By Chantal Marr
Special to the Financial Independence Hub
Before you make an appointment with a life insurance broker you may want to educate yourself about how the system works, particularly with regard to the commissions brokers can get. Although extra incentives and bonuses for insurance brokers are getting talked about more in Canada, there is a lot the general public still doesn’t know. You may be interested in finding out exactly what your life insurance broker may not be telling you.
Most Canadians aren’t even aware of insurance kickbacks for brokers; and if they are, they don’t fully understand what they are, or where and when they take place.
The reason for this is because life insurance companies don’t advertise it, and neither do the brokers themselves. In fact, you’ll see that it could be said that the brokers appear to be more in control of the situation than the actual insurance companies.
Bonuses and Incentives for Life Insurance Brokers
The reason for giving kickbacks to life insurance brokers is that the insurance companies give them these extras so they will only promote their policies to their clients. So most brokers end up only offering consumers policies from a couple of insurance companies, not a selection.
Which of course, doesn’t benefit consumers – who in essence are helping to pay for these extra benefits.
Examples of Incentives for Brokers Continue Reading…