Purpose: To outline the type of personal information requested or required, to detail how this information may be used and to detail the steps taken to safeguard this information.
TYPES OF PERSONAL INFORMATION:
Name, address, sex, date of birth, proof of age for the principal measuring life
Name, address, relationship to the measuring life of any named secondary payee, if there is a guarantee period built into the annuity plan
Name, address, sex, date of birth, proof of age for a joint measuring life, (Note: this is only requested if the annuity is purchased as a "Joint Life" annuity.)
Medical information, requested only when there is evidence that a medical age rate up may be possible; this improves the annuity yield for the recipient.
Medical information is made available only to the company or companies from which a medical age rate up is requested. Medical information is not requested or used for any other purpose nor is it disclosed verbally or in any other manner to any other individual or organization.
Medical age rate up: specific to the company rating the measuring life, used to establish the underwriting for an annuity. Not made available to any individual or organization with the sole exception of the annuitant’s lawyer and only for the purpose of establishing amounts required for life-time care or income replacement benefits.
Banking information: this is not requested by SSGI, it is made available by the annuitant in order to have annuity payments deposited directly to the recipient’s bank account.
Legal representation: requested in order to ensure the compliance of legal documents with Canada Revenue Agency policies as well as a contact point with the annuitant.
All such information is kept in a file specific to the measuring life. Data is not shared between files. Data is not made available to any person, firm or organization not directly approved by the measuring life. All files are kept in locked storage.
Data is retained permanently in the measuring life file with the sole exception of medical information.
All medical information received is shredded immediately upon issuance of the annuity policy. This includes the medical age rate ups received from the life insurance companies.
USAGE OF PERSONAL INFORMATION:
Medical data is only used to obtain a medical age rate up for the measuring life. Medical data and age rate ups are not kept on file after the annuity policy is issued. This information is destroyed, by shredding.
Name, address, proof of birth and information about secondary payees is required in order to complete the annuity application. No additional information is requested.
Personal banking information is not requested but may be made available by the annuitant. It is not kept on file but forwarded to the insurance company in order to generate direct deposit of annuity payments to the annuitant’s bank account.
Chief Privacy Officer – Doug Mitchell