Orphan policies are life policies which do not have an insurance agent holding a VALID life insurance license allowing them to service existing life insurance policies purchased by a consumer.
My Insurance Department provides valuable access for insurance companies and policy owners to have access to a licensed insurance department for all ongoing needs.
Life insurance policies have very little ongoing commissions payable to the advisor. As a result, servicing an inforce insurance policy becomes expensive.
Often, the person who sold you the policy does not have an in-house insurance department, they have other core businesses (Ie. investment management) or they have left the business entirely.
My Insurance Department provides a service department for active advisors looking for a compliant and proactive team and helps clients who otherwise do not have an advisor (or wish to switch advisors) the chance to have expert advice.
Employer provided group benefits often provide terrific drug, dental and extended health care coverage. However, the life, long term disability and critical illness insurance coverage is often more expensive, lessor quality and most importantly, there are not transferrable if you change employers.
It's possible to save money and modify your existing group benefits to better suit your needs. A review of group benefits coverage is recommended for anybody who has coverage.
Banks and other financial institutions are governed by 'The Bank Act'. Most Canadians do not know that it is illegal for major banks to sell individual insurance policies. Section 7 (1) of the Bank Act says, "A bank shall not, in relation to its business in Canada, promote an insurance policy of an insurance company, agent or broker, or a service in respect of such a policy"
The insurance offered by financial institutions is considered 'Creditor Insurance". These policies are not the same as individual insurance plans. They are more expensive, lessor quality and often inadequate. If you have insurance through your bank, a review is required.
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Managing General Agency is PPI