more expensive.  They are preferred by some individuals because of their savings or investment components.

In choosing between term life or whole life insurance, you will need to consider affordability and your needs.

Find out how you can lock in affordable premiums for family life insurance.

Should you buy Direct Life Insurance Online?

Direct life insurance is available online and purchased directly from an insurer.  It is quick, convenient, and in most cases, cheaper. How do you know if it is your best insurance choice?

Some individuals want fast and hassle-free life insurance. In this case, direct insurance may be the best option. Direct life insurance provides “guaranteed issue” without medical tests for people who cannot obtain coverage due to health conditions.

Those willing to buy direct life insurance will have to fill-out an online application, choose the policy, and pay the premium. There are many reliable and trustworthy insurance companies offering direct insurance. This means you don’t work with a broker or an insurance agent.

A few Cons of Direct Insurance to Consider

Life insurance is not something that you purchase without thought.  It is a very important financial product that has a huge impact on your financial security.

If your biggest concern is ease and speed, you may be willing to settle for the cheapest and easiest coverage you can find. Because you are doing it on your own, you may fail to assess the level of coverage you need and if you are paying the right price.

This isn’t to say you can’t find good direct insurance. However, you need to educate yourself adequately to understand your choices and their implications.

When you buy direct insurance, you forego professional advice from insurance agents who can help you to evaluate your best choices.

Advantages of Buying Insurance from Insurance Agents

It may take longer to buy life insurance from insurance agents because they have to obtain your information and submit applications.

There are, however, distinct advantages of buying insurance from an agent, such as:

✓ Saves you time

Since an agent shops for the best quotes from different life insurance companies, you get different quotes and policy offerings without doing the work.

✓ Provides More Choices

The insurance agent provides you with all the information you need to make a well-informed decision based on your actual needs.

✓ Tailored Insurance Coverage

Agents make sure you are not paying for coverage you don’t need.  In the same way, they also make sure you buy the right amount of coverage for your goals.  They have access to insurance companies who specialize in certain types of risks and can find insurance solutions that are not easily available on the internet.

✓ Personalized service

Insurance agents personally assist with customer claims and will provide personalized service in times of difficulty.  They will gladly answer questions you may have about your coverage and options.

✓ Accurate Application Information

Insurance claims can be denied for failure to provide accurate information on an application. Insurance agents ensure that your application is complete so that future claims won’t be jeopardized.

The choice whether to buy insurance from an insurance agent, a broker, or from direct insurance is a personal choice.  Make sure to research insurance companies so you can choose one that is reliable, stable, and provides great customer service.

Need Home Insurance for Condo or Tenant Insurance? We can help

Home insurance is a necessity to protect our most valuable asset – our homes.

Unfortunately, the rising cost of home insurance has us squirming every time we renew our policy. A good way to save on insurance cost is to shop for home insurance quotes rather than doing automatic renewal.

Many homeowners don’t know that shopping for home insurance quotes yearly can result in savings from premiums. You should also renegotiate home insurance rates or find better deals before renewing your home insurance policy.

Tenants also should think about getting tenant insurance for the contents of their apartment and for protection against liability.

Our partner insurers can help you find a home insurance deal from Canadian insurance companies.

Get Quotes for Home Insurance, Auto Insurance, or Life Insurance in One Place

Obtaining quotes for home, auto, or life insurance has never been easier.

At Compare Insurances Online, we aim to help you find the right insurance with help from our trusted partner insurance agents and brokers.

Whether you need home insurance, auto insurance, or life insurance, you can easily obtain insurance solutions to protect you.

We want you to compare insurance quotes from multiple sources so that you can make the best choice in a convenient and timely manner.

Comparing Insurance Quotes won’t cost you a penny as you use our form. There are no strings attached and no hidden surprises.

Fill-out our quick online form.