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Originally posted by vasuroh

I've seen lot of information on this and most of them very useful. One thing I thought was missing was any recommendation on company or agent. I've heard lot of companies like statefarm, manulife, desjardins etc provide the service but wondering if there is any recommendation for any or "do not even think about" for any

Thanks

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Hi Vasuroh,

There are many good companies all depending on what you are looking for and the amount.
1. If you are a smoker, then some companies are better than others
2. If you wish a 10 yr or 20 yr term insurance or a universal life or a whole life or term 100.
3. Your age.
4. If you wish a child rider or not.
5. if you wish a disability rider or not. i.e should you suffer a disability and cannot pay the premium for a year or two, the insurance company will pay for it.
6.If you wish a critical illness add-on- though I always recommend a separate C.I. policy
7. Amount of insurance
Ok, so I confused the issue when probably all you are looking for is a plain vanilla package. Then look at 1,2,3.

Please also note that there are 100+ companies here in Canada and it is always better to deal with an independent broker rather than a captive agent who sells only policies of one company. That way you can compare prices and advantages.
Also note that one broker may deal with 6-8 companies and another with another 6-8 companies. Brokers usually do this so that they are aware of the ins and outs of the companies they deal with. Best to visit at least 2 brokers and get their quotes from different companies.

Finally in general the companies I think are good are Equitable, AIG, Industrial Alliance, Empire,Transameica, Canada Life, Manulife. There are others as well.

PLease note that in my experience for a high insurance amount say $1,000,000 plus best to go for big companies. I have had to pay out a number of million dollar policies (one was a 4 million dollar policy) and smaller companies ask a million and 1 questions, so to speak, while the bigger companies pay out immediately. I once got a person a million dollar check in 24 hours after getting the death certificate. From smaller companies, it took upto 4 months in one case.
If the amounts are general upto $500,000 any company is good. Over that, best choose a blue chip like Sun, Canada, Manulife, AXA...

You want to know a good agent? You should see the grin on my face.....