Canada’s Olympia
Financial Group has filed a patent application in Canada and the US
for an ‘owner-directed’ universal life insurance product that is
targeted at sophisticated investors.

The product’s
‘owner-directed’ feature would mean the owner of the insurance plan
is permitted to fully manage the assets in their
account. 

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An individual’s account
could also have safeguards against a policy lapse for the
non-payment of premiums and/or loss of tax-advantaged status of the
account by pre-configured authorisation settings and the inclusion
of another account, according to Olympia.

As Olympia is not an
insurance company, it plans to earn fees or royalties for the
administration of the self-directed portion of the owner-directed
assets and will not underwrite or offer life insurance.

JV partners

Olympia is now seeking
joint venture partners for the product and has said it may
entertain licensing agreements with certain insurers.

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Olympia Benefits, a
subsidiary of Olympia Financial Group, has been in business since
1996 and is a health and dental plan administrator to Canada’s
small business owners.

Rick Skauge, president
and CEO of Olympia, noted: “This new structure will allow
individuals to contribute shares of listed companies, bonds, or
mortgages to their universal life policies.

“The costs to administer
these plans will be more transparent than the costs associated with
traditional universal life policies.  We believe that
sophisticated individuals, who are talented at making good
investment returns, will be attracted to this type of
owner-directed policy. We also anticipate that stock brokers and
mortgage brokers will be strong proponents of such a
product.”

Speaking to Life
Insurance International, Skauge the product would appeal to
entrepreneurs because they are used to “being in control” of their
assets.