LTC and Life Insurance in Canada
Table of Contents
Care Around the World |
1 |
Inverse Care / Impoverishing Care |
1 |
Fragmented and Fragmenting Care |
2 |
Unsafe Care / Misdirected Care |
2 |
Primary Health Care |
3 |
Secondary Health Care / Tertiary Health Care |
4 |
The Canadian Healthcare System |
5 |
Critical Illness Insurance |
6 |
Characteristics of Critical Illness Insurance (Critical Illnesses) |
7 |
Considering Critical Illness Insurance / Achieving Quality Health Care |
8 |
Exclusions in Coverage |
9 |
Long-Term Care |
10 |
Long-Term Care in Canada |
11 |
CLHIA Report Updated July 2014 |
13 |
Accessibility |
14 |
Intergenerational Fairness / Quality Services / Sustainability |
15 |
Citizens Must Become Responsible |
17 |
Entering Old Age with Dignity |
18 |
Long-Term Care Service Capacity |
19 |
Adequate Personnel |
21 |
Analyzing the Risk |
22 |
CLHIA Funding Recommendations |
24 |
Assisted Living Facilities |
25 |
Fear of Institutionalization / Changing Times |
27 |
A Health Issue / Population Growth |
28 |
Frailty / Changes in Health / Financial Depletion / Affording the Cost of Insurance |
29 |
Making Plans for the Future / All Ethnic, Religious, and Racial Segments are Affected |
30 |
Judging Need Based on Family History / ADLs |
31 |
Making a Logical Assessment / Case Mangers / Personal Control |
32 |
Premiums must be Affordable for the Duration / Improved Protection |
33 |
Benefit Qualification / Women and Long-Term Care / Finding Caregivers |
34 |
The Spouse / Children as Caregivers / Paid Caregivers |
35 |
Adult Day Care and Adult Day Health Care |
36 |
Community-Based Care / Respite Care / Assisted Living Facilities |
36 |
Long-Term Care Insurance |
40 |
Policy Terms / Participants |
41 |
Long-Term Care Insurance Premiums / Premium Due Dates |
41 |
Withdrawable Premium Fund / Policy Reinstatement / Premium Guarantees / Premium Waivers |
42 |
Return of Premium upon Death / Long-Term Care Policy Benefits / Time Limits |
43 |
Benefit Amounts / Cancelation Guarantees / Policy Ending Date / Policy Incontestability |
44 |
Policy Effective Dates / Dependency Determination under the Policy |
45 |
Defining Activities of Daily Living (ADL) |
46 |
Policy Exclusions and Limitations |
47 |
Inflation Protection / Filing a Long-Term Care Claim |
48 |
Continuous Versus Individual Claims / Considering Need |
50 |
Life Insurance in Canada / Insurance Agents |
51 |
Life Insurance Contracts (terms) |
52 |
Life’s a Gamble / Defining Risk |
54 |
Comfort Level |
55 |
Insurance Risks, Perils & Hazards / Chance of Loss |
56 |
Morale & Moral Hazards / Law of Large Numbers |
57 |
Types of Risk |
58 |
Investment Risk |
59 |
Issuance |
60 |
Insurable Interest in Life Insurance |
61 |
A Fairytale Case Study |
62 |
Stranger Originated Life Insurance (STOLI) |
63 |
Charitable Use of STOLIs |
66 |
Life & Viatical Settlement Agreements / Definitions |
68 |
Understanding the Viatical Product / How do Viatical Settlements Work? |
70 |
Purchasing Partial Policies / Viatical Participant Confidentiality |
71 |
Paying the Viator / Buyer’s Remorse |
71 |
Following Payment for the Life Policy / Checking Health Status through Physicians |
72 |
Extra Policy Benefits / Other Available Options |
72 |
What Every Policy Owner Needs to be Aware of |
73 |
Viatical Settlement Development |
73 |
Medical Underwriting |
74 |
Insurance Underwriting |
75 |
How Consumers View Them |
76 |
Policy Ownership Transfer / Policy Premium Payments |
78 |
Outstanding Policy Loans |
80 |
Additional Investment Fees |
81 |
Escrow Trust Accounts / Viatical & Life Settlement Disclosures |
82 |
Personal Information Protection & Electronic Documents Act |
83 |
Insurance Policy Effective Dates |
84 |
Material Facts / Beneficiary Designations in General |
85 |
Life Insurance / Changing Social Times |
88 |
Two Basic Insurance Terms: Premium & Peril |
89 |
Betting Against the Insurance Company |
89 |
