Financial Matters Concerning Seniors Ontario Government Bill 219 has passed Second Reading in the Legislature and is coming before The Standing Committee on Finance and Economic Affairs in January 2021. The Bill proposes to modernize The Insurance Act so that consumers can maximize their life insurance policy value by selling or borrowing from third parties (life settlement/loan providers), in addition to their insurer. The purpose of this survey is to help formulate public policy by determining the views of seniors on significant financial matters. Demographic Information Please provide the following demographic information. Question Title * 1. What is your Age? Under 45 45-54 55-64 65-74 75+ Question Title * 2. What is your Gender? Male Female Other Prefer not to Say Question Title * 3. Which of the following best describes your current relationship status? Married Widowed Divorced Separated In a domestic partnership or civil union Common-Law Single, never married Question Title * 4. Where do you currently reside? City/Town Province Question Title * 5. Please rate your ability to meet your financial needs during this COVID-19 pandemic Unable Very Able Unable Very Able Question Title * 6. Please indicate if you (or a spouse) own a life insurance policy: Yes No Question Title * 7. Would you agree that a life insurance policy is an asset of its registered owner? Yes No Question Title * 8. Have you considered letting your policy lapse (expire and become void) because you either: Yes No No longer require the coverage No longer require the coverage Yes No longer require the coverage No Can no longer afford the premiums Can no longer afford the premiums Yes Can no longer afford the premiums No Question Title * 9. Are you aware that a regulated, secondary market for life insurance policies will provide most seniors: Yes No A lump sum of cash immediately for the policy owner A lump sum of cash immediately for the policy owner Yes A lump sum of cash immediately for the policy owner No Will reduce their premium payments, allowing more owners to maintain a portion of the death benefit for their heirs – rather than lapsing their policy. Will reduce their premium payments, allowing more owners to maintain a portion of the death benefit for their heirs – rather than lapsing their policy. Yes Will reduce their premium payments, allowing more owners to maintain a portion of the death benefit for their heirs – rather than lapsing their policy. No Question Title * 10. Would you consider selling or borrowing against your policy now, as an alternative to lapsing your policy? Yes No Question Title * 11. Are you aware that a life insurance settlement provider can provide 4-8 times more cash than the Cash Surrender Value (CSV) your issuing insurance company will pay? Yes No Selling a Policy Selling a Policy Yes Selling a Policy No Borrowing Against the Policy Fair Market Value (FMV) Borrowing Against the Policy Fair Market Value (FMV) Yes Borrowing Against the Policy Fair Market Value (FMV) No Question Title * 12. Do you believe that the settlement/loan options should be available to all Ontario policy owners, as compared to the monopoly now controlled by issuing insurance companies? Yes No Selling a Policy above CSV Selling a Policy above CSV Yes Selling a Policy above CSV No Borrowing Against the Policy’s FMV Borrowing Against the Policy’s FMV Yes Borrowing Against the Policy’s FMV No Question Title * 13. Senior citizen-consumers and industry participants are urged to make their opinion known by contacting their MPP. To be added to a Government petition to ensure Ontario seniors have the right to the Fair Market Value of their own insurance policies, enter your: Postal Code Page1 / 1 100% of survey complete. Done