Currently when a new illustration is required to issue a contract, we may request that you complete the illustration and return it to us within a specified time.
Customer Service is pleased to announce that effective June 11, 2012, these illustrations will be prepared by New Business.
Our General Approach
Our approach will be to prepare an illustration if, after the review of the file, the decision by Underwriting requires a new illustration.
If the decision benefits (is in favour of) the client, New Business will prepare the illustration and the pages required for issuance will be included with the contract.
In all other situations, we will wait for your confirmation before issuing the contract. The illustration will be prepared and the ‘Head Office copy’ will be emailed to you (for Universal Life, we will include the Comparative Analysis).
Situations in which an illustration will be completed by New Business
Details for Universal Life Illustrations
For Universal Life, illustrations will be run with the same information as when submitted (same rate, same minimum amount of premium, same amount of funds, same lump sum deposit, if applicable). If the advisor wishes to make changes, he /she will have to submit a new illustration.
- The illustration as well as the deadline date will be sent to your financial centre /advisor email address. If no response is received by the deadline date indicated on the email, the file will be closed.
- If the decision benefits (is in favour of) the client, we will issue the contract and the Head Office copy will be sent with the contract (for Universal Life cases, we will include the Comparative Analysis).
Please take note of the comments section in the chart above.
As the illustration is an integral part of the contract issue process, we request that you validate the information of any illustration received from New Business to ensure it matches the application and the underwriting decision.
In order to obtain the benefits of this new process, that is, to accelerate the issue of these new contracts, we must receive your confirmation quickly.
Your cooperation is greatly appreciated.
The new process will begin the week of June 11, 2012.
This communication will be posted on WEBI !
Customer Service supports you in achieving your goal!