A life event such as a move, marriage, marriage breakdown or death, may affect PAC arrangements for life, long term care, critical illness insurance, and/or accumulation annuity policies.
Clients often change their banking information when they move. To change banking information on an existing PAC arrangement, please use the Request centre form PAC - banking information - change. If the client has multiple PAC arrangements, complete a separate request for each. For more information, refer to PAC banking information change.
Marriage, civil union, common-law partnership
Marriage breakdown can often mean a change to banking information, removing a policy from an existing PAC arrangement or establishing a new PAC arrangement.
To ensure a smooth transition, confirm with the clients if one of them is keeping the original banking information. If so, confirm if one client is to be removed from the PAC arrangement. If the answer is yes:
If the PAC payor is changing their name, submit form.
If the deceased payor was paying for policies on the lives of others a new payor must be established. A newis required. Please have the PAC payor(s) complete and sign the form. We must receive the form before the PAC information can be updated.