Step 4: Apply Online (15 minutes)
What Questions Are Asked?
General questions
We will need to gather general information from you such as an address, birthplace, phone number, and occupation.
All this information is secure and will only be shared with the insurance carrier.
Medical questions
We will need to gather medical information from you such as family history, specialists and medication, neurological and mental health, and other general medical conditions. If you answer “yes” to any of the questions and do have some health issues arise, don’t worry! Our team will have a follow-up call with you after the application is submitted and gather more information regarding the specifics. Once we know all the details, we can advise on the best carrier to proceed with considering the new information.
All this information is secure and will only be shared with the insurance carrier.
Financial questions
We will need to gather financial information from you such as annual income, estimated net worth, outstanding mortgage, and other incomes. The reason behind this is to ensure that your coverage amount is justified by your supporting financial information. Insurance companies will be cautious of suddenly insuring an individual who has very little financial security, however, is requesting a large amount of life insurance. This type of request usually raises red flags for the insurance company.
All this information is secure and will only be shared with the insurance carrier.
Existing insurance
We will need to gather existing insurance information from you such as other life insurance you may have or accident and sickness insurance. The reason behind this is to ensure that you are not over-insured from all sources of insurance, as well as hopefully speed up the application process by using information that may have been shared in a previous insurance application that will be accessible from the insurance company on the (MIB)
If you are intending to replace an existing life insurance policy with a new life insurance policy, we will require further information as to the reasons behind this. It could be as simple as better pricing or a longer-term. This information can be gathered on a call after the application has been submitted.
All this information is secure and will only be shared with the insurance carrier.
Choosing a Beneficiary
Primary beneficiary
The primary beneficiary is the individual or party that is designated to receive the proceeds of the life insurance in the event of the policyholder’s death. There can be multiple primary beneficiaries as long as the percentage totals 100%.
There are two different types of primary beneficiaries you can designate:
- (Revocable beneficiary) – When choosing this option, you may change the beneficiary designation at a future time without consulting your existing beneficiary.
- (Irrevocable Beneficiary) – When choosing this option, you cannot change the beneficiary designation without written consent from the existing beneficiary.
Contingent beneficiary
The contingent beneficiary is the individual or party that is designated to receive the proceeds of the life insurance in the event of the policyholder’s death if the primary beneficiaries are not alive to receive it.
There can be multiple contingent beneficiaries as long as the percentage totals 100%.
If no contingent beneficiary is listed and the primary beneficiary(s) are not alive to receive the proceeds, then the life insurance will be paid to the policyholder’s estate and be distributed as per their Will. If no Will is present, then the specific regulations of the province in which they reside will determine how the estate is distrusted.
Trustee for underage children
When listing an underage child as a beneficiary (either primary or contingent), then a trustee will need to be appointed to manage the life insurance proceeds in a trust until the child reaches the age of majority. This could be a family member or a close friend that you trust.
At age of majority, the child will receive 100% of the life insurance proceeds plus any additional amounts that may have accrued by investments within the trust.
Billing Details
No premium will be withdrawn until after your policy is approved and delivered. Depending on which insurance company you choose to apply with the initial premium could be withdrawn anywhere from 1-2 weeks after the policy has been accepted. After the initial premium, the next premium will be withdrawn each subsequent month on the effective date (Date of policy being delivered).
Identity Verification
To prevent fraud and ensure we stay compliant with the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) we require verification of government-issued identification.
Don’t worry, it’s easy to verify and your information is always secure!
At the end of the application, you will receive a prompt to verify your identity.