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

Seniors Support for Life Settlements

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:

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

Warren Horowitz speaks directly to Ontario MPPs on why he and others like him need the ability to sell their life insurance policies. 

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 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. 

Letter of Support from the American Life Settlement Association (LISA)

The Human Impact

Morris Adams:

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.

What do The Experts Say?

Darwin Bayston Interview

For many years Darwin Bayston headed up the Life Insurance Settlement Association in the US. In this video, he discusses the history and importance of the secondary market for life insurance policies and how it can offer another option for Seniors who otherwise would have to lapse their policies.

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.

Life Settlements in The Media

Permanent life insurance can leave seniors in a pickle if they need money late in life

Appeared in the Toronto Star, March 22nd 2021 View online 

Life settlements’ can help vulnerable seniors get needed cash from their insurance policies

Appeared in the Toronto Star, March 8th 2021 View online (Subscribers Only)

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

MPP Goldie Ghamari Supports Bill 219, the Life Settlements and Loans Act

MPP Goldie Ghamari reads a petition in support of Bill 219, the Life Settlements and Loans Act, 2020, on March 1, 2021.

Thawing of Canadian Life Settlement Market

Appeared on the (LISA) Life Insurance Settlement Association, February 14th 2018 –  View Online 

Pat Foran: Life Settlements good option for seniors

Tuesday, Oct. 3, 2017 – CTV News – Consumer Report – – View 2-minute videoView Online

Proposed bill may help seniors access life insurance funds easier

Toronto Sun Op Ed, October 18th 2017 –  View Online

Life settlement companies seek legislative validation

Appeared in the Insurance Journal, July 6th 2018  – View Online

A 91-Year-Old's Fight to Take Care of His Wife -- By Legalizing Life Settlements

Appeared in the The Street, Nov 2nd 2017 –  View Online