Comments on: Are banks selling insurance a good thing?

By: Deborah coathup

Deborah coathup — Sat, 19 Mar 2011 02:48:31 +0000

I agree let the banks deals with banking and insurer deals with insurance both area required individual attention.It all started with doing an analysis on client financial position and one stop shopping. We need to allow institution to do what their staff are trained for, I can go as far as to say qualified to do so because agents are require to take part in continuous education to up hold their designation. Banks are only concern about their loan being covered by the individual term insurance not the people’s future. What happen to the other percentage of people who never take a loan? You think the bank will have people going out there and knock on people’s door and offering insurance no, because they are no risk to the banks. Oh I can go on!!!

By: admin

admin — Mon, 05 Oct 2009 03:32:55 +0000

Jack- most of the banks have been selling insurance but they are not allowed to sell it in the branch. Whether opening an insurance office right next to the bank branch breaches the spirit of the rule remains to be seen.

By: jack

jack — Sun, 04 Oct 2009 16:22:42 +0000

TD has been selling insurance for years, both car and home. Not sure about life insurance though..never inquired.

By: larry macdonald

larry macdonald — Sat, 22 Aug 2009 10:05:54 +0000

A thoughtful post as usual. Letting the banks enter other sectors of financial services indeed raises many sorts of conflicts of interest. For example – does the bank’s brokerage house recommend a stock just because the bank has a large loan with the company? Plus the more banks are allowed to expand, the more the too-big-to-fail problem arises (with the associated moral hazard problem).

By: This and That: The Greenback Effect and more… | Canadian Capitalist

This and That: The Greenback Effect and more… | Canadian Capitalist — Thu, 20 Aug 2009 22:47:56 +0000

[...] Scotia Bank announced this week that it has begun selling life, health, auto and home insurance. Thicken My Wallet analyses whether banks selling insurance is a good thing for the consumer, the shareholder and the e…. [...]

By: Finance Matters

Finance Matters — Wed, 19 Aug 2009 14:48:45 +0000

Let the bankers bank and insurers insure. If it ain’t broke, leave it alone.

By: Pedro Taborda

Pedro Taborda — Wed, 19 Aug 2009 13:49:12 +0000

I was actually asking myself this same question, during the weekend my mailbox has been flooded with a miryad of brochures from RBC and Scotiabank Insurance products, but if what you are saying is true and also they are doing is re-selling and re-packaging Manulife and Sun Financial products and at the same time exposing their banking division to more risk in this economy downturn, can we expect another Credit crunch or worse yet get deeper into recession?