Life Insurance Replacement Disclosure Forms (LIRD)
In order to ensure clients understand the benefits and risks of replacing an existing life insurance policy, all provinces require completion of a Life Insurance Replacement Declaration (LIRD) form or equivalent.
Additionally, a written explanation of how the replacement insurance affects the client must be prepared. Copies of the LIRD and the written explanation should always be provided to the client. To see examples of how to prepare the written explanation, please refer to the Replacement Disclosure guide found on the CLHIA website (under The Industry >> Material for Advisors and MGAs).| Equitable’s LIRD Requirements: A LIRD and written explanation must be prepared with the client for all applications for replacement insurance. However, Equitable® only needs to receive a copy of the LIRD and the written explanation for applications in the provinces listed in the table below. *** Sending us a LIRD from the wrong province or sending us a LIRD where it is not required may delay the application review process. ** |
Replacement requirements by province:
| Province where owner resides | Send LIRD and written explanation to Equitable? | Send LIRD to existing insurer? | LIRD form to use: |
| Manitoba | YES | No | Manitoba LIRD form |
| Ontario | YES | Yes | Ontario LIRD form |
| Quebec | YES | Yes | Quebec Notice of Replacement Form |
| Newfoundland & Labrador | YES | Yes | Nfld. /Labrador LIRD form |