Since you don’t shop around for life insurance every year as you do for your home and car insurance, it’s especially important to get it right. Here are some tips to help you out.
In this article:
Take the time to shop around
Life insurance is a product that you buy for a long period (usually for your entire life!), so you should take the time to shop around for both the product and your representative. There are a lot of products out there, as well as experts, alleged or legitimate. You can find them either through an insurance company (which only offers its own products) or through a financial advisor (who will tell you about a multitude of products available from various companies).
Example: You see an ad from company X offering life insurance products and you decide to contact them. The company’s representative will only offer you products related to company X. This may limit your opportunities to find a life insurance product that truly meets your needs and objectives.
It’s different with a financial services firm. Its advisors work independently and can help you identify the type of life insurance that meets your needs and offer you products from a variety of insurance companies. At Matcha Insurance, our financial advisors take the time to compare insurers’ offers for you. This saves you time, as you don’t need to contact different companies before making your choice. Our advisors will also help you determine your needs, answer your questions, and give you a hand with the paperwork. Read the following article on how to choose a financial security advisor to learn more.
Make sure the person or company offering you insurance is legitimate
When it comes to insurance, you have to be careful. Whether you’re shopping online or speaking directly to someone, always take the time to ensure that the person you are about to do business with has the necessary skills and the right to practise. To do this, check that the person or company is duly listed in the AMF’s register of firms and individuals authorised to practise. In Canada, personal insurance brokers must hold a valid licence and be registered to sell insurance products. Check out our article when an offer seems too good on how to protect yourself from insurance fraud.
Take a look at the range of products on offer to get a sense of what you need
When it comes to life insurance, everyone is unique. This means that your needs are very likely different from those of your relatives or colleagues. Since you buy life insurance products for the long term and there are many different products available, it’s important to think about your needs and goals. This can sometimes be more complicated than you think. So, it can save you money in the long run to get help sorting out your options.
Clearly identifying your financial needs and goals allows you to find a product that suits your needs. That way you avoid disappointment and financial loss, and you make sure you’re not over insured or, even worse, incorrectly insured.
You need to sort through the wide range of products to identify the one that’s right for you. Fortunately, Matcha Insurance’s financial security advisors are trained to help you determine your needs and goals and find the most effective product to meet them. They work for you and not for the company that sells you the insurance. Feel free to check out our article on how to choose your financial security advisor, call us today at 1 844 532-3228, or book an appointment.