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Toronto Life Insurance Advisor

Voted Best Toronto Life Insurance Advisor

To sift though Toronto life insurance policies offered by the various policy providers in business is a Herculean task. However, with the help of a Toronto life insurance advisor, you can cut down on the effort considerably by using a credible and well established life insurance broker, you can save money, understand the product easily and make the right choices. Jack Bendahan a Toronto Native who is featured on Toronto’s Rogers TV as a life insurance expert and authority, was voted as Toronto Life Insurance Broker of the year in 2011.

A capable Toronto life insurance advisor will communicate with you in an easy to understand way determining what your priorities and needs are, and depending upon your requirements and budget, he will suggest suitable insurance products you should purchase. Toronto life insurance brokers will also take over the responsibility of requesting insurance quotes for extremely high risk cases such as obesity, cancer, heat attacks and stroke. They will make sure you get the best rates by submitting multiple application to ensure you are getting the most competitive rates.

A professional Toronto life insurance advisor will also inform their client  about a company’s underwriting practices and claims payout efficiency. Underwriting is the term that refers to the process of an insurance provider assessing the eligibility of an applicant to be insured. Acing your medical exams is essential for you to acquire your insurance coverage, and sometimes can mean you getting preferred or even super preferred rates. There are also other clauses involved that spell out under what conditions you can enjoy the benefits of the policy you purchase, for example the 2 year suicide clause. This clause basically states that the benefits of the policy will not be delivered if the insured commits suicide within a certain period of purchasing the policy.

What a Good Life Insurance Broker Should Do

A good life insurance broker will help you  understand the difference between a policy owner and the insured. The person who purchases a policy is called the policy holder, while the person whose life is insured is called the insurer. Usually, the same person is both the policy owner and the insured. However, you must be aware of this difference in the event that your employer is taking out insurance in your name. In this scenario, your employer is the policy owner and you are the insured person. The policy owner exercises control over the benefits of the policy. Such agreements wherein an employer insures the life of an employee (a category that has its own set of variations) are formulated to protect an employer from economic and administrative losses that may ensue on the death of a key employee (legal lingo for a pivotal employee having major responsibilities in the office), this type of insurance is called key man insurance.

Term insurance is another angle of life insurance that you must be aware about. Term insurance refers to a period of time where the rates are locked in. The term is  “pure” insurance and basically it means that it does not accumulate cash value. It is usually used to protect young children, mortgage, or business loans. Term insurance can also be used to add extra protection for the family at a very affordable price.

The premiums paid protect the client due to any kind of death other then suicide, and no other benefits are included here. Term 10 insurance, Term 20 insurance and Term 30 insurance are the most popular term insurances being taken out mainly because they are budget friendly. Term insurances that keep the insured covered for 5, 10, 15, 20, 25, 30 and 35 and even 40 years are now also available.