Insurers are living on legacy. My family buys anything from them to protect their lives. They say it's a global practice. How can a business that is so opaque be allowed to function? Someday, some regulator should stand up and say it does not make sense for somebody to pay 40 per cent of what I think should be done in 5 per cent.

There's also the last mile issue. If an agent gets 40 per cent commission on insurance and only 2.25 per cent on mutual funds, he will naturally be drawn towards insurance.

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