Underwriting
The resources below have been compiled and include the most relevant and up-to-date information to help you conduct your business.
The underwriting process is simply defined as the assessment of each application to determine the eligibility and suitability of the applicant for an insurance product. Underwriting approval depends on the details provided in the life insurance application and the information obtained through the underwriting process.
Assumption Life offers different products, designed to fit the health and lifestyle of Canadians. These products are classified under various underwriting processes: Simplified Issue, Accelerated and Standard. Certain processes enable clients to obtain life insurance faster and without medical exams.
This page gives an overview of what to expect once you've submitted your clients application.
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Simplified Issue products, go through a simplified issue underwriting process meaning that these products are processed rapidly and do not require any medical tests. Some cases are approved by Risk Assessment and do not need through the underwriting process. Other cases are sent to underwriting for review (MIB hit, residency status, missing information, etc.), where the application will either be approved or cancelled.
Simplified Issue products include:
Once your application has been submitted, the New Business team will review the application. The application review includes verifying the MIB, the residency status and if there is any missing information.
If the declaration of insurability is answered “No” to all questions and there is no MIB hit. The application would be approved and issued by Risk Assessment without going to underwriting. However, if there is an MIB hit or the application needs further review it will be sent to the underwriting team, where it will be approved or cancelled.
Underwritten products usually involve more scrutiny and additional medical requirements. Depending on the age of the client and the total amount of insurance requested, the client may qualify without medical testing and move through our accelerated process. All other cases would go through our standard process, which may include medical requirements.
Underwritten products include:
Once your application has been submitted, the New Business team will review the application. Depending on the age of the client and the total amount of insurance requested, the client may move through our accelerated process. All other cases would go through our standard process, which may include medical requirements.
Here’s a list of possible outcomes and time frames to expect when you are submitting an underwritten product.
Assumption Life is responsible for ordering the medical requirements.
Yes, you will be kept informed of the progress of the application in the "New Application Status" located in Advisor Corner. The "New Application Status" will include the details of the medical requirements that have been ordered.
Predictive analysis is the use of data to help assess risk. This may include, but is not limited to, credit reports and random testing.
Accelerated underwriting applies to underwritten products and is limited to clients:
While the ages and the amounts above are eligible for accelerated underwriting, the ages and amounts listed under "PA" could also qualify for accelerated underwriting. However, we will use predictive analytics to help better assess risk. We estimate that approximately half of the eligible applications could benefit from accelerated underwriting.
Accelerated underwriting process is only available for underwritten products including:
Simplified Issue insurance such as Platinum Protection, Golden Protection, Silver Protection and Bronze Protection are excluded from predictive analysis as they are not an underwritten product.
No. Predictive analytics simply allow us to determine whether medical requirements are needed. When requirements are requested, the results are reviewed by an underwriter who will make the final decision.
Our New Business team uses different pieces of information from the application to assess risk. In addition, a number of applications will be randomly selected for underwriting. For example, medical examinations may be required even if the client does not declare any health conditions.
Other factors that could require additional information or medical exams are an existing insurance file, medical and/or credit records.
While we estimate that half of the eligible applications will require a medical examination, there is no way to know which applicant will be selected for accelerated underwriting. It may be helpful to suggest that the client may require additional medical examinations.
If the client qualifies for accelerated underwriting, the application will be processed in as little as 72 hours. If the application is subject to our standard underwriting process, which may include medical requirements, we will contact the advisor by email.
Once the application has been completed and received by our New Business department, the application will be assessed to determine whether or not the client is eligible for accelerated underwriting. The advisor will be notified by email within 72 hours if the eligible application has been approved without additional medical requirements.
For eligibility details consult our Newcomers underwriting guidelines
For eligibility details consult our Newcomers underwriting guidelines
Our team works hard to process your application request as quickly as possible, but there are a few things to consider to ensure a perfect application.
1. Don't forget the Declaration and Authorization Form
The Declaration and Authorization Form is often neglected. Yet it is crucial for Assumption Life to move forward processing any application. The best way to avoid delays is to ensure that the client finalizes the signing process and that the signature is remitted immediately upon completion of the application. Using the electronic application process is the fastest way to go about this crucial step.
2. Banking Information
The client’s banking information must be indicated in the payer’s section on the online application*, (a copy of a void cheque is not required at this time). The payer’s signature will also be needed on the declaration, authorization and signature in the paying section.
3. Add more information
Our team evaluates risks and when submitting an application, it is better to add all the necessary details rather than wait for our team to request additional information. Having all the information from the start allows us to make better decisions and process your request faster. The additional information provided must be indicated in the special instructions section of the Lia platform.
Mental/nervous disorders such as depression, anxiety, PTSD, etc. - These cases will likely need a Mental nervous disorder questionnaire, please send it along with application.
Drug usage - These cases will likely need a Drug use questionnaire, please send it along with application.
Alcohol usage - These cases will likely need an Alcohol use questionnaire, please send it along with application.
Hazardous sports and scuba diving - Please fill out the Hazardous sports and activities questionnaire, and submit it along with the application.
For complete list of underwriting and financial questionnaires, click here.
All preliminary inquiries must be submitted through this form.
To check for any updates regarding your status, kindly visit your Advisors Corner account at assumption.ca/advisor-corner. The New Application Status report is located in the Quick Links drop-down menu, which can be accessed once you log in to your account.
