Canadians are realizing the need for life insurance and for more individuals, there is good news as the insurance companies have considerably lowered their rates over the past several years. In addition, Canada has a very sound financial services industry with the life insurance industry, having an first-class record for being able to keep its commitment to policy purchasers.
Canadian Life Insurance Buyers
The Canadian Life and Health Insurance Association works to make sure the health of the Canadian Life insurance industry through advocacy and lobbying activities and more. The association represents most of Canada's life and health insurance companies, puts out industry publications, and it also operates a Consumer Assistance Center (CA), which provides information to regular people who come to them with questions. The Canadian Life and Health Insurance Association also run an OmbudService complaints line and has been in existence since 1894.
Canadian Life Insurance Buyers Are Well Protected
Policyholders of Canadian life insurance companies are unlikely to have a case for concern about a company's ability to pay promised benefits. Life insurance companies licensed to write life insurance in Canada are required to be members of Assuris. In the unlikely event that your company becomes insolvent, your benefits are protected by this organization, an industry funded plan backed by the entire life insurance industry in Canada. When benefits are covered, Assuris will make sure that you will continue to receive the covered benefits under substantially the same terms and conditions that you were originally promised.
How To Shop For Canadian Life Insurance
Canadian's seeking life insurance are encouraged to comparison shop for the best life insurance rates with a reputable life insurance broker. This broker will "shop" the market for you as he has access to the database of all the life insurance companies. For whatever reason you are buying, make sure you get a good reputable company because at the end, your beneficiaries will thank the day you bought them some life insurance
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