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You can't buy insurance on price

Life insurance is a promise in the form of a legal contract. Insurers differ in their reputations for keeping promises. Each year, the University of Toronto and The Globe and Mail rank companies by corporate governance, a measure of keeping promises. The variation may surprise you — and matter to you. Fortunately, competition means that the top ranked companies don't charge much more even though you get much more peace of mind.

You get the same price everywhere

When you're buying a car or booking a vacation, prices for the identical purchase vary. With life insurance, you pay the same price for the same product everywhere. This saves you the hassle of price shopping elsewhere. There are still ways to save money (e.g., paying premiums annually). You'll still find differences in the education, service and support you receive. When you get more for the same price, you get more value.

Here are quotes from Ontario Regulation 7/00: Unfair or Deceptive Acts or Practices:

For the purposes of the definition of “unfair or deceptive act or practice” in section 438 of the Act, each of the following actions is prescribed as an unfair or deceptive act or practice:

1. The commission of any act prohibited under the Act or the regulations.

2. Any unfair discrimination between individuals of the same class and of the same expectation of life, in the amount or payment or return of premiums, or rates charged for contracts of life insurance or annuity contracts, or in the dividends or other benefits payable on such contracts or in the terms and conditions of such contracts.

3. Any unfair discrimination in any rate or schedule of rates between risks in Ontario of essentially the same physical hazards in the same territorial classification.

4. Any illustration, circular, memorandum or statement that misrepresents, or by omission is so incomplete that it misrepresents, terms, benefits or advantages of any policy or contract of insurance issued or to be issued.

5. Any false or misleading statement as to the terms, benefits or advantages of any contract or policy of insurance issued or to be issued.

6. Any incomplete comparison of any policy or contract of insurance with that of any other insurer for the purpose of inducing or intending to induce an insured to lapse, forfeit or surrender a policy or contract.

7. Any payment, allowance or gift or any offer to pay, allow or give, directly or indirectly, any money or thing of value as an inducement to any prospective insured to insure.


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