Tuesday, July 3, 2007

Insurance Broker

Insurance has expanded to a very diverse field dealing with all kinds of coverage. The one most people are familiar with is Life Insurance, but even with Life Insurance, there are many types. There is term insurance, return of premium term insurance, wholelife insurance, mortgage insurance, etc. Then there are motor insurance, public, employers' or product liability insurance, health insurance, fire insurance, homeowners' insurance, business insurance like key person insurance, business owner insurance, product liability insurance, errors and omissions insurance, business income insurance, etc. To add to the confusion, every insurance company have different terms and conditions and offer their coverage at different premium. There is also things like the reputation of the insurance company, do they pay compensation promptly or tend to avoid it, etc. Faced with all this, a person seeking to purchase an insurance policy will have a real headache.

This is where an insurance broker can help. An insurance broker acts as an intermediary between his client and the insurance companies, uses their wide knowledge of risks and the insurance market to find and arrange an insurance policy that fit the client's circumstances, requirements and at premium that is agreeable to the client.

If you happen to live in the Ontario region, you may want to look at Chatham-Kent Ontario Life Insurance Brokers. They may be able to help you out with your insurance requirements headache. Chatham-Kent Ontario Life Insurance Brokers don't just deal with Life Insurance. They also deal with Business Insurance and Auto and Home Insurance

Term Life Insurance and Business Insurance

Term Insurance

They say life hangs on a thread. Life is full of uncertainties, and while death is something that no one can avoid, it does not mean that everyone will live to a ripe old age for that to happen. One has to contend with sickness, accidents, all kinds of eventualities. If one is the family sole bread owner, or what is more common now, even if there are two person bringing in income for the family, the survivors suffer from a fall of standard of living or may even get into financial difficulties in the eventuality of a bread winner passing away if he/she has no life insurance. It is wise therefore for one who has dependents to purchase life insurance to protect the dependents.

What exactly is life insurance? It is essentially a contract between an insurance policy owner and the insurer, whereby the insurer agrees to pay a sum of money upon the policy owner's death. In return, the policy owner (or policy payer) agrees to pay an agreed amount called a premium at regular intervals or more rarely, in a lump sum.

There are all kinds of life insurance, but term life insurance, can be considered the purest form of life insurance. True term life insurance is like car insurance which is normally purchase for a year, but term life insurance are normally for longer periods, but both share the feature that if nothing happens to the insured, he/she gets nothing back. But is is also the insurance that requires the lowest premium.

However, it is not easy to persuade someone to purchase something which to him may just seem to be a piece of paper, and he/she will get nothing back in return if he survive the period. Thus "Return of Premium Term Insurance" (ROP) was born. For this, you pay a higher premium, but if nothing happens to you, you get back the premium you paid at the end of the insured period. It is a mixture of life insurance and savings. I you want to find out more about return of premium insurance, you can fill in this Contact Form.

Business Insurance - Key Person Insurance and Buy-Sell Insurance

It is not only life that is faced with uncertainties. Business is driven by hard work and ingenuity, but these are only some of the factors a business is dependent on. A disaster like fire, death of a key person on which a business depend on to bring in the business or run the business successfully, etc., can wipe out your business. To ensure a business can carry on minus the problems, one can also purchase business insurance like Key Person Insurance or Buy-Sell Insurance. You can get more information about them at Business Insurance: Key Person Insurance and Buy-Sell Agreements