He states, “With regards to detecting fraud, the previous adage ‘if it sounds too good to be true, it most likely is,’ generally is a tenet. It will possibly additionally apply to buying insurance coverage.”
He additional particulars the protecting function of licensing, which calls for that candidates fulfill particular academic necessities and endure legal background checks. Ballantyne encourages customers to confirm the licensing standing of their brokers and brokers as an important protecting measure.
Ballantyne identifies a number of purple flags that buyers must be cautious of, equivalent to vital reductions on insurance coverage premiums, requests for funds by unconventional strategies like cryptocurrency, cash wiring, or reward playing cards, and interactions with unlicensed suppliers.
He emphasizes that buyers can buy insurance coverage insurance policies completely by licensed brokers or brokers, or immediately from the insurer. Moreover, when partaking with a 3rd occasion for coverage buy, it’s essential to make sure the agent or dealer is permitted and licensed by the provincial regulator.
Highlighting the significance of knowledgeable decision-making, Ballantyne reminds Canadians to know and outline their insurance coverage wants earlier than beginning their seek for a supplier.