Breaking news from Desjardins Insurance
Submitted by Victoria on October 28, 2020 - 11:31am
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CLIENTS CAN NOW GET $1 MILLION IN LIFE INSURANCE WITH PHONE INTERVIEWS! |
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Since the relaxed requirements for insurance applications came into effect, most people have found it easier to take out coverage. And since only a small percentage of people qualify for preferred rates, we’ve decided to follow industry trends and make our processes simpler indefinitely. New life insurance requirements grid coming into effect November 9 Starting November 9, your clients will have access to higher insurance amounts, faster! Most individuals between 18 and 50 will have access to $1 million in life insurance when they are called for an underwriting interview. Please let your clients know that we randomly select applications for more in-depth screening, which usually just includes a urine sample, but may sometimes require a blood test. If one of your clients is selected, we’ll let you know in the PB tool and we’ll also indicate which tests are required. |
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Starting November 9, 2020, life insurance applications for $500,000 to $1 million for individuals between 18 and 50 will no longer be eligible for preferred rates (P2, P1 or R1). No exceptions. |
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The insurance illustration software will be updated at a later date to reflect this change. Applications currently being assessed or that were submitted before November 9, 2020
If you haven’t already done so, ask for the preferred rate before 11:59 p.m. (eastern time) on November 8, 2020 Let us know in the PB tool if the client meets the following criteria: - Between the ages of 18 and 50
- Applying for $500,000 to $1 million in life insurance
- Applying for a product eligible for a preferred rate (term life products T10, T20, T30 or T65).
- Meets the criteria for preferred rates (see Life underwriting requirements).
We’ll order the required paramedical exams to see if they qualify for the preferred rates. Questions? Contact your regional sales director. |
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| NEW BUSINESS AND UNDERWRITING |
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REQUEST A REASSESSMENT TO GET A PREFERRED RATE BY NOVEMBER 8, 2020 |
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We’re now ready to reassess active policies we couldn’t offer preferred rates on when they were first issued because of interruptions to paramedical services this past spring. |
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Eligibility criteria for rate reassessment - The reassessment request must be submitted by no later than 11:59 pm ET on November 8, 2020.
- The insurance application must have been submitted between March 16 and November 8, 2020.
- The policy must be in force with the P3 or R2 rate or still be under review on November 8, 2020.
- The policy must not have been issued with a medical rating.*
- Email your reassessment request to nbcsin@dfs.ca and be sure to mention:
- The policy number.
- Whether there have been any changes to your client’s insurability criteria (health, job, etc.) since the date of their last statement. If so, fill out the Life, Health and Disability insurance application - 07002E and attach it to your email.
- Whether your client would like to be insured for a higher amount if they get a better rate.
*If a rating for a non-medical condition has been applied (driving record, for example), you can request a reassessment.
Email template
Please use the email template below to send your reassessment request so that we can process it faster. |
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Subject: Request for preferred rate reassessment for a file impacted by COVID-19 Hello, I’d like policy number [policy No.] to be reassessed. I’ve checked and the insurability of [name of the insured] has not changed since the date the original application was signed. OR I’ve checked and the insurability of [name of the insured] has changed since the date the original application was signed. I confirm that my client would like to maintain the same coverage as in the original application. OR My client would like to increase their coverage if they get a better rate. Thank you!
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What happens if the preferred rate is approved?
Higher amount of insurance requested We will increase the amount of insurance based on the premium paid and the new premium rate applied. We will also send you a new copy of the Policy Schedule page. Your commission will not be affected. Same amount of insurance We will adjust the premium rate retroactively and reimburse the amount overpaid since the policy took effect on upcoming monthly payments. For annual premiums, we will make a lump-sum payment by direct deposit or cheque if we don’t have your client’s banking information on file. Your commission will be adjusted based on the new premium rate applied.
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