Online insurance sales threaten advisors

More and more Canadians are choosing online channels to obtain product information and indeed purchase their insurance. BMO Life, ScotiaLife Financial and Manulife Financial (Affinity Markets) are seeing tremendous growth as online insurance sites become more mainstream. Financial advisors who sell insurance will need to work harder to prove their value to clients and demonstrate that …

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Help! I don’t own a car but need insurance

Cardholders often assume that credit card car rental insurance will cover them for damages to third parties (people or property). In fact, Collision Damage Insurance (CDW) or Collision/Loss Damage Insurance (CLDI) offered by credit cards only covers the rented vehicle. In addition, CDW and CLDI do not cover losses to property stolen from the rented vehicle itself. While third party liability …

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