Underwriting | Temporary Measures

4/7/2020 12:00:00 AM

Temporary measures our underwriting department will follow in order to ensure business continuity and risk management in the context of the COVID-19 pandemic and the shutdown of paramedical service companies.

For applications signed on or before March 10, 2020
The underwriter will review each pending case to determine if we can waive the medical requirements based on the information we already have on file. We will advise if we are unable to reach a decision based on the information on file.
 
For cases where we cannot waive the medical requirements, such as declared personal history of coronary artery disease, stroke, cancer, respiratory conditions or any medical impairment warranting a higher rating, we will most likely postpone a decision if the appropriate medical records and evidence cannot be obtained. 
 
For applications signed after March 10, 2020
If the proposed insured is able to complete the medical requirements, it will be business as usual.
 
If the proposed insured is unable to complete the medical requirements, for the time being, we will limit/reduce policy face amounts to non-medical limits* until paramedical companies resume service or in-person visits.

Simplified Issue products:
Regular underwriting process - No additional questions or processing delays related to COVID-19 unless the applicant has previous records.

Underwritten products (non-medical limits)*:
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
 
For cases where there is declared personal history of coronary artery disease, stroke, cancer, respiratory conditions or any medical impairment warranting a higher rating, we will most likely postpone a decision if the appropriate medical records and evidence cannot be obtained.
 
Whereas this situation changes from day to day, we will continue to reassess as we go on and will advise you if there are any changes.
 
Please feel free to contact us at underwriting@assumption.ca should you have any questions or concerns.