The Great Insurance Robbery documentary now available The Great Insurance Robbery
on our site.
The history behind toxic life insurance policies is the defining factor behind the evolution of the Canadian Insurance industry. What was a Canadian self-made trap for the insurance companies evolved into a consumer nightmare when demutualization and industry consolidation amplified the impact of these toxic policies.
The existence of these portfolios of toxic life insurance policies has prevented and is still preventing the industry from moving forward whether it is about commissions of services, licensing, consumer rights or life settlements.
It is clear that the industry has to protect the status quo if it wants to protect high profit margins fueled by high lapse rates. In fact we believe that insurers need another 10 years of high lapses to detoxified these insurance portfolios.
While other countries are addressing consumers concerns in regards to life insurance legislating the use of life insurance as an asset, preventing unfair life sales practice by legislating a maximum illustration rate, Canada is not moving at all on these issues. This shows that regulators’ priority is to protect the profit returns of insurers even if it is at the expense of the consumer and at the expense of the future financial security of the provinces.
Insurance for the provinces is a revenue center. Provinces do not want to spend money to protect consumers, change anything that would reduce insurance business even if this means enforcing the law.
This is why I made this documentary. To show Canadians how they are robbed of their insurance…
The Insurance Specialist 