Insurance education concerning both life and property insurance is very important but the consequences of decisions taken today in that field could be assessed after many years from now only. Clients must learn the interpretation of insurance regulations, general insurance conditions, the skills of comparing and drawing conclusions from insurance offers. The subject knowledge on insurance and pension funds is required for efficient functioning in the European society. The Ombudsman of the Insured and the Insurance and Risk Management Chamber of Commerce states that insurance education should be targeted first of all to the youth. The paper presents the results of the study on the level of insurance awareness among the last year students at the University of Warmia and Mazury. The studies showed that more than a half of the respondents assessed the level insurance awareness as low. To improve that situation the educational activities of insurance companies should be expanded.