Support for Bill 219
An open, well-regulated secondary market for life insurance policies in Ontario would be beneficial for life insurance policy owners; especially for seniors. Why cashing in or drawing a loan on life insurance policies is vitally important to seniors
Have Your Views Heard
Background on Bill 219
Currently, section 115 of the Insurance Act prohibits any person, other than an insurer or its duly authorized agent, from trafficking or trading in life insurance policies. The Bill amends the prohibition so that it does not apply if the life insurance policy is sold or assigned by the original policyholder or a transferee, used as collateral security or donated to a charity. The Bill provides for a 10-day cooling-off period, during which time an agreement to sell, assign, use as collateral security or donate a life insurance policy may be cancelled. The Financial Services Regulatory Authority of Ontario is required to provide oversight in respect of the transactions. View the Bill
What is the secondary market for life insurance?
Newstalk 1010 - Ask the Experts Segment on Life Settlements.
Ian Grant, Host of Newstalk1010 discusses the ability of Ontario seniors to sell or borrow against their life insurance policies on the secondary market. Quote from the Interview: “For a senior that’s life changing, your retirement is trying to make that money last, trying to balance it properly, now all of a sudden this investment you’ve been making throughout your entire life can really help you.” – Ian Grant
The Need for Modernization of Ontario’s Legislation Regarding Life Insurance Policies
A 90 year old law needs to be amended. Other governments in Ontario have stalled on this important legislation. To make it easier for seniors to manage financially, it is important to modernize Ontario’s life insurance legislation.
Changes should be made to enable Ontario seniors to live better retirements and insurance advisers should be free to act in their clients’ best interests.
Glossary of Terms
Every industry has a language of its own. To completely understand the life insurance industry we created this page of terms commonly used during the course of life settlement transactions.
Life Settlements and Loans Fact Sheet
Get the facts about the secondary market for life insurance policies.
The Public Opinion on Secondary Life Insurance Markets
A sample of Ontario Seniors were polled between February and June 2019 regarding their current understanding and opinions on the secondary market of life insurance policies in Canada. Respondents overwhelmingly believed that these options should be available to them.
Letters of Support from Senior Organizations
Letters of support from the Mississauga Seniors Council, Club Action Hearst and United Senior Citizens of Ontario Combined these organizations represent approximately 212,000 seniors across Ontario.
Letter of Support from Fifth Season Financial
Adam Balinsky is the President of Fifth Season Financial. In this letter he expresses his strong support for the modernization of Ontario’s Insurance Act.
Letter of Support from the American Life Settlement Association (LISA)
Backgrounder: Ontario’s Bill 219 Pits David and Goliath Against Each Other
Bill 219 Forum for MPPs
The Human Impact
Morris Adams, a 91-year old retired chartered accountant, tells his story of trying to sell his life insurance policies for fair market value in order to provide the care needed for his sick wife.
Warren Horowitz speaks directly to Ontario MPPs on why he and others like him need the ability to sell their life insurance policies.
What do The Experts Say?
Len Goodman Interview
Len is the Chair & Founder of the Life Insurance Settlement Association of Canada (LISAC) In this interview he discusses the conflict of interest is brought about when life insurance agents are supposed to act in the best interests of their clients, however, at the same time they have been warned by insurers that mentioning the option of a life settlement to a client could result in the agent losing their contracts with the life insurers; thus losing their ability to earn a living.
Darwin Bayston Interview
Life Settlements in The Media
Permanent life insurance can leave seniors in a pickle if they need money late in life
Life settlements’ can help vulnerable seniors get needed cash from their insurance policies
Ontario proposal would open life insurance to secondary market
Appeared in the Investment Executive, February 22nd 2021
'I believe so firmly in this that I’ve taken a stand'
Appeared in the Life|Health Professional Feb 24th 2021
Ask The Experts: Life Settlements and Bill 219
Newstalk1010’s Ask the Experts segment interview with Paul Tyers – February 22nd 2021
MPP Donna Skelly Supports Bill 219, the Life Settlements and Loans Act
MPP Donna Skelly reads a petition in support of Bill 219, the Life Settlements and Loans Act, 2020, on March 2, 2021