When Securing Life Insurance in Toronto and through-out Ontario FSCO recommends consumers to shop around

The Financial Services Commission of Ontario (FSCO) is a regulatory agency of the Ministry of Finance that regulates insurance, pension plans, loan and trust companies, credit unions, caisses populaires, mortgage brokering, and co-operative corporations in Ontario.

As of February 28, 2013, (in the Insurance Industry) FSCO regulated or registered:

  • 343 insurance companies 
  • 7,641 pension plans
  • 46,756 insurance agents
  • 4,385 corporate insurance agencies
  • 1,501 insurance adjusters

The FSCO website is a valuable resource for consumers looking to purchase a life insurance plan in Toronto and through-out Ontario. Consumers can now go to a section on the website to check if there are any issues with their agent or insurance company. There is also a new “Enforcement Actions” section that publically discloses any disciplinary or ongoing actions being taken against an insurance company or broker/agent.

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From the FSCO Website:

Canadian consumers and insurance industry participants will now have access to the names of persons and firms disciplined within the insurance industry through the Canadian Insurance Regulators Disciplinary Actions (CIRDA), a new database designed to be a single point of access for decisions taken by multiple Canadian insurance regulators.  

This joint initiative of the Canadian Insurance Services Regulatory Organization (CISRO) and the Canadian Council of Insurance Regulators (CCIR) has created a repository of public actions taken since 2008 by insurance regulators against insurance companies, insurance intermediaries and individuals licensed to sell insurance products.”

As most people know Life insurance is a cornerstone of sound financial planning and is an effective way to ensure and protect your loved ones financial future. Life insurance works by providing your beneficiaries with a tax-free, creditor protected benefit upon your death. This money can help:

  • Pay off mortgages, loans and debts
  • Maintain your family’s lifestyle and pay expenses
  • Pay for children’s education
  • Cover final expenses like funeral costs, probate fees and estate taxes
  • Leave money for your favourite charity

Those shopping for life insurance in Toronto should be aware of each plan’s coverage. No two policies are the same and it is wise to choose a plan that accommodates your specific needs and budget. Consumers might want to refer to the services of reputable, licensed insurance brokers such as Insurance Advantage to successfully help them “shop around” to determine which life insurance plan is right for them.

(Article Information and Image fromThe Financial Services Commission of Ontario website:  https://www.fsco.gov.on.ca/en/Pages/default.aspx)