Advisors can prove their value by helping clients understand insurance premiums deserve space in their budgets
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Many are facing higher interest costs on mortgages and lines of credit while more money in their budgets is going toward transportation and food – among the outlays seeing the highest increases on Statistics Canada’s Consumer Price Index . It’s in these conversations in which advisors can prove their value by helping clients understand those premiums deserve space in their budgets, he adds.
“If you look at even a year ago, bonds were yielding much less than today,” Mr. Marr says about fixed income assets, which are the foundation of insurers’ assets to meet liabilities., for example, are now hovering around 3 per cent compared with the same period last year when they yielded less than 1 per cent.Impact of the pandemic on premiums
However, auto insurance costs actually declined in Canada in June, new CPI data show. That’s likely a factor of fewer claims with fewer people still driving to work – an outcome of the pandemic, Mr. Hands infers.
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