CLHIA-ACCAP

Investing in Canada's Health and Prosperity 6 SUPPORTING CANADA'S FINANCIAL LITERACY INITIATIVE INTRODUCTION Financial literacy is an important public policy issue for Canadians. Fostering greater financial literacy among Canadians helps them to make informed decisions about their own financial matters. We commend the federal government for moving forward with the recommendations of the National Task Force on Financial Literacy, which identified the need for a national financial literacy strategy. The appointment of Jane Rooney as Canada's first Financial Literacy Leader in spring 2014 has helped to focus and propel efforts to develop a national financial literacy strategy. CLHIA is honoured to be participating on the Leader's National Steering Committee. The life and health insurance industry stands ready to participate in and make a meaningful contribution to this strategy. OUR COMMITMENT TO FINANCIAL LITERACY: HELPING CANADIANS UNDERSTAND LIFE AND HEALTH INSURANCE Managing risk is a key element of personal financial planning, and life and health insurance products play a critical role in managing risk. We recognize that these products can seem complex for consumers, and as part of our commitment to financial literacy, we're helping Canadians better understand these products and how they can help them. We're doing so in a number of ways, including: Simplifying disclosure. This involves becoming clear language champions, and making consumer‐facing materials easier to understand. Glossary of insurance terms. This is a resource that provides clear‐language definitions of terminology used in life and health insurance policies. Consumer publications. These are generic and informational, designed to provide basic information in a clear, accessibly way. Current topics: o A guide to life insurance o A guide to disability insurance o A guide to long‐term care insurance o A guide to supplementary health insurance o A guide to travel health insurance o A guide to the coordination of benefits o Key facts about segregated fund contracts o Questions about life annuities Consumer tools. These are interactive tools to help consumers better understand their own financial situation. The first of these is: o Your virtual shoe box guide: keeping track of your personal and household financial documents. (Copies of the glossary and consumer publications and tools are available at www.clhia.ca/finlit)

• Cover