Who is Insurance Agent

Glossary - Letter - A

Who is insurance agent (or agent or captive agent)? An insurance agent is a person who works for an insurance company and sells the insurance products of this company. An important aspect of working with an agent is that he / she sells insurance products of one company only, and thus is typically not able and not interested to compare prices and features of other products on the market. Agents should not be confused with brokers (or insurance brokers) who are typically able to compare products from several insurance providers.

Typically, an insurance agent receives a salary paid by an insurance company, and he/she can also receive a sales-based commission or bonus. Often, an agent will be interested in selling additional products from the same company (e.g. sell you a small term life insurance policy in the beginning and later offer you disability insurance and / or critical illness protection). Some companies, such as  State Farm work exclusively with agents and, therefore, their products will not appear among the products offered by brokers.

There is an additional category of agents called independent agents who may work with different companies similarly to insurance brokers.

Our Publications related to Life Insurance

Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers

Introducing a New Tool to Find Out What Issues Canadian Face with Their Insurers

The arrival of COVID-19 has pushed Canadians, more than ever before, online for finding and applying for insurance and banking products. It is not easy, though, to make the right choice without knowing if a particular insurer will be there when you need them the most. As the largest Canadian review platform with thousands of […]

If Life Insurance Plans Were Cars: How to Look at Various Types of Life Insurance in Canada

If Life Insurance Plans Were Cars: How to Look at Various Types of Life Insurance in Canada

Overall, insurance is considered a somewhat boring, though necessary, topic. On top of that, it is not always clear – there are plenty of various types of life insurance products in Canada that work differently. I decided to explain it in a bit of a different and funny way – I hope that you will […]

Insurance Companies in Canada – Easily Explained

Insurance Companies in Canada – Easily Explained

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What is Travel Insurance, and Why Do I Need it?

What is Travel Insurance, and Why Do I Need it?

By RateHub.ca When it comes to budgeting for your vacations, travel insurance is one of those things that’s often overlooked. It’s easy to understand why: we have publicly funded healthcare in Canada, so many people assume that benefit applies to wherever we travel in the world. Unfortunately, that’s not the case. The cost of seeking […]

12 Critical Illness Insurance Myths You Must Know Before Purchasing a Policy

12 Critical Illness Insurance Myths You Must Know Before Purchasing a Policy

Critical illness insurance is one of those insurance types that often gets neglected. Here are a few statistics based on Manulife’s disability and critical illness calculator (a link is provided at the end of this article). If you are 30 and 40 years old respectively, here are your chances to get a critical illness before […]