An insurance broker is a person who is licensed to sell insurance, advise people on their insurance needs, and secure insurance policies for their clients. Buying an insurance policy through an insurance broker is a cost-effective decision in Canada. It saves you from paying high monthly premiums and ensures you purchase the perfect insurance policy.
There are many insurance brokers in Canada. If you are looking for the best insurance brokers in Canada, this article has done a hard job for you by identifying them and helping you narrow your selection.
This article reviews the best insurance brokers in Canada, their key features, their pros and cons, and how they compare to each other. Read on to learn more.
Top Recommended Insurance Brokers in Canada
PolicyMe is a top online life insurance broker for Canadians. Unlike many dishonest insurance agents who are only in for their commission, PolicyMe prides itself in helping you find just what you need.
Main Features
- Couples save 5% off their monthly rates
- Every policy includes Child Coverage at no extra cost
- Affordable life insurance plans
Product
- Life Insurance
PolicyAdvisor is a leading online insurance advisor in Canada. They combine modern technology, intuitive design and human expertise to make insurance buying simpler, straightforward and stress-free.
Product
- Critical Illness Insurance
- Whole Life Insurance
- Disability Insurance
- Children's Insurance
- Mortgage Protection
- No-Medical Insurance
- Term Life Insurance
- Life Insurance
Bounc3 offers the most comprehensive income protection insurance, at the lowest rates in Canada. They help you find comprehensive coverage, at a rate that you can afford.
Their flexible and affordable insurance can help you take care of your family, pay your mortgage, and put food on the table if you become too sick or injured to work.
Product
- Critical Illness Insurance
- Disability Insurance
- Life Insurance
- Health Spending Account
Walnut provides life insurance as a premium membership. Simple plans, instant coverage and exciting member
benefits from brands millennials know and love.
Walnut is on a mission to provide younger consumers with transparent access to life insurance and important
services that help support an individual on a daily basis.
Their core membership includes life insurance paired with Headspace for mental health, ClassPass for fitness on-
demand, and Dashlane for password management.
Product
- Term Life Insurance
- Digital Protection
Nowly provides an easy, simplified and affordable life insurance plan for you and your loved ones with instant access to healthy living benefits the moment you open a policy. Those with simple life insurance needs, are healthy and want great coverage with amazing benefits will love the nowly term life plan.
Product
- Term Life Insurance
- Digital Protection
10 Best Insurance Brokers in Canada
There are more than 38,000 insurance brokers in Canada, but the following stand out:
1. PolicyMe
This is your favourite life insurance broker that partners with big insurance companies in Canada, such as:
- Canada Protection Plan
- Canadian Premier Life Insurance Company
- BMO Life Assurance Company
- Manufacturers Life Insurance Company
- Wawanesa Life Insurance Company
Furthermore, PolicyMe connects you with the best life insurance policies in Canada that suit your situation. Even more, you get competitive rates with high-quality coverage.
Key Features
- Offers a range of quotes and pricing to suit your life circumstances
- PolicyMe can be about 10%-20% cheaper than other insurance brokers
- The entire process is online
- Immediate approval
- Their online calculator, online questionnaire, and licensed advisors will help determine your coverage needs.
- They team up with Canadian Premier Life Insurance Company, one of Canada’s most reputable insurance companies
- They will refund your payment in full if you are not satisfied
- It’s free to buy insurance directly through PolicyMe.
Pros
- Affordable, easy and quick
- No paperwork to prepare
- Instant approved
- Satisfaction guarantee
- No medical exam is usually required
- Access to licensed advisors
Cons
- Only offers life insurance products
- Not available everywhere in Canada
2. PolicyAdvisor
PolicyAdvisor is an insurance marketplace comprising 20 insurers in Canada. Choose from a wide range of insurance policies, such as:
- Whole Life Insurance
- Term Life Insurance
- Critical Illness Insurance
- Mortgage Protection
- No Medical Insurance
- Disability Insurance
- Children’s Insurance
Through PolicyAdvisor’s proprietary digital tools, you can choose a customized insurance policy within minutes.
Furthermore, PolicyAdvisor offers affordable insurance policies with high-quality coverage from some of the trusted insurance companies in Canada.
Moreso, PolicyAdvisor helps you fill your insurance form hassle-free through its licensed insurance concierge.
Key Features
- This is your one-stop shop for most major insurance needs
- Their service is completely free
- Completely online service, apply from the comfort of your home
- You can get access to multiple insurance companies and rates all in one place
- They are an independent broker
Pros
- Offers a wide range of products.
- It’s completely free to get a quote
- Easy application process.
- Advisors aren’t pushy (non-commission incentives).
- Compare similar products from 20 different companies.
Cons
- Not available in all Canada provinces, only for Ontario, Alberta, and Manitoba residents.
3. Bounc3
Bounc3 is another best insurance broker in Canada, offering affordable and quality insurance products from trusted insurers.
That said, Bounc3 specializes in self-employed insurance policies such as critical illness insurance, disability insurance, and life insurance.
Bounc3’s advanced technology sets it apart from other insurance brokers in Canada. As a result, it offers fast and easy access to the best self-employed insurance policies in Canada
If you’re self-employed and are concerned about your long-term financial security, Bounc3 got you covered.