Good Financial Plans Involve Life Insurance Contracts / Intent |
90 |
Estate Planning: Procedures, Not Products |
91 |
Providing for Others Through Planning |
92 |
Using Discipline to Achieve Security / Clarifying Client Objectives / The Need for Broader Knowledge |
93 |
Basic Goals of Life Insurance / Life Insurance Trusts |
94 |
Trust Beneficiaries / Kinds of Life Insurance / An Estate Planning Tool |
95 |
Term Insurance: No Money, Just Coverage |
96 |
Whole Life Insurance: the Granddaddy |
96 |
Endowment Insurance Policies: Forced Savings |
97 |
Universal Life: Separating Expenses |
97 |
Variable Universal Life: Few Guarantees |
98 |
Survivorship Life: Insuring Two or More People |
100 |
Single Premium Whole Life: One Payment |
100 |
Buy-Sell Agreements |
101 |
Annuities (defined) / Annuity Terminology |
102 |
General Policy Provisions |
106 |
Planning for Increased Life Spans |
107 |
Longevity Risk / Variable Annuities (Segregated Funds) |
108 |
Maturity Guarantees / Death Benefit Guarantees / Performance of Funds is not Guaranteed |
109 |
Types of Contracts |
110 |
Registered Retirement Savings Plans (RRSP) / Section 146 of the Income Tax Act |
111 |
Non-Registered Annuities / Prescribed Treatment/Non-Prescribed Treatment |
112 |
RRSP Types / Contributions |
114 |
Spousal RRSP |
115 |
Taxation of Deferred Annuities / The Decision to Buy |
116 |
Life Income Funds / Immediate Annuities |
117 |
Payout Options |
118 |
Single Life Payout Option |
119 |
Joint-and-Survivor Payout Option / Installment Refund Life Payout Option / Variable Annuity Payout Option |
120 |
Term Certain Payout Option / Other Products |
121 |
Dollar Cost Averaging / Annuity Beneficiary Designations |
122 |
Annuity Contingent Beneficiaries |
123 |
The Insurance Contract |
124 |
Deposits / Surrender Penalties |
125 |
Retirement Savings Plan (RSP) Endorsements / Switches |
126 |
Investment Options |
127 |
Product Suitability / Saving Adequately / The Reason for the Goal (the reward) |
128 |
Determining Goals |
131 |
Basic Product Information Requirements / Determining Product Suitability |
133 |
Product Replacement (twisting, churning) |
135 |
Identifying Suitability Issues |
136 |
It is Not a Liquidity Issue but Rather a Suitability Issue |
137 |
A Comprehensive Financial Plan |
138 |
Suitability in the Retail Sale of Financial Products (report) |
140 |
Determining Suitability According to the Report |
145 |
Annuity Surrender Values and Penalties / Financially Sound Insurers |
146 |
Anti-Money Laundering |
147 |
Abbreviations / Client Due Diligence |
149 |
Determining Identification in a Face-to-Face Interview |
150 |
Identification of New Business Clients / Confirming the Client’s Business |
151 |
Collection of Beneficial Owner & Director Information |
151 |
Not-for-Profit Organizations / Exceptions to Requirements for Business Clients |
152 |
Third-Party Determination / Politically Exposed Foreign Person Requirement |
153 |
Retention of Client Records / Suspicious Transactions / “Red Flag” Indicators |
154 |
Tipping Off / Large Cash Transaction Reporting |
155 |
The Proceeds of Crime & Terrorist Financing Administration Monetary Penalties Regulations |
155 |
Terrorism Produces Insurer Risk |
155 |
Proceeds of Crime and Terrorism Financing Act / Object of the Act |
157 |
Company Objectives / Policy Application / Restricted Businesses and Entities / AML Education |
159 |
A Change in Thinking |
160 |
Product Identification: 1. Single Premium Life Insurance Contracts |
161 |
2. Early Policy Redemption / 3. Claim Fraud / 4. Cash Premium Payments |
162 |
5. “Free Look” Periods on Newly Issued Policies |
163 |
6. Collusion of Customer Intermediary and/or Insurer Employee / 7. Third-Party Premium Payments |
163 |
8. Risks Involved in International Transactions |
163 |
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.
PO BOX 1030
Eatonville, WA 98328
(253) 846-1155
Email: mail@uiece.com