By Joe Gilinsky, FCIS, TEP, RHU I had insured a client and his wife 8 years ago as it was their wish to protect their mortgage in the event of death so that the survivor would be in a position to retire the mortgage if he or she chose to do so. They had decided to insure themselves independently so that they would be the direct beneficiaries of each other’s insurance instead of the bank being in control of the funds. At the time of claim, it frequently is to the survivor’s benefit to receive and deal with the insurance proceeds to suit the needs of the claimant. In the interim, the husband had assigned the policy on his life to his business bank in order to secure a Business Line of Credit where the outstanding balance owing to the bank will be taken from the insurance proceeds and the residue, if ...