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Advisor/Agent

An advisor or agent is a licensed professional who helps individuals and businesses understand, choose, and manage insurance and financial products. In the context of health, dental, life, and disability insurance, an advisor’s role is to assess a client’s needs, explain plan options, and recommend solutions that provide appropriate protection within their budget.

Advisors act as intermediaries between clients and insurance companies. They help interpret policy details, prepare applications, and assist with renewals or claims when needed. Independent advisors often work with multiple insurers, allowing them to compare plans objectively and find the most suitable coverage. In contrast, captive agents represent a single company and specialize in that insurer’s products.

Beyond product selection, advisors also educate clients about policy terms, exclusions, and tax implications. Their work is regulated by provincial insurance councils to ensure ethical standards and compliance with licensing requirements.

Example:

If you are considering a personal health insurance plan after leaving your employer benefits, an advisor can compare medically underwritten and guaranteed issue options from multiple carriers and help you apply for the one that best fits your health and budget.

What to Watch For:

Verify that your advisor is licensed in your province and represents reputable insurance providers. Ask whether they are independent or affiliated with one company, as this can influence product recommendations. Always request a clear explanation of fees or commissions before purchasing coverage.

Related Terms

Accident

An accident is an unexpected, sudden, and external event that causes bodily injury, occurring independently of any illness or pre-existing condition. In the context of health and dental insurance, an accident typically refers to physical harm resulting from an unforeseen incident such as a fall, collision, or blow to the body. Accidents are distinct from sickness or degenerative conditions because they are caused by an identifiable event rather than a gradual process.

Accidental Death and Dismemberment Insurance (AD&D)

Accidental Death and Dismemberment Insurance (AD&D) provides a tax-free lump-sum payment if you die or suffer a severe injury as the direct result of an accident. It is designed to offer financial protection for you and your family in the event of an unexpected, accidental injury or loss that causes death, dismemberment, or permanent disability.

Accidental Dental

Accidental dental coverage pays for the repair or replacement of natural teeth damaged due to an accidental blow to the mouth or jaw. This benefit is distinct from routine dental coverage because it applies to emergencies caused by external physical impact, not decay or normal wear.

Actuary

An actuary is a professional who specializes in analyzing financial risk and uncertainty, particularly in the fields of insurance, pensions, and investments. Actuaries use mathematics, statistics, and financial theory to calculate premiums, reserves, and probabilities of future events such as illness, disability, or death. Their work ensures that insurance plans remain financially stable and that companies can meet future claim obligations while staying competitively priced.

Age Limit (Travel)

The Age Limit (Travel) refers to the maximum age at which a person is eligible for emergency medical travel insurance coverage or specific benefits under a health or dental plan. Insurers impose age limits to manage risk, as medical expenses tend to rise significantly with age and the likelihood of pre-existing conditions increases.

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