{"id":18030,"date":"2020-04-09T14:19:16","date_gmt":"2020-04-09T18:19:16","guid":{"rendered":"https:\/\/www.insurance-canada.ca\/?p=65822"},"modified":"2020-04-09T14:19:16","modified_gmt":"2020-04-09T18:19:16","slug":"how-accelerated-underwriting-is-being-leveraged-across-canada","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2020\/04\/09\/how-accelerated-underwriting-is-being-leveraged-across-canada\/","title":{"rendered":"How Accelerated Underwriting is Being Leveraged Across Canada"},"content":{"rendered":"

By Alysha D\u2019Souza, Director of Content, Finaeo<\/strong> \u2014<\/span><\/h3>\n

In a few short weeks, the insurance industry has been overturned by the COVID-19 global pandemic. Insurers have been racing to mobilize solutions as fast as possible to minimize the disruption to business and service to their clients.<\/p>\n

On one end, this pandemic has caused customers to think about mortality and financial security in a different, more immediate, way. We\u2019ve seen an increase in Life insurance applications<\/a> specifically. On the other end, there are significant bottlenecks in the industry that delay or even prevent customers from accessing the coverage they need in these trying times.<\/p>\n

Several in-person medical services are being suspended across Canada to prevent overloading the system, reduce the spread and implications of the virus, and ensure the appropriate care is available to patients in need. This suspension also includes paramedical services, collecting fluids, ECG\u2019s etc, that are often a required step in completing life and health applications.<\/p>\n

Typically, paramedical and underwriting requirements need to be completed within a 90-day window in order to get a client\u2019s application approved. If the requirements are not met within 90 days, the policy cancels and premiums are refunded to the client.<\/p>\n

As such, carriers are looking for ways to increase coverage for products that offer \u201caccelerated underwriting<\/a>\u201d \u2013 or in other words, products that do not have paramedical or laboratory testing requirements.<\/p>\n

As an advisor, it\u2019s important to stay up-to-date with new carrier offerings to ensure your clients get the coverage they need, and reduce the number of rejected applications. Thus, we\u2019ve put together the following list of carriers and products that have higher coverage options available for accelerated underwriting products. It\u2019s important to note that new information is added by the day, therefore the list below may not be fully comprehensive. We recommend that you check this resource page<\/a> that our partner, Hub Financial, has put together to host the latest information (advisor login required).<\/p>\n

Canada Life<\/em><\/strong><\/a> \u2013 <\/em><\/strong>Offers No Medical Life Insurance up to $750,000. They also have a digital application process called eAccess to reduce paperwork and have a handy \u201cnon-face to face\u201d sales guide to help advisors navigate virtual meetings.<\/p>\n

iA Financial Group <\/em><\/strong><\/a>\u2013 <\/em><\/strong>Below is a snapshot of age and face amount available with no medical exam requirements:<\/p>\n