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Topic: Financial - Warning Surrendered Life Insurance Policies
2014-11-18 20:32:34
GingersHalo Posts: 1
Joined: 2014-11-18
My husband surrendered his life insurance policies in November,while I was out of the country. It became one of the warning signs to me that something was drastically wrong as he had been a life insurance agent and had held the policies for 30 plus or minus years. He had a screening assessment in December which indicated significant issues, which were validated by a full neuropsychiatric assessment in January. He has Alzheimer's and Vascular Dementia. Sun Life would not reinstate the policies. I sought help from both the Sun Life and eventually the Province of Ontario Insurance Ombudsman but all agreed that he was financially competent. We had assigned all financial responsibility to his legal assistant but he was able to complete the few cases that he was handling. Both his psychiatrist and psychogeriatrician agreed that he wasn't likely financially competent on the day he surrendered the policies but we did not have objective proof on that date.I am tempted to go to the CBC Go Public. Has anyone else had this issue?

2014-11-18 20:32:34
Sharon Osvald Posts: 120
Joined: 0000-00-00
GingersHalo, I haven't heard about this specific issue of Life Insurance, but many many stories about people struggling in their dealings with banks- even when they DO have power of attorney. I've heard such sad stories about people who have to advocate and advocate because their spouses/parents/friends haven't been determined financially incompetent long after they should have been. People telling half the store clerks their pin number and withdrawing hundreds of dollars a day or giving away $ to people who are taking advantage of them. I agree with Ryley. Don't let this go without resolution. There needs to be some serious change in the rules and practices in banking and finance when it comes to protecting seniors who are obviously making decisions that are going to bring them harm. Thanks for sharing. Thinking of you!

2014-11-24 10:31:10
hannelasue Posts: 1
Joined: 2014-03-06
Maybe an elder law attorney would have some ideas about how to approach this situation. There is one I talked to once about a matter of a different sort . She was very forth coming with ideas and support. Her name is Jill MacLeod out of Toronto area.
Don't give up on this if you have the strength. These matters will become more anymore common. Plus you have an advantage as I see it due to the fact that he was in the insurance biz. It is not logical for an ins. man cancel a life policy. Gook luck with your challenge and your husband.

2014-11-25 18:19:18
Sharon Osvald Posts: 120
Joined: 0000-00-00
Be sure to read the post lower down for the rest of Ginger Halos story. Happily, the end result was having the insurance re-instated.

2015-02-25 00:25:27