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Tag Life Insurance Settlement Association of Canada | Here lies your money

Life Insurance Settlement Association of Canada


Red flag-1

This is not a time for a “white flag!” Life insurance settlements must become a reality in all of Canada, sooner versus later


I have never been a white flag type of guy. I believe when the cause is right, quitting is not an option. And the cause that I have been pursuing, on behalf of Canadian seniors, for more than two years is right! I’ve written a book, met with numerous politicians and staff, submitted extensive documentation to government agents, communicated with many in the life insurance industry, contacted the press, had interviews, written articles, founded the Life Insurance Settlement Association of Canada … and after two years, little has changed.


Beal-3I’ve had enough!

I am taking up a red flag and I intend to carry it until this critical issue is resolved. And I’ll do it on my own if I must. Like Howard Beal said in the 1976 movie, Network, “Things have got to change … I’m as mad as hell, and I’m not going to take this anymore!”


This is wrong

Six provinces in Canada prevent their residents from being able to receive fair market value for their life insurance policies if they choose to sell them and this violates a fundamental principle of a free market system. In Ontario, under the Ontario Insurance Act, there is a regulation (Section 115) that states that to buy life insurance policies from willing sellers is “trafficking” and a criminal offense. I suggest that that regulation is a violation of a person’s rights and the rights of both a seller and buyer to receive fair market value.


The Canadian Income Tax Act defines fair market value as follows:

The price a willing purchaser will buy from a willing seller in an unrestricted and open market, with neither party being under undue pressure.

Illustration courtesy meltonpriorinstitute.com

Illustration courtesy meltonpriorinstitute.com

Initially, my focus has been in Ontario with it’s more than two million seniors and my point is simple:


The need for consumers to receive a fair market value for an asset they own, a life insurance policy, is a fundamental right, which currently is not available to Ontarians. Fair market value is a cornerstone of any financial sector and  economy and yet, for decades seniors have been prevented from receiving the fair market value for this important asset. Basically, life insurance companies are the only buyers of policies – that’s called a monopoly – and in many cases the only alternative to selling is to let the policy lapse. The absence of a secondary market has allowed this unfair, monopolistic practice to continue for decades. Furthermore,  one of the best ways of protecting consumers from monopolistic and predatory practices is to provide a well-regulated, fair and competitive marketplace.

I have spoken to hundreds of seniors and they are as perplexed and concerned as I am. Outraged that those who preach helping and protecting them (insurers and government agencies – FSCO) have done nothing for over twenty years. Unfortunately, only a small percentage of the tens-of-thousands who might choose a life settlement as an option are aware of this egregious undermining of their rights – not to mention perpetuating a barrier to their financial well-being. Therein lies the problem. Seniors don’t know about this option and no one is offering them the opportunity to learn more and explore alternatives.


I intend to change that

I am going to take the message directly to the public and offer seniors an opportunity to understand life settlements, weigh their options and if they choose, sell their policy – to me! In other words, I plan to offer a fair market value purchase of a senior’s qualifying life insurance policy, likely at a far greater value than they would receive from their life insurance company. If that’s considered “criminal,” so be it.


Enough is enough! Someone has to do what is right for Canadian seniors.


join-us-680x513In the weeks ahead, we will be inviting those who agree with the need to create a competitive market to join us in this on going battle for seniors’ rights. If you would like news and information from the Life Insurance Settlement Association of Canada (LISAC) send your email address to: info@hereliesyourmoney.com



PSIf anyone, including the many members of seniors’ organizations like Probus and CARP, would like to know if their policy qualifies for a life settlement and what its fair market value could be, I’d be more than happy to provide you with an estimate – no charge.

Contact: 416-368-5351 x 226  Email: agoodm5702@rogers.com

The time has come!

LISAC masthd






“Someone is sitting in the shade today because
someone planted a tree a long time ago.” – Warren Buffett

Recently, I have been having conversations with senior government officials, MPPs and Ministers regarding my concerns about Canadian seniors and the looming financial plight they face in retirement. I have found that most people in a position of responsibility are aware of the overarching problem and the statistics. But few are talking about how life settlements can help alleviate the alarming reality.

wheelchair-silohetteA few facts

All these facts are sourced and cited in the Case for Life Settlements document.

  • In the second quarter of 2013 the increase in debt among seniors was the biggest year-over-year of all age groups
  • The average poverty rate for people over age 65 in Canada was 7.2 per cent between 2007 and 2010, a [significant] increase of about two percentage points.
  • It is estimated that at current funding levels, government programs for long-term care will only cover about half of the total cost. As a result, Canadians currently have an astounding long-term care funding shortfall of about $590 billion or roughly $54,000 for each baby boomer in Canada. Given the magnitude of the challenge, urgent action is required to ensure that Canadians will have access to the long-term care they will need.
  • The aging of the population will accelerate over the next two decades and between 2006 and 2026, the number of Canadian seniors is projected to increase from 4.3 million to 8.0 million.
  • The number of Canadians aged 85 plus will nearly double, rising from about 500,000 in 2006 to about 900,000 in 2026 (80% increase).
  • It is estimated that the number of Canadians eligible for Old Age Security benefits will increase from 394,000 in 2013 to 537,000 by 2030. Many will require financial assistance in retirement.
  • As of July 1, 2010, there were 1,333,800 people aged 80 years and over in Canada, representing 3.9% of the total population. The number of people aged 80 years and over could double by the year 2031. It is projected that there could be 17,600 centenarians by 2031 and 78,300 centenarians by 2061.
  • Statistics Canada issued a report conducted by Employment and Social Development Canada (ESDC) that analyzed the middle class that concluded, “middle income earners saw their wages stagnate and debts mount between 1993 and 2007 and that they are unlikely to move into higher income brackets.” In a sweeping summary, the analysts concluded: “the Canadian dream is a myth more than a reality.”

There are many more statistics, but you get the point.

Now is the time

Managers do things right and leaders do the right thing. – Peter Drucker

This is not simply a time to manage things better, it is a time for true leadership. We must do the right thing. I say this sincerely and adamantly to everyone I speak with, from government leaders and advocacy groups to financial advisors and the CEOs of Canadian insurance companies. We know that whatever plans are in the works, they are not enough and that life settlements can play a valuable role in helping seniors with their financial needs. Not too mention, alleviate some of the financial burden on governments (taxpayers). To have government regulations that essentially prevent life settlements in Canada is … well, financially harmful to seniors and irresponsible governance.


LISAC-logo aloneThe Life Insurance Settlement Association of Canada (LISAC)

We have formed the Life Insurance Settlement Association of Canada because Canada needs leadership in life settlements – now. The new not-for-profit association is taking the lead in advancing and developing a well organized and well-regulated Canadian life insurance settlement industry.


The goal for the Life Insurance Settlement Association of Canada is similar to that of LISA in the United States.

To educate consumers and advisors about a life settlement as an alternative to allowing an insurance policy to lapse or be surrendered for less than its fair market value, and to advance the highest standards of practice and professional development for the life settlement industry.

Download the initial document outlining LISAC’s The Case for Life Settlements Or email us at: info@hereliesyourmoney.com and we’ll send you a copy.