• The bill prohibits lenders from requiring borrowers to purchase insurance, annuities, or other
similar financial products as a condition of getting a reverse mortgage.
Under the law, the PDS must include enough detail for you to compare
similar financial products so you can make an informed decision about which one to invest in.
The banking, securities and insurance sectors were previously overseen by separate entities, which led to
similar financial products being regulated differently depending on who the issuer was.
Whenever you apply for a credit card, loan or
similar financial product, the bank, financial institution or lender will run a hard inquiry of your credit report.
If you're considering variable life insurance, it's important to consider how this policy stacks up to
similar financial products.
The PDS should set out enough detail about the product for you to compare it to
similar financial products.
If you're considering variable life insurance, it's important to consider how this policy stacks up to
similar financial products.