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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.
1.What is your Age?
2.What is your Gender?
3.Which of the following best describes your current relationship status?
4.Where do you currently reside?
5.Please rate your ability to meet your financial needs during this COVID-19 pandemic(Required.)
Unable
Very Able
6.Please indicate if you (or a spouse) own a life insurance policy:(Required.)
7.Would you agree that a life insurance policy is an asset of its registered owner?(Required.)
8.Have you considered letting your policy lapse (expire and become void) because you either:(Required.)
Yes
No
No longer require the coverage
Can no longer afford the premiums
9.Are you aware that a regulated, secondary market for life insurance policies will  provide most seniors:(Required.)
Yes
No
A lump sum of cash immediately for the policy owner
Will reduce their premium payments, allowing more owners to maintain a portion of the death benefit for their heirs – rather than lapsing their policy.
10.Would you consider selling or borrowing against your policy now, as an alternative to lapsing your policy?(Required.)
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?(Required.)
Yes
No
Selling a Policy
Borrowing Against the Policy Fair Market Value (FMV)
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?(Required.)
Yes
No
 Selling a Policy above CSV
Borrowing Against the Policy’s FMV
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:
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