Who Sells Insurance?
Agents sell insurance for one company.
Direct sellers sell insurance for one company by telephone or over the internet.
Brokers sell insurance for more than one company.
An agent or broker who sells life and health insurance may also sell savings and investment plans, and is often called an advisor.
Group plans can be for many kinds of groups, like people who work together or people who went to the same university.
Group plans are usually less expensive than individual plans.
You get group insurance with your employer or with an association.
But when you are not a member of the group any more (such as when you leave a job), your group insurance may stop. You may be able to get an individual policy that continues the benefits of your group insurance.
Any person acting as an agent or broker must have a licence to sell insurance in Canada. The licence should be from your province.
Some companies offering insurance (such as payday loan companies or car dealers) may not be licensed.
Ask to see the agent’s or broker’s insurance licence before you buy.
You can check to see if the person has a licence by calling your province’s Superintendent of Insurance or Financial Services.
Safety Tips
You may see an ad offering cheap insurance, but it may not be true.
Some people pretend to be insurance agents or brokers.
They tell you that you can have a much lower premium for your insurance.
They ask you for a payment or charge you a fee in cash or by wire transfer.
They may just take the money and not get insurance for you at all.
They may call a real insurance agent and pretend to be you. They may lie about your application to get a lower rate.
If you don’t have valid car insurance and the police stop you or you are in a car accident, you will pay a big fine.
You may have to pay to fix the other car and for medical costs for anyone who got hurt in the accident.
This could be many thousands of dollars.
If an agent or broker fills out an application for you, check to make sure everything is true before you sign it.
Don’t sign a blank form for the agent or broker to fill in later.
If anything is not true on your application, the insurance company can refuse to pay any benefits if you make a claim.
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