PRINCIPLES FOR THE SALE OF INSURANCE
A Consumer Protection Document

• When selling an insurance policy, the client’s interests take priority over the interests of insurance companies, agents, brokers and representatives.
• The product recommended must be suitable to the client’s needs.
• Consumers have a right to privacy as outlined in the federal Personal Information Protection and Electronic Documents Act (PIPEDA). In general, information will be used only for the purpose for which it was collected, unless the client provides proper authorization, and except as permitted by law.
• An insurance company cannot cancel or non-renew coverage or increase a premium for an incident which results in no claim being paid.
• Consumers have a right to know the insurance companies an agent, broker or representative represents for the product being sold.
• Consumers have a right to know any conflicts or potential conflicts of interest the agent, broker or representative may have.
• Consumers have a right to know ownership and financing arrangements between agents, brokers or representatives and insurance companies they represent.
• Consumers have a right to know compensation arrangements that agents, brokers, or representatives have for the product purchased, including the amount of commission being paid for the transaction.
• Consumers have a right to know in writing why any insurance coverage has been denied, non-renewed or cancelled and any notice period required by law to cancel the policy.
• Consumers have a right to know the complaint resolution process of the insurance company.
• At point of sale or renewal an agent, broker or representative must provide the following
  information:
  - The full range of deductibles available and the cost of insurance applicable with each
  of the deductibles.
  - The various coverages available, the cost of these coverages and any discounts
  available.
  - The total premium of all quotations obtained for the product being sold, and, upon
  request, a detailed breakdown by coverage of the premiums quoted.
  - Upon request, the above information is to be provided in writing.
  

Why Do We Need Insurance?

MORTGAGE PROTECTION
A house is more than just a "house," isn't it? If you've laughed in it, cried in it, and lived in it, it's a home—your home. If something should happen to you, will it remain with those who have shared it with you? A life insurance plan can assure that your home stays with your loved ones.

FAMILY INCOME
You have worked hard to bring your family's standard of living up to where it is. You shouldn't be willing to give that up—no matter what. They say "you can't take it with you," but earning capacity goes when you do! There is a way to guarantee that they will never have to sacrifice that standard of living, whether you are here or not. Life insurance.

EDUCATION FUNDS
Few things concern parents today more than helping their children get a college education. If costs continue to rise, a private university's annual cost exceeds $30,000! Money like that can be hard to come by. What can you do about it? Make sure your children have the same opportunities for education whether you live or die.

RETIREMENT RESOURCES
Thought about retiring lately? When you do, figure out how much money you'll have. Then think about a life insurance plan that will provide more. Retirement benefits such as Social Security are nice, but do you know how much you'll get? Pensions are a plus, but will they be enough? Supplemental income is usually necessary.

EMERGENCY FUNDS
The furnace breaks. The car goes on the blink. The roof leaks. Someone in the family becomes ill. Everyday occurrences in households all over the country. What do you do? Life insurance can help. The cash and loan values of a whole life policy are available to you when emergencies happen. Or even to provide cash for some other event.

FINAL EXPENSES
The unfortunate truth is that the last thing you'll do on this earth is create a debt that you won't be around to pay. Final expenses may include burial costs, unpaid bills, and excess hospital bills over health insurance payments. The emotional drain on your family should not be aggravated by concern about money. Not if you can help it. And you can.

LONG TERM CARE
The years ahead are precious, and you want to spend plenty of time with your children, your grandchildren, and even great-grandchildren. But financial burdens can create tension in the closest families. In fact, protecting families from economic hardship was why the Knights of Columbus was founded.