What to expect when applying for life insurance or critical illness insurance
Using an experienced insurance broker will make the process easier and quicker.
The process takes approximately 3-6 weeks and consists of:
1. Financial and insurance needs analysis
2. Application for insurance
3. A nurse visiting your home
1. Financial and insurance needs analysis. Narrow down the type of insurance (Permanent or Term) and the amount of insurance that is required for your needs and compare the rates offered by different insurance companies.
2. Application for insurance. In order to qualify for insurance, you will need to apply first. The information and documents required are:
– Photo ID: Driver’s Licence, Passport, Birth Certificate, Ontario Photo Card, etc.
– Banking information: VOID cheque, direct deposit PAC form
– Advisor Disclosure and Privacy Statement (to be signed by the applicants)
– Life Insurance Replacement Declaration (LIRD), if applicable (to be signed by the applicants)
The application can be conveniently completed and submitted online, as a PDF, or in person, using a hard copy of the application:
– Foresters Financial and Equitable (on-line): www.nsg6.com
– Canada Protection Plan – CPP: pdf application
– BMO: pdf application
– EDGE Benefits: Lifestyle Protection Planner, pdf application
– IVARI: forms required for online application: Leave at Home and Authorization for eApplication.
3. A nurse visiting your home. She or he will obtain requirements. (Preparing for the nurse: videos or pdf form). It will take approximately 2 weeks to transfer the information to the insurance company.
4. Underwriting. The underwriter reviews the application and information from the nurse and sometimes requests more information from your family doctor.
5. Results. Based on all the information, your application for insurance can be approved as preferred (lower rates), regular (normal rates), rated (higher rates) or declined (no coverage can be issued).