A life insurance agent or “producer” is an individual that is licensed sell life insurance products to the public. These agents help individuals, families and businesses with identifying and implementing the most appropriate insurance solutions that is best suited for their needs.
A life insurance agent must be very familiar with the vast number of products that are offered by insurance providers. From these product offerings the agent should be able to find the most appropriate solution for their client. Because insurance is a very significant financial matter for any family or business in Canada a license to sell is required. All licenses are governed by each province, and will differ accordingly (FSCO in Ontario).
An agent is there to give guidance and educate…not just sell you something. Be watchful for the “wolves in sheep’s clothing” who care more about commission than they do about the client. A god advisor will be willing to take as much time as necessary to answer all your questions and educate you. Never be pushed into completing an application for insurance without getting ALL your questions answered!
REMEMBER: This agent will be the people helping your family process a claim in a very difficult situation…make sure you trust them and that they will be professional and sensitive to your loved ones.
“Captive” vs. “Independent”
There are 2 types of agents; captive agents and independent insurance agents (or brokers).
A captive agent can only represent the insurance company that they work for, and sells exclusively for them.
An independent agent represents the client in the midst of several insurance companies. Taking your needs to the marketplace and finding the best solution. Unlike the captive agent who can only attempt to fit the client into their products.
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