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Some Important Reminders for Financial Professionals:
However, written into the contractual paperwork of all Canadian life insurance is a policyholder’s right to transfer policy ownership and change the policy beneficiary. Furthermore, Canadian policyholders may accept money for doing so.
Life Settlements are currently permitted only in Quebec.
The term life settlement refers to a life insurance policy that has been sold to a third party. A life advance refers to a situation in which a client is borrowing against their life insurance policy. In this scenario beneficiaries still receive a portion of the death benefit when the insured passes away, once the cash advance, future advanced premiums, fees and interests are deducted.
A client might consider a life settlement or advance when their circumstances change and they no longer need the life insurance policy, they need money for another matter or the premiums on the policy have become too expensive.
In order to qualify for a life settlement. a person must either be over the age of 70, or, have a serious medical condition that will significantly impair their longevity.
We do have a referral program for life insurance agents. If you would like more information on this, please send us an email at info@canadianlifesettlements.com