You deserve to feel confident that you are getting the right product for you and your loved ones. There are safeguards in place to protect your rights, but you need to be aware of your responsibilities too. Ensure you deal with a licensed and regulated insurance agent and/or company.

When working with a life & health insurance agent or company, you have the right to:

  • Request contact information such as address, telephone, email and licence number
  • Have a licensed agent available for contact at your request during business hours
  • Receive advice when needed, regardless of how you purchased the insurance
  • Ask for a copy of your application form and contract for your own storage
  • Shop around and compare policies and costs so that you can find the one that best suits your needs

Your responsibilities

  • Check and verify all information you provide on your application form thoroughly before signing it. Withholding or misrepresenting information could make your policy null and void. Your signature authorizes the insurer to confirm your medical history on a confidential basis.
  • Review the policy thoroughly when it is delivered to you. Check and verify all information in the policy. Any mistakes or misrepresentations can invalidate your policy. If the policy is not what you expected, speak to the insurance agent or company. For life insurance, if you decide you no longer wish to buy the policy you can change your mind within 10 days, and in some cases you have up to 20 days to change your mind.
  • Ask questions about anything you do not understand.
  • Keep your policy with your financial papers along with your agent’s name and number. Let your family know where you keep your policy. For life insurance, give a copy of your policy to your beneficiary.
  • Pay your premiums on time.
  • Review your insurance needs regularly. Your needs may change as your family changes.
  • If you have dependants on a life insurance policy, be sure to check if they are still insured as they age. Some policies only insure children up to age 21.