Canada’s Life Settlements Market – In the News
A private member’s bill that would permit Ontarians to sell their life insurance policies to a third party has once again put the controversial issue of life settlement transactions before lawmakers, and the industry is pushing back.
About three years ago, Morris and Ruth Adams were running out of money. The Toronto couple — he was then 91 and she was 89 — had spent close to $300,000 over eight years to pay for private caregiving services for Ruth.. View Online (Subscribers Only)
In its newest pre-budget submission to Ontario, the Canadian Life and Health Insurance Association (CLHIA) urged the government to reject Bill 219, a bill that seeks to modernize the province’s Insurance Act by amending Section 115.
Paul Tyers and Ian Grant discussed Ontario’s life settlement industry and Bill 219. This bill has already passed second reading in Ontario’s legislature and would modify the insurance act to allow consumers the option to sell or borrow against unwanted policies instead of letting them lapse.
When aging clients find themselves holding an in-force, life insurance policy that they no longer need or can afford, they may believe that letting the policy lapse is the only course of action available to them. However, obtaining a life loan or life settlement may be a viable alternative to letting their policies lapse…
Ask The Experts with Iain Grant is an opportunity for you to talk directly to the movers and shakers. In this episode he and Paul Tyers discuss the life Settlements Market in Canada.
Morris Adams is worried about running out of money to pay his wife’s caretakers so she can remain at home. His wife, Ruth, suffers from depression and some dementia, and he has paid for aides to assist her for the past eight years…
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