Feds launch online insurance guide

The federal agency tasked with improving consumer financial education—yes, it’s been around for a while—has launched a new online publication to improve understanding of insurance.

Understanding Insurance Basics is a creation of the Financial Consumer Agency of Canada (FCAC), covering both the life and health segment, and the property and casualty industry.

“Insurance is an important part of financial planning, but the field may sometimes be daunting,” says FCAC Commissioner Ursula Menke. “This new publication is a starting point for your research: it describes the most common types of insurance, what you should know before you buy insurance and how to file a complaint.”

The guide is designed to help Canadians make informed decisions about insurance. This should also help advisors, as insurance products are more easily explained to a client who has done some research.

“The main purpose is to help Canadian consumers understand that they should identify their insurance needs before buying insurance,” Menke says. “The decision will depend on your personal circumstances and what stage you are at in your life.”

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.