Insurance Agents

Life Insurance Agents work for the insurance company they represent. Many life insurance agents’ income comes in a commission form paid by the insurance company they work for. Life insurance agents have, in most cases the same requirement of education and licensing as do insurance brokers. Insurance agents as a result of working for an insurance company, only offer insurance from the company they represent. Working with only one company does not mean that a customer or individual in need of insurance will pay higher premiums, as in some cases they will not. However, working with only one insurer does not provide a lot of choice for the individual requiring insurance. 

Insurance brokers meanwhile are agents or advisors offering life insurance products from a wider array of insurance companies.

Insurance agents are also known in many cases as “Captive Agents”. Captive agents are insurance agents which offer insurance products from only one company.  There are numerous insurance companies in Canada which employ only captive agents. 

An individual’s personal situation will dictate whether an individual is better suited working with an insurance agent or an insurance broker. Insurance brokers in the majority of times can access up to date life insurance, disability insurance, critical illness insurance and long-term care insurance quotes within minutes, from multiple insurers. 

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