Geller Law
Life insurance agents are often great salespeople. They want to know all about your levers - things that can help with the sale. But do they really know you? Do they know your risk tolerance? Do they know your investment objectives (if the life insurance is said to have an investment benefit)? Do they know whether you can read and understand the legal and financial wording in the insurance policy? Do they know the risk of your income fluctuating - that you might not be able to afford to pay the premiums for the rest of your life? Most people can't understand the insurance policy. Often, even those with law degrees or finance degrees can't make heads or tails of these policies wording. Chances are, you did not understand the risks either.
Here's what the Canadian Council of Insurance Regulators say about your agent's duties to you: "Thus, depending on the product offered, the representative in insurance of persons must analyze with the policyholder, in particular, his policies or contracts in force or those of the insured, as the case may be, their characteristics and the name of the insurers who issued them, his investment objectives, his risk tolerance, his level of financial knowledge and any other necessary information, such as his income, his balance sheet, the number of dependents and his personal and family obligations." See: https://decisions.cisro-ocra.com/ins/qccsf/fr/item/521122/index.do
