We are pleased to say that we were able to maintain our underwriting timelines during this unprecedented period. To ensure that we continue to deliver on our commitments during the summer season, we have temporarily suspended preliminary opinion requests by email and telephone and policy status updates. These services will be reinstated beginning September 6, 2021.
Did you know? You can access the policy status updates in Advisor Corner, simply log in to your account and select New Application Status report to view the status report of pending applications.
Assignee vs Beneficiary, Which is Better When it Comes to Repaying a
Financial Institution at Time of Claim?
When a financial institution or funeral home is named beneficiary.The amount payable to the institution is the total protection amount, not the balance of the loan. This means that the beneficiary (the institution) has no obligation to repay the difference at the
time of claim.
For example, the insured purchased a policy for $25,000, but the total cost of the funeral arrangement was $20,000. In this case, the institution would receive the full insured amount of $25,000 regardless of the amount of the
loan.
When a financial institution or funeral home is named assignee, a beneficiary is also named.Thus, the balance of the loan is paid to the financial institution and the remaining difference/amount is payable to the beneficiary.
For
example, the insured purchased a policy for $25,000, but the total cost of the funeral arrangement was $20,000. In this case, the institution would receive the amount of $20,000 to pay off the loan and the beneficiary would receive the remaining $5,000.
To name an assignee on a new or existing policy, the client must complete the Assignment section on our Policy Service Request form.
Note that naming an assignee does not terminate the existing beneficiary designation. To change the beneficiary designation on a new or
existing policy, client will need to complete the Change of Beneficiary form.
Reminder! SIN is
required for all products with Cash Surrender Values
Due to new FATCA/CRS regulations introduced in January, it's required to provide the Social Insurance Number for all Canadian residents who purchase a permanent product with cash surrender values.
Have you talked to your plan members recently about the importance of shopping around for their dispensing fees?
These additional costs cover services such as patient counseling, maintaining and verifying your records, stocking the medication and more. Although they have a health insurance plan that covers part of the cost of their medications, it is important to
understand that they can control some of the cost to reduce their overall fee and, in sum, the impact on the group drug plan.
In 2021, dispensing fees varied by nearly $10, ranging from $8.83 to $18.45.
Valuable tip that can help members reduce costs: ask the pharmacist for larger quantities of medication. Whether you pay for 30, 60 or 90 capsules or tablets, the dispensing fee remains the same. This way you can skip monthly trips to the pharmacy and save a few
dollars.
*Certain regulations or exceptions apply in Quebec.
