Olympia Financial Group Inc. Files Patent Application for Owner-Directed Universal Life Insurance Product
15 August 2012 - 7:13PM
PR Newswire (Canada)
CALGARY, Aug. 16, 2012 /CNW/ - Olympia Financial Group Inc. is
pleased to announce that it has filed a patent application in
Canada and the United States for an owner-directed universal life
insurance product. Olympia's invention is a life-insurance
product which comprises a universal life insurance policy where an
owner of the insurance product is permitted to fully manage the
assets in their account. Further, the policy-holder's account
may have safeguards against policy lapse for non-payment of
premiums and/or loss of tax-advantaged status of the account by
pre-configured authorization settings and the inclusion of at least
one other asset side account (and optionally may include at least
one trust account). Olympia's owner-directed universal life
insurance product will allow universal life policy-holders
unprecedented discretion and control over their life insurance
account assets. As Olympia is not an insurance company (and does
not plan on becoming an insurance company) Olympia 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. Olympia is now seeking joint venture partners
for the product and may entertain licensing agreements with certain
insurers. Rick Skauge, President and Chief Executive Officer 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." Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Olympia Financial
Group Inc. CONTACT: Rick Skauge, President, at (403)
650-0075,e-mail ricks@olympiatrust.com or visit the website
www.olympiatrust.com
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