LTC and Life Insurance in Canada
Table of Contents
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Care Around the World |
1 |
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Inverse Care / Impoverishing Care |
1 |
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Fragmented and Fragmenting Care |
2 |
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Unsafe Care / Misdirected Care |
2 |
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Primary Health Care |
3 |
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Secondary Health Care / Tertiary Health Care |
4 |
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The Canadian Healthcare System |
5 |
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Critical Illness Insurance |
6 |
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Characteristics of Critical Illness Insurance (Critical Illnesses) |
7 |
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Considering Critical Illness Insurance / Achieving Quality Health Care |
8 |
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Exclusions in Coverage |
9 |
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Long-Term Care |
10 |
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Long-Term Care in Canada |
11 |
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CLHIA Report Updated July 2014 |
13 |
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Accessibility |
14 |
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Intergenerational Fairness / Quality Services / Sustainability |
15 |
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Citizens Must Become Responsible |
17 |
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Entering Old Age with Dignity |
18 |
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Long-Term Care Service Capacity |
19 |
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Adequate Personnel |
21 |
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Analyzing the Risk |
22 |
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CLHIA Funding Recommendations |
24 |
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Assisted Living Facilities |
25 |
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Fear of Institutionalization / Changing Times |
27 |
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A Health Issue / Population Growth |
28 |
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Frailty / Changes in Health / Financial Depletion / Affording the Cost of Insurance |
29 |
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Making Plans for the Future / All Ethnic, Religious, and Racial Segments are Affected |
30 |
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Judging Need Based on Family History / ADLs |
31 |
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Making a Logical Assessment / Case Mangers / Personal Control |
32 |
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Premiums must be Affordable for the Duration / Improved Protection |
33 |
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Benefit Qualification / Women and Long-Term Care / Finding Caregivers |
34 |
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The Spouse / Children as Caregivers / Paid Caregivers |
35 |
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Adult Day Care and Adult Day Health Care |
36 |
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Community-Based Care / Respite Care / Assisted Living Facilities |
36 |
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Long-Term Care Insurance |
40 |
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Policy Terms / Participants |
41 |
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Long-Term Care Insurance Premiums / Premium Due Dates |
41 |
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Withdrawable Premium Fund / Policy Reinstatement / Premium Guarantees / Premium Waivers |
42 |
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Return of Premium upon Death / Long-Term Care Policy Benefits / Time Limits |
43 |
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Benefit Amounts / Cancelation Guarantees / Policy Ending Date / Policy Incontestability |
44 |
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Policy Effective Dates / Dependency Determination under the Policy |
45 |
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Defining Activities of Daily Living (ADL) |
46 |
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Policy Exclusions and Limitations |
47 |
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Inflation Protection / Filing a Long-Term Care Claim |
48 |
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Continuous Versus Individual Claims / Considering Need |
50 |
|
Life Insurance in Canada / Insurance Agents |
51 |
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Life Insurance Contracts (terms) |
52 |
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Life’s a Gamble / Defining Risk |
54 |
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Comfort Level |
55 |
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Insurance Risks, Perils & Hazards / Chance of Loss |
56 |
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Morale & Moral Hazards / Law of Large Numbers |
57 |
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Types of Risk |
58 |
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Investment Risk |
59 |
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Issuance |
60 |
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Insurable Interest in Life Insurance |
61 |
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A Fairytale Case Study |
62 |
|
Stranger Originated Life Insurance (STOLI) |
63 |
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Charitable Use of STOLIs |
66 |
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Life & Viatical Settlement Agreements / Definitions |
68 |
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Understanding the Viatical Product / How do Viatical Settlements Work? |
70 |
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Purchasing Partial Policies / Viatical Participant Confidentiality |
71 |
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Paying the Viator / Buyer’s Remorse |
71 |
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Following Payment for the Life Policy / Checking Health Status through Physicians |
72 |
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Extra Policy Benefits / Other Available Options |
72 |
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What Every Policy Owner Needs to be Aware of |
73 |
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Viatical Settlement Development |
73 |
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Medical Underwriting |
74 |
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Insurance Underwriting |
75 |
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How Consumers View Them |
76 |
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Policy Ownership Transfer / Policy Premium Payments |
78 |
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Outstanding Policy Loans |
80 |
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Additional Investment Fees |
81 |
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Escrow Trust Accounts / Viatical & Life Settlement Disclosures |
82 |
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Personal Information Protection & Electronic Documents Act |
83 |
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Insurance Policy Effective Dates |
84 |
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Material Facts / Beneficiary Designations in General |
85 |
