This Financial Literacy Month, make insurance part of the money conversation
November is Financial Literacy Month in Canada. Led by the Financial Consumer Agency of Canada (FCAC), this year’s theme, “Talk Money,” encourages Canadians to have purposeful conversations about money that build confidence in making financial decisions.
Insurance has a place in those conversations. Your home, auto, life, and health coverage can protect you and your family financially, while insurance premiums are an important part of your household budget. Here are three conversations worth having this month.
Talk with a licensed insurance professional about your coverage
A licensed insurance agent or broker can walk you through what your policy covers, answer questions about your premiums, and help you decide whether your coverage still fits your circumstances. If your life has changed recently, such as a move, a new vehicle, or a new family member, that is a good reason to start the conversation.
In Alberta, insurance professionals must be licensed by the AIC, meet ongoing education requirements, and follow professional standards of conduct. These requirements help protect consumers and hold licensed insurance professionals accountable for their conduct.
Talk about fraud
This year, the FCAC is encouraging Canadians to talk openly about fraud. Anyone can be targeted, and stigma often keeps people from sharing what happened to them. Insurance scams are part of that conversation.
Ghost brokers are individuals who pose as licensed insurance agents or brokers and sell fake or invalid policies, often for auto insurance. The Government of Alberta identifies several common warning signs:
- Prices that seem too good to be true
- Contact only online, through social media, or by phone, with no physical office
- Requests for payment in cash, through personal accounts, or by gift card or cryptocurrency
- A personal email address rather than a business one
Before you buy a policy from anyone, take 30 seconds to confirm that the person is licensed using the AIC’s Agent Lookup tool. If something doesn’t seem right, the Government of Alberta advises stopping all contact and reporting it to your local police. Sharing what you know about these scams with friends and family is one of the simplest ways to help someone else avoid them.
Know where to turn if something goes wrong
If you have concerns about the market conduct of your licensed insurance agent, broker, or independent adjuster, you can file a complaint with the AIC. Every complaint is reviewed by a real person and, where a breach of the Insurance Act has occurred, there can be consequences, up to and including license revocation.
Financial confidence starts with asking questions and knowing where to find reliable answers. This November, make insurance part of the money conversation. A conversation with your licensed insurance professional and a quick license check are two practical places to start.
Find more Financial Literacy Month resources from the Government of Canada, and visit the AIC’s Consumer resources page to learn more about your rights as an insurance consumer.
Do you have a complaint?
As part of its work to protect the public, AIC investigates complaints against insurance agents, brokers & independent adjusters
Make a complaint