We don’t think brokers add much value at all when it comes to buying term life insurance. Sure, they can answer a couple of your basic questions, but it’s really not rocket science to apply for a policy.

You die, someone else gets paid. You don’t die, the life insurance company gets to keep your money. Pretty clear?

If you want to work out how much coverage you need, just use a term life insurance calculator.  (https://dropdeadlifeinsurance.ca/calculate-insurance-need/ ) There are tons of them out there. Basically, it boils down to buying 10 times your salary / income. So, if you make 100 grand a year, buy a million bucks of coverage and you’re golden.

Don’t let brokers bullsh!t you and say a bunch of random crap that makes no sense. They are simply trying to justify their massive commissions at your expense.

Let’s talk about transparency. In the investment management market, you know exactly to the penny how much your financial advisor makes. It’s disclosed up front. Some call them MER’s, etc. Basically, whatever name they go by, it’s just an explanation of how much the broker is charging you. The average amount is between 1 to 4% of your assets under management. 

Do you know how much your term life insurance broker makes? It works on a percent of the premium. So, let’s say your premium is $1000 a year… your broker would make $1350 of commission. That commission you as the consumer are paying for with higher premiums. Why pay a term life insurance broker when you don’t need one?  I guess maybe you love your broker to pay him that much up front. Does he or she bring you ice cream and tuck you in at night?

You could go your whole life and not meet one term life insurance broker. I promise you that you would not be missing anything. No FOMO here. No sir, none at all.

Now if you need permanent whole life insurance, then a broker is required. That’s a bed time story for another time though.

Now let’s tuck you into bed knowing that an online calculator is better and cheaper than a broker. Less annoying too.

Don’t wait till it’s too late. dropdead term life insurance is the best and cheapest life insurance solution you could wish for.

Night night, sleep tight and don’t let the brokers bug you.