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Life Insurance / Changing Social Times |
88 |
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Two Basic Insurance Terms: Premium & Peril |
89 |
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Betting Against the Insurance Company |
89 |
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Good Financial Plans Involve Life Insurance Contracts / Intent |
90 |
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Estate Planning: Procedures, Not Products |
91 |
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Providing for Others Through Planning |
92 |
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Using Discipline to Achieve Security / Clarifying Client Objectives / The Need for Broader Knowledge |
93 |
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Basic Goals of Life Insurance / Life Insurance Trusts |
94 |
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Trust Beneficiaries / Kinds of Life Insurance / An Estate Planning Tool |
95 |
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Term Insurance: No Money, Just Coverage |
96 |
|
Whole Life Insurance: the Granddaddy |
96 |
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Endowment Insurance Policies: Forced Savings |
97 |
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Universal Life: Separating Expenses |
97 |
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Variable Universal Life: Few Guarantees |
98 |
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Survivorship Life: Insuring Two or More People |
100 |
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Single Premium Whole Life: One Payment |
100 |
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Buy-Sell Agreements |
101 |
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Annuities (defined) / Annuity Terminology |
102 |
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General Policy Provisions |
106 |
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Planning for Increased Life Spans |
107 |
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Longevity Risk / Variable Annuities (Segregated Funds) |
108 |
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Maturity Guarantees / Death Benefit Guarantees / Performance of Funds is not Guaranteed |
109 |
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Types of Contracts |
110 |
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Registered Retirement Savings Plans (RRSP) / Section 146 of the Income Tax Act |
111 |
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Non-Registered Annuities / Prescribed Treatment/Non-Prescribed Treatment |
112 |
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RRSP Types / Contributions |
114 |
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Spousal RRSP |
115 |
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Taxation of Deferred Annuities / The Decision to Buy |
116 |
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Life Income Funds / Immediate Annuities |
117 |
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Payout Options |
118 |
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Single Life Payout Option |
119 |
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Joint-and-Survivor Payout Option / Installment Refund Life Payout Option / Variable Annuity Payout Option |
120 |
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Term Certain Payout Option / Other Products |
121 |
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Dollar Cost Averaging / Annuity Beneficiary Designations |
122 |
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Annuity Contingent Beneficiaries |
123 |
|
The Insurance Contract |
124 |
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Deposits / Surrender Penalties |
125 |
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Retirement Savings Plan (RSP) Endorsements / Switches |
126 |
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Investment Options |
127 |
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Product Suitability / Saving Adequately / The Reason for the Goal (the reward) |
128 |
|
Determining Goals |
131 |
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Basic Product Information Requirements / Determining Product Suitability |
133 |
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Product Replacement (twisting, churning) |
135 |
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Identifying Suitability Issues |
136 |
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It is Not a Liquidity Issue but Rather a Suitability Issue |
137 |
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A Comprehensive Financial Plan |
138 |
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Suitability in the Retail Sale of Financial Products (report) |
140 |
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Determining Suitability According to the Report |
145 |
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Annuity Surrender Values and Penalties / Financially Sound Insurers |
146 |
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Anti-Money Laundering |
147 |
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Abbreviations / Client Due Diligence |
149 |
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Determining Identification in a Face-to-Face Interview |
150 |
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Identification of New Business Clients / Confirming the Client’s Business |
151 |
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Collection of Beneficial Owner & Director Information |
151 |
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Not-for-Profit Organizations / Exceptions to Requirements for Business Clients |
152 |
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Third-Party Determination / Politically Exposed Foreign Person Requirement |
153 |
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Retention of Client Records / Suspicious Transactions / “Red Flag” Indicators |
154 |
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Tipping Off / Large Cash Transaction Reporting |
155 |
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The Proceeds of Crime & Terrorist Financing Administration Monetary Penalties Regulations |
155 |
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Terrorism Produces Insurer Risk |
155 |
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Proceeds of Crime and Terrorism Financing Act / Object of the Act |
157 |
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Company Objectives / Policy Application / Restricted Businesses and Entities / AML Education |
159 |
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A Change in Thinking |
160 |
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Product Identification: 1. Single Premium Life Insurance Contracts |
161 |
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2. Early Policy Redemption / 3. Claim Fraud / 4. Cash Premium Payments |
162 |
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5. “Free Look” Periods on Newly Issued Policies |
163 |
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6. Collusion of Customer Intermediary and/or Insurer Employee / 7. Third-Party Premium Payments |
163 |
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8. Risks Involved in International Transactions |
163 |
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9. Fraudulent Customers, Insurers, or Reinsurance Companies |
164 |
|
Money Laundering Indicators not Unique to Insurance Products |
164 |
|
Characteristics of the Money Launderer |
165 |
United Insurance Educators, Inc.
8213 – 352nd Street East
Eatonville, WA 98328
(253) 846-1155
Email: mail@uiece.com