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An insurance agent is
committed to a specific
insurance company and is
limited to the insurance
products offered by that
company.
An insurance broker is
not committed to any
particular insurance
company and can compare
and contrast the
different policies,
coverage and premiums
from a wide range of
companies. The broker
will do the "shopping
around" for you.
When selecting a broker,
remember to ask for
their credentials, area
of expertise and
experience. Also, ask
for referrals from
friends, business
associates, accountants,
bankers or lawyers.
Automobile insurance is
written on a
standardpolicy form
throughout the insurance
industry. Limits of
liability purchased
should be given the same
careful consideration as
general liability
insurance. To ensure an
adequate level of
protection, higher
deductibles are
generally required for
heavier, higher value
vehicles.
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Owned buildings should
be insured on a
replacement cost basis.
Allow for the increased
cost that may result
from mandatory
compliance with a bylaw
in the event of future
reconstruction.If
building is leased,
review the lease to
establish the insurance
requirements and insure
to those specifications.
Include the insurable
value of the
improvements and
betterments.
Recommend that
buildings/improvements
be insured on a broad
form (all risk) basis
where possible. More
nominal cost
differential justifies
the broader form of
protection. The perils
of earthquake and flood
are usually excluded but
are generally available
at an additional
premium.
Term life insurance
provides affordable
financial protection for
a specific period of
time that would help
your family in the event
of your death. Term
plans provide a death
benefit only and do not
include cash values. The
premium for term
coverage may change
periodically, for
example, every 10 years.
Most term policies give
you the option to change
to a policy that
provides lifetime
coverage, with no
medical questions asked.
Permanent life insurance
is an excellent choice
if you are looking for
long-term protection.
For example, a universal
life insurance plan
combines lifetime
protection with a
tax-sheltered investment
fund. Not only will the
policy help your family
cope when you're gone,
but it can also build
you another nest egg for
your retirement. Based
on individuals needs,
universal life options
can, in some cases, be
complex. We recommend
you discuss your
options in detail with an
insurance specialist.
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While each person's
financial situation is
unique, you may wish
to review your current
financial situation to
help you itemize what
you owe and what you
own.
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