As a pre-authorized chequing (PAC) arrangement is for regular monthly withdrawals only, a PAC special withdrawal is for the payor's unique payment needs, including one time payments and annual or semi-annual premium payments for life, long term care, critical illness insurance and accumulation annuity policies.
The payor may want a special withdrawal for:
- the first premium on a policy
- a lump sum payment to a policy loan
- a lump sum payment to unpaid premiums plus interest
- a lump sum deposit to a premium fund
- replacing a returned payment including any returned payment fees. Note: If a returned payment fee is being paid along with outstanding premiums, it must be paid in the same manner as the outstanding premiums.
- annual and semi-annual premiums on a one time basis only
Note: There is no follow-up for the next premium.
To request a PAC special withdrawal, please use the Request centre form PAC - special withdrawal. We require 5 business days to process the withdrawal on the date requested.