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“Can I sell my life insurance policy?” is a question Canadian insurance professionals are often asked. This might seem counterintuitive—after all, we purchase life insurance to safeguard the financial security of our loved ones in the event of death, not to provide an infusion of cash while we’re still alive.
But some policyholders do sell their own policies, usually because of a personal cash flow crisis or an inability to continue paying premiums. Since life insurance can be considered an “investment,” so to speak, selling could make sense. It likely isn’t an easy decision to make, but selling a life insurance policy can be a relatively quick and simple way to ease financial pressure in a time of need.

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Can you sell a life insurance policy in Canada?
The short answer is: “Yes!” But in the majority of Canadian provinces, there are laws in place that limit how and to whom you can sell your policy…

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Whole life insurance is just what it sounds like: a policy you buy into for the duration of your lifetime. And if the year 2020 was anything, it was a lesson in expecting the unexpected. (Seriously, who could have predicted that a masked trip to the grocery store would be the highlight of your social calendar?) While we all hope the years to come will be better, nothing says foresight like knowing your options when it comes to life insurance. Here’s what you need to know about whole life insurance.
What is whole life insurance?
Whole life insurance provides coverage for life at a fixed premium, meaning the cost of your individual payments never changes. This is a big advantage over term insurance, for which the cost of your premiums is likely to change when you renew for another term. Another plus with whole life insurance is that you never have to re-qualify for coverage, so even if you develop a condition, the cost of your premiums won’t increase. 
And here’s another good thing about a whole life policy: It can generate a cash value over time…

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Simply put, a viatical settlement is an agreement for selling a life insurance policy. Why would someone do this? Should you? While life insurance can be seen as an investment for your loved ones after you pass, it may be possible for you to access some of the cash value before you die. 
A viatical settlement allows a policyholder to sell their life insurance for a percentage of the net benefit. It is not legal in most Canadian provinces (but in Ontario, for example, the rules may soon change, specifically around prohibiting the sale of a policy for charitable donations.)
“Viatical settlement” isn’t a term you commonly hear in discussions about life insurance. It’s usually defined as the sale of a life insurance policy by the owner to a third party because the owner is in financial distress. The third party buys the policy at a discounted price, but at a rate higher than the premiums paid or the current cash surrender value. 
The idea behind a viatical settlement is that the policyholder gets an immediate cash settlement that can be used however it’s needed…

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A life insurance broker gets paid to provide you with the best life insurance coverage for your needs. But how does the process work? To answer that, we’ve outlined what insurance brokers do, how insurance brokers get paid (by you and/or the provider?), and how to spot a great broker, so you can end up with a policy tailored to your needs (instead of your broker’s commission).
What life insurance brokers do
Insurance brokers sell and package life insurance, living benefits and wealth-related products. These can include life insurance policies (like term and whole life insurance) and living benefit riders (like disability, critical illness, long-term care, individual, health and dental insurance). Life insurance brokers can also sell wealth products, like segregated funds and annuities.
In addition to selling these products, brokers are required to follow industry guidelines set by provincial insurance counsels and expected to follow guidelines set by industry organizations like the Canadian Life and Health Insurance Association (CLHIA)…

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