CALGARY, Aug. 16, 2012 /CNW/ - Olympia Financial Group Inc. (TSXV: OLY) 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.
SOURCE: Olympia Financial Group Inc.
For further information: