Have you ever wondered what happens to a policy after you submit an application?
This step-by-step guide outlines our process from the initial risk assessment to the final policy issuance. Each stage is detailed to ensure you have a clear understanding of how we handle your application.
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Application Submission
Once we receive your completed application via Lia, we'll begin processing it within 24 hours. Remember, a completed application includes all required signatures.
Step 1: Initial Review
Assumption Life conducts an initial check for accuracy and completeness. If further details or clarification are needed, we'll promptly contact you via email. You can track the status of your application in the "New Application Status" section in the Advisor Corner.
Estimated Timeframe: Up to 24 hours, unless additional information is required.
Step 2: Medical Underwriting
As part of the application process, your client may be asked to undergo medical testing. Assumption Life will order paramedicals through Dynacare and ExamOne, who will contact your client directly to schedule any required tests. Estimated Timeframe: Varies. A health professional will reach out to your client within 5 business days to schedule a meeting at their convenience. Results are typically received by Assumption Life within 5 business days after testing. If additional information is needed to make a decision, processing will be temporarily paused until all required information is collected. Please that this may lead to varying delays.
Estimated Timeframe: Varies, depending on when all necessary information is received from the advisor or the client’s medical professional.
Step 3: Application Review and Approval
Assumption Life thoroughly reviews the application, including any additional information obtained through the medical underwriting process. We will then reach a decision and notify you via email.
Estimated Timeframe: Up to 72 hours.
Step 4: Policy Activation and Payment
Upon approval of the application (or on your client’s chosen issue date, if different) Assumption Life activates the policy and processes the first premium payment. The transaction is labelled as “Preauthorized Debit Assomption Vie” on your client’s bank statement. In some cases, applications are approved with modifications. When this happens, Assumption Life postpones activating the policy until your client has signed a modification form. In most cases, your client is officially protected at this stage!
Estimated Timeframe: Up to 72 hours.
Step 5: Policy Delivery
Assumption Life will provide you with an electronic copy of the policy and mail a hard copy to your client.
Estimated Timeframe: Up to 24 hours for electronic copies. Hard copies are mailed to clients on Tuesdays and Thursdays.
For any questions about the underwriting process, consult our underwriting webpage or contact our team.
Underwriting Contact Us Access Lia
