Question 1

Does my home insurance cover if I experience a flood?

Accepted Answer

No. flooding is excluded under home insurance and property insurance policies. If you are worried about flooding at your property, speak with an insurance broker to discuss your coverage options. When it comes to flooding it’s good to be proactive. Our tips can help prevent spring flooding and sewer back-up.

Question 2

How much does car insurance cost in Alberta?

Accepted Answer

Many factors can affect what you pay for insurance. Your driving history, your age, marital status and where you live are just a few of the things that impact your rate. It's hard to give a range or average price because it can vary so much from person to person.

Generally speaking, if you live in a city like Calgary or Edmonton, you are going to pay the most for your car insurance because of factors such as population density. In highly populated places, insurance rates tend to be higher because more people means more vehicles on the roads and, as a result, more claims being filed and more payouts having to be covered by insurance companies.

Your best bet is to call a broker. We can learn about you and your driving history. We can explain the different levels of coverage and what they mean. Together, we can find an insurance plan that makes sense for your life.

Question 3

How much life insurance do I need in Canada?

Accepted Answer

Unfortunately, there is no simple answer to this question. Everyone has different needs and circumstances. However, a general rule of thumb is to make sure your life insurance policy covers at least your debts, income, mortgage and education. To find out exactly how much life insurance coverage you need, we recommended you speak to one of our brokers. They can go through all of your assets and finances with you. Together, you and your broker can determine the best amount of coverage.

Question 4

Is life insurance taxable in Canada?

Accepted Answer

Most income gained from a life insurance policy in Canada is not subjected to income tax, regardless of the size. However, there are a few exceptions. For example, if you have not named a beneficiary, your death benefit will automatically be added to your estate. In this case, your death benefit may be subject to taxation. However, this is easily avoided by naming a beneficiary. To learn more about life insurance in Canada, speak to a BrokerLink broker.

Question 5

How do I choose a good insurance broker?

Accepted Answer

Having an insurance broker in your corner can help you get the right insurance plan. To choose an insurance broker, make sure they have the required license in your province. (For example, in Ontario, insurance brokers require a RIBO license.) Check out their website and Google reviews to make sure they are reputable. Ask friends and family for recommendations. Most brokers will offer a free, no-obligation quote. Use this as an opportunity to ask questions and make sure you feel comfortable with the broker.

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FAQs

Does my home insurance cover if I experience a flood?

How much does car insurance cost in Alberta?

How much life insurance do I need in Canada?

Is life insurance taxable in Canada?

How do I choose a good insurance broker?

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FAQs

Does my home insurance cover if I experience a flood?

How much does car insurance cost in Alberta?

How much life insurance do I need in Canada?

Is life insurance taxable in Canada?

How do I choose a good insurance broker?