Pros
- Eeasily get quotes
- Quickly delivers your policies delivered to you.
- Offers different forms of coverage
- Access to the Health Spending Account (HSA) for your employees.
Downsides
- A limited number of insurance providers
- You must to apply first to get a quote
- Doesn’t offer enough options for hard-to-insure clients.
4. Storm Insurance Group
Storm Insurance Group is a branch of the diverse group of insurance organizations in Canada, Westland Insurance Group.
With headquarters in Dartmouth, Nova Scotia, Storm Insurance Group is one of the top insurance brokers in Canada, offering competitive insurance policies.
That said, Storm Insurance Group has over 40 years of experience in the brokerage industry and connects you with different ranges of insurance policies.
5. Leibel Insurance Group
Leibel Insurance Group is a family-managed insurance broker offering access to multiple insurance policies in Alberta and Ontario.
This Alberta-based insurance broker works with several insurers to offer competitive insurance policies, such as:
- Personal Insurance
- Commercial Insurance
- Health Insurance
- Life Insurance
- Group Insurance
With over 40 years of experience in the brokerage industry, you’re sure to find the best deal through Leibel Insurance Group.
6. Wells Insurance Services
Wells Insurance Services is another best insurance broker in Canada, offering affordable and quality insurance policies from trusted insurers.
This insurance broker specializes in a wide range of policies such as:
- Personal Insurance
- Commercial Insurance
- Marine Insurance
- Employee Benefits Packages
That said, Wells Insurance Services has over 30 years of experience and is well known for its excellent customer service.
7. Western Financial Group
Western Financial Group is a marketplace for different insurance policies from the best insurers in Canada.
That said, more than 100 million Canadians accessed their insurance policies through Western Financial Group.
With over 100 years of experience, Western Financial Group specializes in personal and business insurance.
Furthermore, Western Financial Group prides itself on offering customized solutions to its customers.
8. OVC Assurance
This insurance broker was founded in 2014 to offer Canadians affordable, quality customized, and faster insurance solutions.
That said, OVC Assurance sets itself apart in the brokerage industry with professional and diverse solutions.
More so, this brokerage stands by what it offers and partners with over 20 great insurance companies in Canada.
9. Archway Insurance
Archway Insurance is another best insurance broker in Canada located in Nova Scotia.
That said, Archway Insurance comprises a team of professional and trained brokers dedicated to offering affordable, extensive coverage and customized insurance.
As a result, Archway Insurance assesses your insurance need and matches you with the perfect policy and insurer.
Choose from a wide range of insurance in Canada, such as:
- Property Insurance
- Commercial Insurance
- Life insurance
- Travel Insurance
- Auto Insurance
- Recreational Insurance
- Employee Benefits
- Group Benefits
- Living Benefits
- Group Plans
- Mortgage Protection
- Savings Protection
10. Billyard Insurance Group
There’s no complete mention of the best insurance brokers in Canada without Billyard Insurance Group (BIG).
BIG is an Independent Ontario Insurance Brokerage in Ontario offering affordable and quality insurance, such as:
- Home Insurance
- Auto Insurance
- Life Insurance
- Business Insurance
- Travel Insurance
Spread across Ontario, BIG does all the hard job for you by matching you with the best insurance policy and insurer in Canada.
How I Reviewed the Best Insurance Brokers in Canada
Choosing the above insurance brokers out of the pool of options was not a mistake. Here are the factors I considered when selecting the best insurance brokers in Canada.
- Specialization and Expertise: All the above insurance brokers specialize in different kinds of insurance policies. Their industry experience and knowledge make them reliable against other options in the market. Using a specialized and experienced insurance broker is halfway to getting the best insurance policy in Canada.
- Reviews: What you read about the above insurance brokers here is not different from what most people are saying about them out there. Each of the above insurance brokers has a high rating from different platforms (such as Better Business Bureau (BBB), demonstrating their level of customer satisfaction.
- Competitive Quotes: The above insurance brokers work with several insurance companies to offer the best policies for buyers. Comparing different quotes is one of the means of saving costs from any insurance policy in Canada. The above insurance brokers help you achieve just that.
Who is an Insurance Broker?
An insurance broker is an individual or organization that connects you with an insurer. Due to their experience and expertise, insurance brokers offer reliable advice on the perfect insurance policy to choose from.
Furthermore, insurance brokers partner with different insurers to help you compare quotes before buying. Different insurance brokers have different specializations. While some focus on retail insurance, others focus on commercial or both.
The major role of an insurance broker is to help you find the right insurance policy at an insurance company. An insurance broker helps you communicate with an insurer, fill out all the necessary forms, negotiate an insurance policy on your behalf, and act as an intermediary between you and insurers.
Regardless of the type of insurance broker you’re looking for, it’s essential to choose the best one. As you continue reading, you will learn about the best insurance brokers in Canada and how to narrow your selection.
Is it Worth Using an Insurance Broker?
It’s worth using an insurance broker when you add up the cost of purchasing an insurance policy directly from an insurance company. An insurance broker is an intermediary between you and an insurance company, negotiating the best deal for you.
