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.

Respondents can opt to be entered into a draw to win one of four grocery gift cards in the amount of $250 each.

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

Question Title

* 7. Would you agree that a life insurance policy is an asset of its registered owner?

Yes

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

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. If you would like your name entered into the draw for one of four $250 grocery gift cards, please provide:

Name

Email Address

Phone Number

Question Title

* 14. 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

CONTEST (“CONTEST”) SPONSORED BY The Life Insurance Settlement Association of Canada (“SPONSOR”) . CONTEST BEGINS ON November 25th 2020 AT 12AM AND ENDS ON January 31st 2021 11:59 PM EST. (“CONTEST PERIOD”). NO PURCHASE NECESSARY TO ENTER OR WIN. ONLY AN EMAIL ADDRESS, NAME and PHONE NUMBER is required. By participating, entrants agree to be bound by these Official Rules and the decisions of the Sponsor and Administrator. Void where prohibited by law.

Four winners will each receive $250 in grocery gift cards. Contest is open to legal residents of Canada (excluding Quebec) who have reached the age of majority in their respective province or territory of residence at the time of entry. Employees or contractors of the Sponsor(s) and immediate family members of, and any persons domiciled with any such employees or contractors, are not eligible to enter.

Four winners will be chosen at random. The odds of winning will depend on the number of entries received. The winners will be sent an email and contacted by phone and will have 48 hours to respond. If no response is received within 48 hours, another winner will be chosen. Residents of Canada will be required to answer a skill-testing question to claim their prize.

Page1 / 1

100% of survey complete.