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 ...

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There are changes with permanent life insurance pricing coming in the next few months. One Major carrier has given us advance notice that there is to be approximately a 10% average increase in rates for all permanent life insurance; This 10% average means that some age groups will see no changes, but others will see very significant increases in pricing (20%-40%)! The same carrier will be implementing a 0.5% reduction to the contractual guaranteed interest rates offered within tax sheltered policies. (The guarantee is contractual for life); In the past few years, there has been an expectation that insurance rates would be increasing, as a large assumption in pricing these policies is the interest rate environment; Background can be found in a recent report by the Conference for Advanced Life Underwriting (CALU):  CALU InfoExchange - Buyers Market For Level Cost With historically low interest rates, the insurance industry has been waiting for some ...

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