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Questions & Answers

General Questions About Insurance

Q: How do I notify you of my new address, phone number, and other contact information?

A: Send a letter to your insurance representative or to us. Include your new contact in formation and the policy numbers of the affected policies. As only the owner of the policy can request a change to the policy, the policyowner must sign the letter. If you have any questions or require our mailing address, contact your insurance representative or contact us.

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Q: My name has changed, how do I notify you of my new name?

A: There are two ways you can do this. Send a completed Change in Name form, or a letter showing your full previous name, full new name and policy numbers, to your insurance representative or to us. We may need proof of your name change (e.g. a copy of a legal document). If we do, we will let you know. As only the owner of the policy can request a change to the policy, the policy owner must sign the form. To get a form, or if you have any questions, contact your insurance representative or contact us.

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Q: How do I change the beneficiary on my policy?

A: Send a letter to your insurance representative or to us. Include the full name and address of the new beneficiary and note the policy numbers on which this person is to be a beneficiary. If you wish to designate that person as an irrevocable beneficiary, note that in the letter as well.

If a beneficiary is under 16 years of age, include the beneficiary’s date of birth as well as the full name and address of the appointed trustee, if one has been appointed.

To remove a beneficiary, state the full name of the person who is no longer to be a beneficiary. If the beneficiary you wish to remove is designated as an irrevocable beneficiary, that person needs to acknowledge the change and sign the letter along with the owner’s signature.

If a person is designated as an irrevocable beneficiary, that person needs to acknowledge any change to the coverage provided by the policy by signing the letter or form requesting the change along with the owners signature.

When you have more than one beneficiary, you can specify how the proceeds of the policy will be split among them. If you do not specify that split, the proceeds will be split equally among the beneficiaries.

As only the owner of the policy can request a change to the policy, the policyowner must sign the form. If you have any questions, contact your insurance representative or contact us.

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Q: I want to transfer the ownership of my policy to another person or company. How do I do this?

A: Send a completed Absolute Assignment form and a completed New Owner Identification form to your insurance representative or to us. Transferring the ownership of a policy could have tax implications. To get a form, or if you have any questions contact your insurance representative or contact us.

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Q: I pay my premium through Pre-Authorized Chequing and my banking arrangements have changed. How do I notify you?

A: Send a new void cheque, with the new bank account information on it, to your insurance representative or to us. Please put the policy numbers for all your affected policies on the back of that void cheque.

If the premiums will now be paid from someone else’s account, we need that person’s authorization to access their account. Send us a completed Authorization for Pre-authorized Cheque plan form signed by the person from whose account the premium will be paid. To get a form, or if you have any questions, contact your insurance representative or contact us.

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Q: Can I add (insure) another person on my policy?

A: It depends on the type of policy that you have. For more information, contact your insurance representative, or contact us.

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Q: Can I increase or decrease my amount of insurance?

A: It depends upon the type of policy you have. Typically, an increase will be subject to underwriting – in other words, you will need to provide evidence of good health. Please contact your representative.

You can decrease your amount of insurance, as long as you do not go below the lowest amount offered under that plan. In order to process this request the owner’s signature is required. If there is an irrevocable beneficiary on your policy, we need that person’s written consent as well to decrease the amount of insurance.

Please send a request in writing, if your request is to decrease your coverage, showing the new amount of insurance, to your insurance representative or to us. Depending on the type of policy you have, there may be a surrender charge for decreasing your amount of insurance.

As only the owner of the policy can request a change to the policy, the policyowner must sign the letter. If you have any questions, contact your insurance representative or contact us.

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Q: Can I cancel my policy and if so how?

A: You can cancel your policy. Send a letter to your insurance representative or to us. As only the owner of the policy can cancel the policy, the policyowner must sign the letter. If the beneficiary of the policy is irrevocable, that beneficiary must acknowledge the cancellation by also signing the letter. If the policy has been assigned a trustee, the trustee’s signature is required. If the policy has been collaterally assigned, a release of collateral assignment is required before the cancellation is processed. If you have any questions, contact your insurance representative or contact us.

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Q: Who is my insurance representative, how do I get in touch with that person?

A: The name of your insurance representative is typically on your policy and on correspondence from us to you about your insurance policy. If you are unable to get in touch with your insurance representative, just contact us.

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Q: Can I reinstate my policy if it lapsed because premium was not paid?

A: Yes, however there is only a limited amount of time after the policy lapses during which it can be reinstated. Information about reinstatement is in your policy contract. For more information, contact your insurance representative, or contact us.

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Q: Can I convert my term life insurance policy to a permanent life insurance policy?

A: Most term life insurance policies can be converted to a permanent life insurance policy. The conversion options are described in your policy contract. For more information, contact your insurance representative, or contact us.

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Q: How much is the cash value of my policy?

A: If your policy has a cash value, information about the amount will be in your policy contract. The amount depends on many factors including:

The amount of insurance.
How long the policy has been in effect.
How long premiums have to be paid.
Whether or not there are policy loans.
Whether or not an automatic premium loan was used to pay your premiums.

For more information contact your insurance representative or contact us.

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Q: Can I take a Loan or take a Partial Surrender or Withdrawal out of my policy?

A: It depends on the type of policy plan you have. There may be tax consequences from borrowing money from or taking money out of your policy. An alternative may be to use your policy as collateral for a bank loan. For more information, contact your insurance representative, or contact us.

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Q: If I cancel my policy do I get money back?

A: It depends on the type of policy plan you have. Also, depending upon the type of policy you have, there may be tax consequences or surrender charges from canceling your policy. For more information, contact your insurance representative, or contact us.

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(Note: The information is for general educational purposes only and, in no way, is intended to substitute legal and tax professional advice.)