Low cost products for ordinary people

I met the chief executive of a Canadian insurance company who has over 20 years of experience in the life and non-life market.

He said that the financial planning needs of most people are quite straight forward. They can be met by simple savings and insurance (protection) product.

The advice of a financial planner is needed only for the high income earners who have to carry out estate or tax planning. This does not apply to many ordinary people.

There is no need for complicated and costly products that give a poor return to the consumers.