Out-living your money is a senior’s nightmare …
But it doesn’t have to be this way. For many Ontario seniors like Morris Adams, living longer could soon improve financially … but you have to do something – before October 19th
Morris Adams, 91-year-old Canadian
“The fear of seniors is that they will outlive their money. Ruthie and I have.” – Morris Adams
(2 minute read)
Is 91-year-old Morris Adam’s story your story?
Morris Adams, at ninety-one, in addition to being sharp-as-a-tack, appeared cool as a cucumber under the hot lights of the Ontario Government media room on Tuesday, October 3, 2017 (See CTV News 2-minute video). For a long time, Morris has been telling an unfortunate story about his financial struggles and the inexplicable and egregious dilemma with his life insurance. It’s a story he has told to plenty of people, but to no avail. Until he met his Member of Provincial Parliament (MPP), Michael Colle. That brought him to this day and a press conference in which he was able to talk to the more than two million seniors in Ontario, and the almost six million in Canada.
Morris is a living example of what many seniors fear most: out-living their money. He said, “I might have another five years and I have $500,000 in term life insurance but it’s doing me no good. I’m broke. I’ve gone through $200,000 in savings, paying $35,000 a year in care giving for my wife Ruthie.” As MPP Colle said, “Ontario seniors are insurance policy rich and cash poor.” The fact that Morris lives in Ontario means he cannot sell his life insurance for its fair market value, unlike millions of other seniors who live in other provinces and throughout most of the United States and the world. They are getting millions of dollars ($7 million a day in the US alone) from the sale of their policies through what is called, a “life settlement.” But not in Ontario.
(l) Morris Adams (r) MPP Michael Colle
But that is about to change … IF Michael Colle can pass his Bill 162. But he needs your help – before an October 19th vote in the Ontario Legislature. MPP Colle is taking a stand on behalf of Morris Adams and millions of Ontario seniors and he needs you to voice your support.
“We have to change this stupid law.”– Michael Colle, MPP.
Contact your MPP today
Bill 162 will amend an archaic regulation in the Ontario Insurance Act that discriminates against seniors and prevents them from selling insurance policies in a well-regulated, open, free market system. Their policy is an asset they own and yet, they cannot access its fair market value, instead they have to settle for its “cash surrender value” – if any – from the insurance company or keep up the payments, which many can no longer afford.
To see what CTV News said about it, view the 2:23 minute video. Or listen to my 3 minute radio commentary, Life Insurance Settlements on 89.7fm. And for more information on this important issue, click on these two links:
- MPP Colle’s Facebook page for Bill 162.
- The Life Insurance Settlement Association of Canada (LISAC) website.
If you are a senior, or know someone who is (someday we all will be a senior), then a simple email or phone call could go a long way to correcting this terrible wrong. Click here to get your MPP’s email and phone number. Just ask them to support Bill 162, Insurance Amendment Act (Life Settlements), 2017.
This is about putting billions of dollars in seniors’ pockets – money that is rightfully theirs!
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My personal history is the stuff they write books about. And that's what I am doing. The working title, "Chains of My Father: Marry White."
"The ghostly image of the tragic mulatto trapped between two worlds." - Barack Obama
This perspicacious line from the Prologue of Barack Obama's "Dream from My Father" wrenched my aspiration into action. I started writing, furiously. Unlike Obama's perspective, my pain had been for the opposite reason: I was not seen by whites as a "tragic mulatto," rather I lived every day of my childhood hoping whites were not "searching my eyes for some telltale sign" that I WAS mulatto. This is my story.
It's historical fiction because I cannot find enough records to substantiate all facets of the story. I've combed the genealogy, traveled to my father and grandmothers' birthplace, walked the graveyards, searched the churches and ... well, all the facts aren't there. I have written three books based on the genealogy of other families but my ancestors emerged from a journey that left too few records – slavery.
My paternal, great grandmother was a "freed slave." My grandmother, Amelia, was born to a mixed race slave named Mary (we do not know her last name) and a white, French plantation owner, the Count de Poullain, in Grenada, West Indies. Amelia was raised in the "Big House" and in adulthood, in an attempt to escape her black heritage disowned her mother, telling her, "Get out and never come back." Amelia, as a mother of twelve children, enshrined into the family commandments, "Marry white." Many did, including my father. My mother was a lovely, white, Anglo-Saxon protestant born in England. They met in Canada where my dad studied and became a doctor.
It has taken five generations for the descendants of Mary to free themselves from the stigma of their black heritage but today my children embrace it. Unfortunately, the past 250 years have been a wasteland of bigotry, racism and bullying. But, on closer look, we see not only the brutality, fear, violence, and murder but also the self-respect, dignity, love, kindness, perseverance and indomitable spirit.
As of the spring of 2025, the depth of historic perspective and the sweeping inspiration of oppressed people has created a two-volume duology of which I have only arrived at the middle of the 19th century. 1840 is the year my great grandfather was born, the beginning of Volume II, and he's pushing me to make sure our story is published by the summer of 2026.
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