Business
Olympia Financial Group Inc. Files Patent Application for Owner-Directed Universal Life Insurance Product
CALGARY, Aug. 16, 2012 /CNW/ - Olympia Financial Group Inc. (TSXV: OLY) is pleased to annou...
About this update from Olympia Financial Group Inc.
[{"type":"text","content":"\n\n\n\n\n\nCALGARY, Aug. 16, 2012 /CNW/ - Olympia Financial Group Inc. (TSXV: OLY)\n is pleased to announce that it has filed a patent application in Canada\n and the United States for an owner-directed universal life insurance\n product.  Olympia's invention is a life-insurance product which\n comprises a universal life insurance policy where an owner of the\n insurance product is permitted to fully manage the assets in their\n account.  Further, the policy-holder's account may have safeguards\n against policy lapse for non-payment of premiums and/or loss of\n tax-advantaged status of the account by pre-configured authorization\n settings and the inclusion of at least one other asset side account\n (and optionally may include at least one trust account).  Olympia's\n owner-directed universal life insurance product will allow universal\n life policy-holders unprecedented discretion and control over their\n life insurance account assets.\n\n\nAs Olympia is not an insurance company (and does not plan on becoming an\n insurance company) Olympia plans to earn fees or royalties for the\n administration of the self-directed portion of the owner-directed\n assets and will not underwrite or offer life insurance. Olympia is now\n seeking joint venture partners for the product and may entertain\n licensing agreements with certain insurers.\n\n\nRick Skauge, President and Chief Executive Officer of Olympia, noted: \n \"This new structure will allow individuals to contribute shares of\n listed companies, bonds, or mortgages to their universal life policies.\n The costs to administer these plans will be more transparent than the\n costs associated with traditional universal life policies.  We believe\n that sophisticated individuals, who are talented at making good\n investment returns, will be attracted to this type of owner-directed\n policy. We also anticipate that stock brokers and mortgage brokers will\n be strong proponents of such a product.\"\n\n\nNeither TSX Venture Exchange nor its Regulation Services Provider (as\n that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this release.\n\n\n \n\nSOURCE: Olympia Financial Group Inc.\n\n\n Rick Skauge, President, at (403) 650-0075, e-mail [email protected] or visit the website&#...