• Provide an advance on its value, or
• Purchase your policy in full

In either option, Canadian Life Settlements assumes responsibility for all future premium payments. This allows you to benefit from your life insurance proceeds during your lifetime—offering immediate cash flow for personal financial needs or vital business expenses—while eliminating the burden of ongoing policy costs.

The amount Canadian Life Settlements will pay you is based on several factors, including:

• The projected life expectancy of the insured
• The net death benefit of the life insurance policy
• The projected amount of remaining life insurance policy premium payments
• The type of policy and specific life insurance company

In most cases the amount Canadian Life Settlements will advance is considerably higher than the Cash Surrender Value that will be offered by your insurer, but is less than the policy’s death benefit.

There are several stages to the process. Generally, the Canadian Life Settlements process can provide you with a formal offer letter within five days of receiving a completed application and a verification of the eligibility and details of your life insurance policy.

Once you accept the offer, we will need to either change the life insurance policy’s ownership and beneficiary status to Canadian Life Settlements or, collaterally assign the policy to Canadian Life Settlements. This part of the process can take four to six weeks.  Once confirmation is received from the life insurance carrier, we can generally advance funds within two business days.

Once approved and processed, you will receive your advance either in a lump sum by cheque or wire to your bank, or periodic payments if that’s what you prefer with direct deposit to your bank account.

There are no application fees or out-of-pocket expenses with the Canadian Life Settlements program. However, if you accept the Canadian Life Settlements proposal, an origination fee may apply, which you will be advised of in your Offer Letter. This fee will vary based on your province of residence and other factors but is generally 3-5% of the amount advanced by Canadian Life Settlements.  If you select the option to borrow against the death benefit of your policy there is also an interest rate charged.  The rate charged, which can vary based on provincial regulations will be disclosed in your Offer Letter.  Along with premium payments, the management fee and interest are repaid entirely out of the life insurance death benefit, so there are no out-of-pocket costs to be paid by the insured after the closing of with a Life Advance or Life Settlement.

The funds advanced or offered for purchase under the Canadian Life Settlements program are generally not taxable. However, since each individual situation is unique, and Canadian Life Settlements does not provide tax, legal or financial advice, we recommend you speak with your legal, tax or financial planning advisor.

In order for Canadian Life Settlements to simplify the payment of your policy premiums and maintenance of your life insurance policy, the policy ownership is transferred or collaterally assigned to Canadian Life Settlements.  When the life insurance policy matures (the insured dies), the insurance carrier will pay the policy death benefit to Canadian Life Settlements. 

You qualify to apply if you have a valid life insurance policy and:

1. Are over the age of 70 (both insured’s if a joint, last to die policy) or
2. Are under age 70 and believe that you have a significant medical issue that will significantly impair your longevity

We can accept individual, group and employer-provided term or whole life insurance policies, and no cash surrender value is required.  There are several requirements for eligibility, including:

• Your life insurance policy must be issued by a Canada-based life insurance company
• Your policy must be transferable or collaterally assignable to Canadian Life Settlements
• Your policy must have been issued at least two years prior to your application forthis program.
• You must have one or more life insurance policies with a total death benefit of at least $100,000

Your credit rating, repayment ability and employment status are not factors we consider.  The details of your life insurance policy and perhaps your medical history are the primary factors for consideration.

In the course of carrying out its business, Canadian Life Settlements necessarily acquires and maintains nonpublic personal information, including highly sensitive medical information, about its potential applicants, actual applicants, and customers. While Canadian Life Settlements is not considered a ‘health information custodian’ (as defined under Ontario’s Personal Health Information Protection Act, 2004), it does collect, use, and disclose personal health information for business purposes. In Quebec, this information is governed under the Act Respecting the Protection of Personal Information in the Private Sector (ARPPIPS) and the Civil Code of Quebec, and Canadian Life Settlements complies with these laws by implementing a robust privacy policy to safeguard personal health and financial information.

All officers, employees, contractors, consultants, agents, and affiliates engaged by Canadian Life Settlements (collectively referred to as “officers, employees, and contractors”) are required to adhere to Canadian Life Settlements’ privacy policy. They are permitted to access and use personal health information solely for the legitimate business purposes of Canadian Life Settlements. As a condition of employment or engagement, all officers, employees, and contractors are subject to strict confidentiality and data protection obligations to ensure the safeguarding of this sensitive information.

To fulfill these obligations, Canadian Life Settlements employs and maintains physical, electronic, and procedural safeguards to protect personal health and financial information and limit access to authorized personnel who require it for their work. When personal health or financial information is no longer needed for business purposes, Canadian Life Settlements ensures its secure disposal. This is achieved by rendering the information unreadable or undecipherable through methods such as erasure, shredding, or other secure means. Where appropriate, Canadian Life Settlements may engage a third-party vendor specializing in the secure destruction of records.

Canadian Life Settlements is committed to complying with Quebec’s privacy laws and ensuring that the personal health and financial information it receives is handled with the utmost care and respect.