Pass the Life Settlements and Loans Act

Pass the Life Settlements and Loans Act

To the Legislative Assembly of Ontario:

WHEREAS over 80% of life insurance policies lapse or are cancelled in Ontario, due to section 115 of the Insurance Act, which grants life insurers monopoly powers to set the surrender values for their policies; and

WHEREAS Ontario seniors and others who have life-shortening health challenges want access to use their life insurance assets in their own best interests, as they would be able to do in Quebec, the US, the UK, Europe, or Japan; and

WHEREAS Bill 219, the Life Settlements and Loans Act, 2020, would open a well-regulated secondary market for life insurance assets owned by Ontarians, and end the current monopoly favouring life insurance companies over the owners of life insurance assets; and

WHEREAS this would allow Ontarians to access the fair market value of their life insurance assets during their lifetimes, and provide an alternate source of capital and income for seniors and others during the COVID-19 pandemic.

THEREFORE, we the undersigned petition the Legislative Assembly of Ontario as follows:

Pass the proposed changes in Bill 219, the Life Settlements and Loans Act, 2020, as quickly as possible.