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April Stadnek, Head of Compliance, World Financial Group Canada
April Stadnek, Head of Compliance, World Financial Group Canada

Imagine moving your family to a new country, where you don’t speak the same language as your neighbors, and your community is unfamiliar. Now imagine trying to secure your family’s financial future but struggling to communicate with an insurance agent. Where would you start? Would you feel overwhelmed? For many new Canadian households, this is a daunting reality.

Before joining World Financial Group Insurance Agency of Canada (WFGIAC), I spent over 25 years working as a regulator, the last 15 of those focusing on consumer protection and ensuring that insurance agents treat customers fairly and properly. During that time, I witnessed a shift in Canada’s demographic landscape, particularly with the increasing number of new Canadians. Along with this growth came a growing life insurance coverage gap, especially among middle-income individuals and families. According to LIMRA in 2023, an estimated 31% of Canadians were either uninsured or underinsured, with 66% of these households earning less than $150,000 a year[1].

This gap is a concern I care about deeply, as it underscores the need for accessible financial protection. Insurance, particularly life insurance, can play a crucial role in providing families with financial security.

The Growing Need for Trusted Advisors

Life insurance policies are stable, safe and reliable, providing peace of mind now more than ever before. However, as Canada becomes more diverse and its population ages, many customers need guidance, especially those who face additional barriers such as language differences or unfamiliarity with the financial system. Finding the right insurance agent can be a significant challenge.

At WFGIAC, we are notably positioned to help bridge this gap. Our independent agents, living in communities across Canada, mirror the demographic diversity they serve. With a North American insurance agent sales force that speaks 75 different languages and reflects the middle-income households that make up much of Canada’s growing multicultural landscape, WFGIAC is uniquely equipped to support new Canadians on their journey to financial security.

A Focus on Community and Compliance

When I first joined WFGIAC as Head of Compliance for Canada, I was impressed by the company’s focus on financial education. This focus is what drew me to this organization. I had already seen the rapid changes in Canada’s population and knew that more could be done to help these individuals and families secure their financial futures.

My role here continues the work I started as a regulator, ensuring that individuals have access to the knowledge they need to help financially protect themselves and their families. I focus on providing tools and resources to the independent advisors contracted with WFGIAC to help them serve their communities.

WFGIAC has built a strong infrastructure to support advisors in their work to help clients choose a protection plan that best meets their individual or families’ needs. Through mandatory training, available compliance-approved resources, offering products from industry leading insurance carriers, and a framework for success, WFGIAC independent insurance agents are well-equipped to help their clients make choices that can serve them for a lifetime.

What We Do Matters

As I guide WFGIAC’s efforts in compliance, I am regularly reminded of the importance of this work.  When individuals understand that being an insurance agent isn’t just about a transaction, but an opportunity to help people secure their financial futures, they and their clients are more likely to succeed.

Canada’s insurance landscape is changing, and we aspire to ensure that all Canadians have access to the financial protection they need. Through education, communication, and the right guidance, we can help ensure that every Canadian we serve has the opportunity to be financially secure.

About the author: April Stadnek is Head of Compliance for World Financial Group Insurance Agency Canada (WFGIAC). For 25 years, April built her career as an insurance and securities regulator in Saskatchewan. Through this work, she served in many different regulatory capacities, including investigation, compliance, enforcement and strategy.  Before joining WFGIAC, April was the executive director of the Insurance Councils of Saskatchewan where she gained valuable insight into the day-to-day operations of insurance agents.

[1] LIMRA. 2023 Canadian Insurance Barometer Study, 10-11.

World Financial Group