Life insurance for a baby might sound a little off, but fast-growing Greatway Financial Inc. says it's never too early to sign up.
The Calgary-based company, which sells policies on behalf of insurers across Canada, puts much of its focus on the investment side of life insurance plans, billing them as a tax-sheltered way of boosting returns.
While Greatway has disputed some of the regulator's findings, it has agreed to comply with the order. The report said that the model has seen rapid growth in recent years, with Experior Financial Group Inc., World Financial Group Insurance Agency of Canada Inc., and Greatway together increasing their agent numbers by about 40 per cent from 2020 to 2021. As of 2021, the three companied had about 27,000 total agents, plus about 66,000 recruits.
The regulator's investigation found that Greatway instructed agents to downplay the insurance side of the product entirely, specifically to "remove the insurance mindset," to "not mention insurance amount," and to focus on the investment returns, while instructing in red letters "DO NOT HIGHLIGHT" on the training material page for critical risks of the product.
Universal life plans can be a great way to create financial security, said Cline, but only to suitable clients who have already maximized payments to more common tax-sheltered options like RRSPs and TFSAs . It helps explain how Greatway says it has well over a hundred agents pulling in more than $100,000 a year, even as most work part time.
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