Consumers blame the insurance agent for not giving them the full facts about the life insurance policy sold to them. They believed that the agent deliberately hid the facts from them, as they wanted to earn a high commission for selling the policy.
Some agents told me that they were new in the field, and were not aware about the poor surrender values or the risk of investing in some funds. Their trainers did not tell them the full facts. Otherwise, they would not have sold the policies to their family members and friends.
The same challenge applies to marketing staff of banks who sold the structured products to their customers and family members. They were not aware of the risks of the structured products, which were complicated. These risks were not adequately covered and explained to them during their training.
If you have been an agent or marketing staff, and have encountered this problem of not being properly trained on the products, and you are willing to share your experience on a confidential basis, send an email to firstname.lastname@example.org.