What is involved in the application process, is it online or by phone? What information will you need?

Browse AnswersCategory: Life insuranceWhat is involved in the application process, is it online or by phone? What information will you need?
Richard asked 1 year ago
1 Answers
Profile photo of Richard Parkinson CPCARichard Parkinson CPCA Staff answered 1 year ago

Information that is common to all scenarios that will speed up the application process with the agent includes:
· Providing the agent with a photo ID
· If you were not born in Canada, your arrival in Canada
· Your family doctor or clinic you last visited with and their contact details

Scenario 1 – Companies that still require a paper application:
Here are the steps:
1. We complete the application with a telephone call, where the agent asks the questions as they are worded in the application, and records them on the application document. If a paramedical is required, we arrange for it.
2. The agent then sends the paperwork for review and signatures to you. A paramedical nurse will witness your signatures on the application and forms and return to us.
3. Once the insurance company receives the application, it can take from 2-6 weeks for them to complete underwriting, depending on whether a doctor’s report is required.
4. Once the policy is issued, we send it to you.
5. You return the signed documents and a cheque, and the policy is placed in-force.

Scenario 2 – Companies that support an electronic application:
Here are the steps:
1. We complete the application the same as with the paper application, with some possible interaction with you, and with an electronic signature process.
2. The application is submitted directly to the insurance company after an electronic signature procedure.
3. Once approved, the delivery process is the same as with the paper application

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