Advisors continue to fall short educating clients

by Will Ashworth06 Jan 2016
A UK financial intermediary specializing in insurance protection is suggesting that many insurance advisors aren’t doing nearly enough to educate consumers about the gaps that exist in their protection and it’s putting them unnecessarily in harm’s way.

“There are plenty of educational pieces in the trade publications about the need for protection, but there is still a woeful lack of talk in the consumer facing press, leaving us with an ongoing battle of educating consumers at large,” wrote Toni Smith, sales operations director for First Complete in the UK. “So if I could wish one thing for 2016 it would be for all people to receive a higher level of education on the need for protection so that they could at least, make an informed choice.”

That’s something advisors most definitely have within their control whether we’re talking here in Canada or overseas.

“This mentality is stark in the figures: 73% of parents questioned by Legal and General Insurance in their 2013 Value of a Parent report said that their top priority was ensuring their children are looked after financially if they were unable to provide due to illness or death,” wrote Smith. “Yet, from their 2015 report, less than a third of parents were found to have any critical illness cover (28%), only 19% had income protection and only just over half (53%) have any lump sum Life Assurance in place to take care of their family if something should happen to them.”

What Smith’s really saying is there’s still a huge opportunity for advisors in 2016 to reverse a trend that continues to exist here in Canada.

Are you ready to do your part to bridge the gap?


  • by Judi Rosner 2016-01-07 9:47:52 PM

    I have been a Life agent for 30 years it is OK to say Parents don't have enough Insurance but the people writing this information about Agents are not educated are the same people who are sitting in a office some place with no client in front of them. And most likely have never sold a Life Policy in there Life .

    Let me introduce you to the real world We agents are the ones sitting with clients we do say and show the client a picture with the main bread winner Gone or unable to work

    Then we do a needs and amount of income coming in then the client picks, most of the time it comes down to the current cost of living so we try and find the best Buy as a broker it means shopping the insurance market for them I have no idea how a life agent who works for 1 company can do what we as brokers do.

    Families can only buy what they can afford ask yourself what would you do not feed your family to buy a Life Policy not all families are in the same income shortage.

    Young families to day are starting there life off with student loans the payments are as high as a mortgage payment or more. Shame on the System

    Advisors spend more time getting ce credits going to classes mandatory by the Goverment. I Ask you this does our Drs. have to updated to remain a Doctor?

    No they don't We as Life Agents Must stay up dated or we don't get to work at a career we love I always ask myself did I do the best job I could what if I have to come back say a year later with a Cheque to replace Dad or Mom will the family be OK???

    So Advisors do not fall short in educating there Clients the cost of living allows the families to buy what they can afford as the families I see sitting at their kitchen table care about their families just like you and Me.

  • by Caje 2016-01-20 10:31:15 AM

    GOOD POINT JUDY :)..... These people sitting bend a desk what a joke !! get out in the real world!!!!!