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Conducting Life Insurance business during COVID-19

6/8/2020 12:00:00 AM

Conducting business during COVID-19  

Since March, Assumption Life has looked into ways we can reduce the negative impacts that COVID-19 has had on advisors and their business. We figured the best thing we can do as an insurer is to keep your business flowing without interruptions or unwanted surprises.

We’re committed to being here for you so you can continue to serve your clients.
1. We accept medical exams done after March 10, 2020

If the proposed insured is able to complete the medical requirements with paramedical companies, it will be business as usual. Assumption Life will not refuse medical tests results.
If the proposed insured is unable to complete the medical requirements, due to circumstances, we will suggest reduce policy face amounts to non-medical limits so we are able to waive the underwriting requirements and obtain coverage.
2. Our underwriting requirements by product

Underwritten products such as Essential Whole Life, ParPlus, FlexTerm and FlexOptions remain available during this period.
  • Non-medical limits for accelerated underwritting:
    • Ages 0-17: maximum $1,000,000
    • Age 18-45: maximum $499,999
    • Ages 46-65: maximum $249,999
    • Ages 66-69: maximum $50,000
    • Ages 70+: case-by-case basis, but will most likely be postponed
  • If the proposed insured requested a higher coverage amount that does require medical underwriting, we would likely recommend the following options:
    • Continue the assessment and you order the paramedical required. With the loosening up of restrictions we suggest you check with your paramedical company what options are available for you; or
    • Reduce your clients face amount to fit within the non-medical limits listed above and at a later date, he/she can apply to increase to the original requested amount when paramedical services resume. 

Simplified Issue products such as No Medical Term, No Medical Term Plus, No Medical Whole Life, No Medical Whole Life Plus, Golden Protection and Total Protection.

  • Regular underwriting process with no medical requirements and no additional questions or processing delays related to COVID-19 unless the applicant has previous*.
  • Please feel free to contact us at underwriting@assumption.ca should you have any questions or concerns.


3. True Non-face-to-face
Being able to conduct business anytime, anywhere is more important than ever, which is why we are proud to offer you a true non-face-to-face sales experience through our online sales platform, Lia.
  • Lia has no limits on products or coverage amounts – Learn more
  • E-delivery - If you or your client wishes to receive the policy electronically in a secure environment you will need to enter the following information in the special instruction section in the Lia application:
    • Indicate that you and your client want the policy sent electronically in a secure environment.
    • The full name of both the agent and the client, as well as the e-mail addresses. Make sure that the email address is also provided in the section 1 of the application.
    • If an amendment or questionnaire to be signed upon delivery is required, the agent will need to follow up with the client to obtain the required signatures. Please note the policy will only be in force once the signed documents are received by Assumption Life.
    • Please note only one copy of the policy will be sent electronically via FileCloud and the servicing agent will be cc'd.
  • E-signature – Lia provides advisors with a built-in e-signature tool (OneSpan). We also allow advisors to use the e-signature tool of their choice – Learn more
PLUS, Assumption Life does not require any original documents or delivery receipts!
4. Term renewals
Term renewals continue to take place. In most cases a new policy will be issued and completed within our normal underwriting turnaround times.