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Why You Should Work with a Life Insurance Broker

November 26, 2021

Life Insurance Broker Mississauga

The right life insurance in place is extremely important for protecting your loved ones after you die. Life insurance may be used to pay for final expenses, to ensure your children get their education, to provide an income for your spouse, or to leave a legacy to your favourite charity – among other things.

But you may be wondering why you should work with a life insurance broker in Mississauga – after all, can’t you just go down to your bank (or other financial institution) and sigh up for life insurance? Technically yes. But working with a life insurance broker gives you many benefits.

Here are some of the reasons why you should work with a life insurance broker in Mississauga:

1. Life Insurance Brokers will Assess Your Needs to Help you Find the Right Insurance for You

Do you know the difference between Term Life Insurance, Whole Life Insurance, and Universal Life Insurance? Your broker does! And they can help you determine the type of insurance that makes sense for your needs and goals.

Your broker can also help you determine if you need insurance that has any additional features such as returns on premiums, or child riders. Only when you have a broker conduct a complete needs assessment can you be sure you’re getting everything you require out of your life insurance policy.

2. Your Broker Can Help You Get the Best Price

When you go to the bank to buy life insurance, you can only get the insurance that is offered by that bank. But life insurance brokers in Mississauga work with many different banks and insurance companies. Once they determine the best type of insurance for you, they can then compare the price of that insurance across a variety of companies to help ensure that you get the best rate.

3. Your Broker Will Conduct Regular Review with You

Your insurance needs tomorrow may not be the same as your insurance needs today.  If you get married, have children, pay off your mortgage, or do any number of other things it can change your insurance needs. You may require more insurance – or you may require less.

When you work with a mortgage broker, they will offer to have regular reviews with you to assess whether your current insurance is still appropriate for you. This will help ensure that you have enough coverage as well as ensure that you are not paying premiums that you don’t need to.

By working with a broker, you can have peace of mind that the life insurance that you have is still suitable and in place to protect your loved ones should something happen to you.

Would you like to work with a Life Insurance Broker in Mississauga that can help make sure that you and your family are protected? If so, contact InsLyf today to schedule an appointment.