It is great to see that we are moving further towards consumer education and financial literacy in our country.  A large part of our jobs as financial advisors is to raise the education and awareness of our clients, so they are more comfortable making decisions and more importantly, sticking to their decisions.  A new guide has been released that helps consumers understand the basics of insurance.

Here is a clip from the FCAC’s recent Press Release:

“The Financial Consumer Agency of Canada (FCAC) is officially launching its new publication, Understanding Insurance Basics.

This publication provides a definition of insurance, and explains how it works and why we might need it. “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.” It also provides a glossary of insurance terminology. “This publication helps Canadian consumers make informed decisions about insurance.”"