Besides helping you find the perfect insurance policy, an insurance broker ensures the policy is affordable and contains extensive coverage. Comparing quotes is one of the means of choosing the best insurance policy. An insurance broker helps you achieve that by working with trusted insurance companies.
Also, insurance brokers have experience and expertise in the insurance industry and can help you avoid costly mistakes. Overall, it’s worth buying an insurance policy through a broker rather than directly from an insurance company.
How To Choose an Insurance Broker?
It can be challenging narrowing your selection from the above best insurance brokers in Canada. Frankly speaking, the above best insurance brokers have what it takes to distinguish them from others.
However, you can’t use them all at once, making it essential to narrow your selection. Here are five factors to consider when choosing the best insurance in Canada:
1. Determine Your Insurance Need
Knowing what you need is halfway to getting it. As a result, you want to understand your insurance needs before contacting any insurance broker.
There are different reasons why you need an insurance policy, from personal to commercial dealings. However, an experienced insurance broker will help you find the perfect insurance policy if you’re unsure what’s right for you.
2. Look for Referrals and Reviews
After determining your insurance need, the next step is to confirm the reputation and expertise of your potential insurance broker. This will help you evaluate the real-time performance of the broker beyond what they claim on their sites.
As a result, you need to ask the broker about testimonials or customer references. If you’re not satisfied with that, you can take a step forward to do your research.
A quick Google search using the insurance broker’s name will display dozens of results about it. However, narrow your search to “reviews” and visit only trusted review platforms such as Better Business Bureau (BBB). You can decide whether it’s worth buying insurance through the broker.
3. Consider Specialization
Different insurance brokers have different specializations. From personal to commercial insurance, there are several specializations in the industry.
Thus, choose an insurance broker specialising in the type of insurance you want. This will help you save costs and find the perfect insurance policy from the right insurer.
Furthermore, ensure you ask the insurance broker about their experience in the industry. As expected, the more years of experience an insurance broker has, the more likely to get the best results from them.
However, if an insurance broker has only a few years of experience, it may be safe to consider another broker with an established track record.
4. Seek Personalized Advice
Some insurance brokers claim to be what they’re not. But you can easily determine the best broker by asking them for personalized advice.
This will prove that the broker has experience and knowledge about their specialization and can offer customized solutions.
That said, the best insurance broker will offer you personalized advice and extensive resources on what your insurance policy entails.
Furthermore, the best insurance broker will try to offer cost-effective solutions by recommending an affordable insurance policy with quality coverage.
5. Compare Quotes
Insurance brokers work with several insurance companies to offer the best policies for buyers. However, different brokers work with different insurance companies.
Thus, choosing an insurance broker that partners with insurance companies with competitive quotes is essential. This means getting quality coverage at an affordable price.
The more quotes an insurance broker has, the better the options. So it’s essential to choose a broker with several quotes.
Final Thoughts on the Best Insurance Brokers in Canada
At first, it may seem challenging to determine the best brokers in Canada, but now you have them.
As mentioned, the best insurance brokers help you find a customized policy at affordable rates from trusted insurers.
While you can’t make a wrong choice with any of the above insurance brokers, narrowing your selection is essential.
But when narrowing your selection, ensure you consider your needs and the broker’s reputation. This will help you make cost-effective decisions in selecting the best insurance policy.
Let me know which of the above best insurance brokers you’re going with.
All the best!
FAQs on the Best Insurance Brokers
How Many Insurance Brokers are there in Canada?
More than 38,000 insurance brokers in Canada are regulated by the Insurance Brokers Association of Canada (IBAC). This comprises both Property and Casualty (P&C) insurance brokers.
Is it Cheaper to Go Through an Insurance Broker?
Buying an insurance policy through a broker is cheaper than buying it directly from an insurer. Insurance brokers use their skills to negotiate affordable prices on your behalf and ensure you get quality coverage.
Even though insurance brokers charge fees, it’s worth it because you will still save more than buying the insurance policy directly from an insurer.
What is the Difference Between an Insurance Broker and an Insurance Company?
An insurance broker is an intermediary between you and the insurer. On the other hand, an insurance company is an insurer that partners with an insurance broker to market its policies to you.
What is an Insurance Brokerage?
An insurance brokerage is the operational platform of insurance brokers. Here you will get access to different insurance providers and quotes for your evaluation.
How Does an Insurance Broker Make Money?
Most insurance brokers make money through commissions from the sales of insurance providers’ policies.
If you have more questions about the best insurance brokers in Canada, drop them in the comment section.
Hi, I'm Adeola Adegoke. I am a licensed Insurance Broker in Manitoba, and I hold a master’s degree in Mathematical Sciences (with a major in Financial Modeling) from the African Institute for Mathematical Sciences (AIMS), Tanzania.
Also, I have a second master's degree in Statistics from the University of Regina, and I am currently pursuing my Ph.D. in Statistics at the University of Manitoba.
The primary purpose of Money Reverie is to help everyday Canadians make better financial decisions by providing up-to-date financial news and information, reports, product reviews, and government programs.
