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The Time to Sign is Now

FINSAC – the Financial Sector Adjustment Company – has put forward a proposal which will allow approximately 9,000 policy holders with lump sum, interest-sensitive policies to have access to their funds almost immediately.

However, holders of Mutual Investor Plus, Fortune and Asset Investor policies must go to their insurance companies to sign the agreement to show their acceptance of the offer.

Policyholders with $200,000 or Less

Policyholders with $200,000 or less invested will be able to get back all their money soon after accepting the offer since signing the agreement triggers the opening of an account at the Bank of Nova Scotia. The earlier policyholders sign, the earlier they will have access to their money.

Those signing between March 11 – April 9 will have their accounts opened on May 1, while those signing April 12 – May 10 will be able to have their accounts in operation on June 1, 1999.

The first $200,000 of policyholders’ investment will be available through a BNS account once he/she has agreed to the Finsac proposal. The balance will be covered by a Certificate of Participation, which matures in 7 years.

In the meantime, policyholders will earn tax-free interest at the BNS passbook rate. Interest will be paid twice per year and the Certificates are tradable.

 

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