New Business & Underwriting
When a new application is received in the Underwriting Department, the Underwriter does an initial review of the application and other pertinent documents in the file.
The Underwriter reviews the following information:
- existing files,
- medical information bureau (MIB),
- the policy ownership,
- insured’s Canadian status,
- plan information,
- beneficiary details,
- financial details,
- personal history, and
- medical history
If additional information is outstanding, it is requested, and the file is put to a pending queue until the information is provided. Additional information can include:
- emails,
- supporting documentation,
- paramedical reports,
- lab reports,
- attending physician statements (APS),
- motor vehicle reports (MVR), and
- inspection reports (IR)
Once all information is received, the Underwriter will make a final assessment and, if necessary, may seek reinsurance support.
| Form Number | Cover | Marketing Material Name | Available Languages |
|---|---|---|---|
| 1702 |
|
Build Chart Underwriting Guidelines File |
FR |
| 1343 |
|
Evidence of Insurability File |
FR |
| 1527 |
|
Financial Underwriting Guidelines File |
FR |
| 1024 |
|
Guide to Individual Underwriting File |
FR |
| 1530 |
|
Temporary Resident Underwriting Guidelines File |
FR CH |
| 1345 |
|
Preferred Underwriting Classifications File This guide provides an overview of the Preferred Underwriting Classifications that determine the rates for Preferred Term insurance at Equitable Life. |
FR |
COVID-19 UPDATES
Underwriting Updates Including Additional Changes to Non-Med limits (April 21, 2020)
Temporary Evidence of Insurability Schedule (1828) (April 21, 2020)
Temporary Change to Life Insurance on-medical limits for ages up to 50; up to $1M (April 3, 2020)
Changes to ECG, TMT, MD and IR requirements (March 31, 2020)
Paramedical appointments have been put on hold. (March 24, 2020)
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New underwriting requirements
Effective October 16, 2017, we've increase the minimum requirements for preferred term underwriting. Reference 1343 Evidence of insurability schedule to verify new underwriting requirements.
Saskatchewan Provincial Sales Tax
Effective August 1, 2017, the Government of Saskatchewan has introduced legislation that will make a 6% provincial sales tax (PST) applicable to life and health insurance premiums.
Click here for more information.
New Build Chart Underwriting Guidelines
A general adult build chart has been added to 1024 Guide to Individual Underwriting. It is also available as a standalone quick reference piece - 1702 Build Chart Underwriting Guidelines.
Click here for more information.
New Forms to Comply with AML & CRS Changes effective June 17, 2017
To maintain compliance with new Anti-Money Laundering (AML) and Common Reporting Standard (CRS) requirements, Equitable Life® has updated several forms and applications for life insurance and savings & retirement products. Please ensure you are using the most recent version, as found on EquiNet®, and recycle any old printed documents. Click here for more information and a list of updated forms.