Doing business with Canada Life Non face-to-face and SimpleProtect For cases submitted using our non-face-to-face process, excluding SimpleProtect, we have removed the limit on life and living benefits coverage amounts. You can now use this process for all amounts. SimpleProtect™ – our digital personal insurance application – lets your clients sign their digital application on their own device. They can review and complete an application without a face-to-face meeting. For all cases, contracts can be sent to clients using registered mail and placing documents can be submitted to head office by email. Weekly Update Calls Your clients are likely reaching out to you with questions and concerns about how the stock market decline is affecting their portfolios. To ensure you’re equipped to support them, we’re hosting a weekly call every Wednesday until further notice. Experts from various areas of the business will join to offer their insight and expertise on things like market conditions, business impacts, operating updates and health and wellness. Take this opportunity to hear more context about the headlines you and your clients are seeing and to ask any questions you have. Recordings of each call can be found on the COVID-19 landing page.
Don’t forget – there are also lots of resources available to help you in the weeks and months to come. You can find the market volatility toolkit at www.canadalife.com/combinedstrength . You can also visit GLC Asset Management Group’s News and Insights page for ongoing market commentary. Participating life insurance You and your clients might be wondering how our par products are impacted by the current market conditions. With more than 170 years of experience with participating life insurance, including exposure to financial crisis and extreme market movements, we’ve been able to maintain our product offering and market presence. Now more than ever we believe in participating life insurance and the value it offers. You and your clients can still depend on growing guaranteed cash values while we smooth returns to help reduce the impact of short-term volatility. We’re committed to balancing risk and returns in a way that delivers stability in the long run. Canada Life New Business underwriting practices Canada Life New Business is applying the following underwriting practices to Life, Critical Illness and Disability Insurance products: - Any applications submitted (or pending applications) where there is planned travel to China or Hong Kong within the next month, will be postponed until the client has returned and been back in Canada for a minimum of 14 days. After the period of quarantine, we would consider reopening the file. Any file postponed would not be eligible for temporary insurance agreement (TIA) or conditional insurance agreement (CIA) benefits
- Anyone who has recently returned from outside of Canada will have their insurance application postponed until they have been back in Canada for a minimum of 14 days and can produce a statement of good health upon delivery of their policy. After the period of quarantine, we would consider reopening the file. Any file postponed would not be eligible for TIA or CIA benefits
- When the application is formally declined, the TIA/CIA will be cancelled as well.
- We are unable to offer out-of-country delivery of contracts during this time
- For any AOPR’s previously delivered and signed outside of Canada, we will not be able to place the contract until the client has returned to Canada for at least 14 days and can produce a statement of good health upon delivery of their policy
Mortgage and banking support measures for clients impacted by COVID-19 Canada Life and our partners at National Bank have implemented support measures for clients directly affected by the global Coronavirus outbreak. It’s part of our commitment to you and your clients to help assist them through these challenging times. This is a good opportunity for you to check in with your clients and reassure them of our stability and support, regardless of the market conditions. We understand that you would like more information to support your clients. However, this is a dialogue that must happen directly between the client and the provider, so they can help determine the best path forward for clients. In these exceptional circumstances, helping clients through challenges is our highest priority, and we sincerely thank you for all your cooperation by connecting your clients to the right support teams. Support measures for National Bank clients Clients who are directly affected by the current situation and may have difficulty making their payments could be eligible for special measures on different products. At this time, we’re asking any affected clients to contact National Bank directly to work out solutions, on a case-by-case basis, depending on their personal situation. Support measures may include payment deferrals or special loans to cover living expenses. | 