Q:

What insurance policies does Crown Life Canada provide?

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Quick Answer

Crown Life Canada. Ltd. is a privately owned investment Ontario company that buys life insurance policies at a discount from persons who no longer need or want their life insurance policy. Crown Life Canada purchases insurance policies from seniors in the United States and holds them until maturity, according to the company. As of 2016, Crown Life Canada has investments in life insurance policies of more than $100 million.

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Full Answer

Life settlement companies typically purchase policies from elderly and infirm customers for 35 to 40 percent of the face value of the policy. The purchaser pays the premiums on these policies and eventually collects the death benefits, according to LifeHealthPro,

The practice of buying life insurance policies is illegal in Ontario, but it is permitted in other Canadian provinces and the United States, according to The Insurance & Investment Journal. Crown Life Canada Ltd. is not related in any way to the former Crown Life insurance company that was acquired by Canada Life in 1998. Crown Life Canada has operated under other names in the past, including Crown Alliance Capital Limited and Kinetic Resources Corporation.

In June 2015, Crown Life Canada became a wholly owned subsidiary of Terreno Resources Corporation, according to Market Wired.

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