If Evolve Term Clients have had a qualifying life event, they can increase their coverage with simplified underwriting after the first policy anniversary.
Qualifying life events include:
- Marriage or common law union
- Birth or adoption of a child
- A new mortgage or refinance (increase)
- An increase of 20% or more to gross income
Clients will have one year from experiencing the qualifying life event to apply for the additional layer of coverage. The maximum increase amount is 50% of their face amount up to $1M over the life of their policy.
New form for coverage increases
Simply complete the E5526 - Application for increasing Evolve Term Coverage at a life event with simplified health questions form and submit it to head office. Clients must be able to answer No to every question in their age range on the form to qualify for a coverage increase.
Important: If any question is answered Yes, the coverage increase with simplified underwriting will be declined, so do not proceed with the application. The Client can still choose to apply for increased coverage with full underwriting. A Yes answer does not affect the original Evolve Term policy.
With new term insurance rates for new business coming into effect on May 26, it’s a good time to discuss with Clients how they can benefit from term insurance’s affordability and flexibility.
Resources
For details on Evolve Term coverage increases, review the:
- Advisor guide
- E5526 - Application for increasing Evolve Term Coverage at a life event with simplified health questions form
- Sun Life Evolve Term – coverage increases
