Veterans Life Insurance (VAC PPU 035)

Description: This bank contains information required for the provision and administration of Veterans’ life insurance programs. Personal information may include name; contact information; dates of birth and death; insurance policy number; Veterans Affairs identification number; signature; beneficiary information; power of attorney and executor information, including name and contact information; relationship to the insured; birth certificates; War Service Gratuity forms; copy of passport; photographs; Canadian Pension Commission decisions; medical reports; cancelled cheques; wills, if there is a reference contained in it to the Life Insurance policy; letters probate and letters administration; lawyers information including name and contact information.

Note: Revised in 2012 to reflect common language. Veterans Affairs no longer sells life insurance to clients.

Class of Individuals: Veterans, widows/widowers of Veterans, qualified civilians, representatives and individuals who are authorized to administer the estate of the deceased.

Purpose: Personal information was collected under the authority of the Veterans Insurance Act, the Veterans Insurance Regulations, the Returned Soldiers' Insurance Act and the Returned Soldiers' Insurance Regulations, and is used to identify eligible Veterans, certain civilian personnel or widow(er)s of Veterans who contracted for life insurance under the provisions of the Acts listed above and to administer the insurance policies.

Consistent Uses: The policy number, value of the policy and the date of death of the insured may be shared with the beneficiaries of a policy holder and with the administrator/executor of the estate of the deceased policy holder or beneficiary to issue the death benefit payment from the life insurance policy; with the Office of the Superintendent of Financial Institutions in the annual valuation reports submitted to the Chief Actuary reporting all activity on individual policies; with Canada Revenue Agency - CRA PPU 005 (Individual Income Tax Return), for tax purposes required under the Income Tax Act.

Retention and Disposal Standards: Regardless of the format, the retention period is 10 years after the policy has been paid out.