Evolve Term coverage increases

Evolve Term Clients can apply for additional life insurance coverage by answering a simplified health questionnaire, after their first policy anniversary and when they experience one of the following life events:  

  • Marriage or common law union  
  • Birth or adoption of a child  
  • A new mortgage or refinance (increase)  
  • A 20% increase to gross income  

Find full details about coverage increases in the advisor guide. 

Pricing for coverage increases

Rates for the additional layer of coverage will be the same as the Evolve Term base plan rates.

When the client increases their coverage, we’ll add a new layer of term coverage to their policy. The term length will align with the renewal or expiry of the base plan. For example, a T20 policy increases coverage in year 3; the new layer of coverage will be a T17.

Pricing for the additional layer of coverage will be based on the insured person’s attained age at the time of the increase, the increase amount selected, and the term length that aligns with the base plan’s renewal or expiry.

Tip! Rates for the additional coverage layer are not based on banded rates for the entire policy’s face amount. In some cases, it may be more cost effective for a healthy client to replace their policy.

The new layer of coverage is not eligible for additional coverage increases with simplified underwriting. See the advisor guide for full details.

Please note, we may decide to implement rates that are higher than the base plan rates in the future.

Simplified health questions 

These are the underwriting questions we’ll ask when a Client applies to increase their coverage after a life event. Clients must be able to answer ‘no’ to every question in their age range to qualify for a coverage increase.  

If the Evolve Term policy is owned by a personal Holding Company (HoldCo), the Client can apply to increase their coverage after the first policy anniversary and when they experience one of the eligible life events. They will need to attest at that time that their company is a HoldCo. If the policy is owned by a corporation, the owner cannot apply for a coverage increase with simplified underwriting due to a personal life event.   

Category 

Type 

Questions 

Lifestyle 

Avocation/Aviation

Do you fly or intend to fly as a student or non-commercial private pilot?  

Lifestyle

Drugs + Alcohol

Driving 

Criminal Activity

Since the original application date [Insert Year]:  

  • Have you used any illegal drugs or prescription drugs that weren't prescribed to you? 
  • Has a health care professional recommended that you reduce the use of any substances or get treatment or counselling for substance use? This includes alcohol, marijuana or other drugs. 
  • Has your driver's licence been suspended? 
  • Have you had any criminal convictions, been imprisoned or do you have any charges pending?

 

Medical

Health/Illness

Since the original application date [Insert Year], have you had symptoms, sought medical attention, or been treated for: 

  • Diabetes, gestational diabetes, glucose intolerance, pre-diabetes or high blood sugar? 
  • Cancer, melanoma, leukemia, lymphoma, tumour or any other growth or malignancy? (Exclude benign conditions) 
  • Cardiomyopathy, heart attack, chest pain, angina, stroke, transient ischemic attack, aneurysm, peripheral vascular disease or any heart disease or disorder? (Exclude hypertension) 
  • Crohn’s disease or ulcerative colitis? 
  • Suicide attempt?  
  • AIDS or HIV infection? 
  • Multiple sclerosis, ALS or Lou Gehrig’s, paralysis, Parkinson’s or other nervous system disorder? 

Medical

Time Off Work

Since the original application date [Insert Year]: 

  • Have you had any physical or mental condition which prevented you from performing your usual activities or the regular duties of your occupation for a period exceeding 3 weeks? Exclude childbirth, miscarriage, minor injuries, minor surgeries like tubal ligation, vasectomy, appendectomy, hernia repair, cosmetic surgery and gallbladder surgery

Category 

Type 

Questions 

Lifestyle

Drugs + Alcohol

Driving

Criminal Activity

 Since the original application date [Insert Year]:  
  • Have you used any illegal drugs or prescription drugs that weren't prescribed to you? 
  • Has a health care professional recommended that you reduce the use of any substances or get treatment or counselling for substance use? This includes alcohol, marijuana or other drugs. 
  • Has your driver's licence been suspended? 
  • Have you had criminal convictions, been imprisoned or do you have any charges pending?

Medical

Health/Illness

 Since the original application date [Insert Year], have you had symptoms, sought medical attention, or been treated for: 
  • Diabetes, glucose intolerance, pre-diabetes or high blood sugar? 
  • Cancer, melanoma, leukemia, lymphoma, tumour or any other growth or malignancy? (Exclude benign conditions) 
  • Heart attack, chest pain, angina, stroke, transient ischemic attack, aneurysm, peripheral vascular disease or any heart disease and disorder?  (Exclude hypertension) 
  • Suicide attempt?  
  • AIDS or HIV infection? 
  • Multiple sclerosis, ALS or Lou Gehrig’s, paralysis, Parkinson’s or other nervous system disorder?  

Medical

Time Off Work

Pending tests/consultations

Since the original application date [Insert Year]: 

  • Have you had any physical or mental condition which prevented you from performing your usual activities or the regular duties of your occupation for a period exceeding 3 weeks? Exclude childbirth, miscarriage, minor injuries, minor surgeries like tubal ligation, vasectomy, appendectomy, hernia repair, cosmetic surgery and gallbladder surgery
  • Has a health care professional requested any tests or referrals related to symptoms that require further investigation or a specialist consultation? 

Category 

Type 

Questions 

Lifestyle

Drugs + Alcohol

Driving

Criminal Activity

Since the original application date [Insert Year]:  

  • Have you used any illegal drugs or prescription drugs that weren't prescribed to you? 
  • Has a health care professional recommended that you reduce the use of any substances or get treatment or counselling for substance use? This includes alcohol, marijuana or other drugs. 
  • Has your driver's licence been suspended? 
  • Have you had criminal convictions, been imprisoned or do you have any charges pending? 

Medical

Health/Illness

 Since the original application date [Insert Year], have you had symptoms, sought medical attention, or been treated for: 
  • Diabetes, glucose intolerance, pre-diabetes or high blood sugar? 
  • Cancer, melanoma, leukemia, lymphoma, tumour or any other growth or malignancy? (Exclude benign conditions) 
  • Heart attack, chest pain, angina, stroke, transient ischemic attack, aneurysm, peripheral vascular disease or any heart disease or disorder? (Exclude hypertension) 
  • Suicide attempt?  
  • Multiple sclerosis, ALS or Lou Gehrig’s, paralysis, Parkinson’s, Alzheimer’s, dementia or other nervous system disorder? 
  • Chronic obstructive pulmonary disease (COPD) or any lung disorder? 

Medical

Time Off Work

Pending tests/consultations

Hospitalization

Since the original application date [Insert Year]: 

  • Have you had any physical or mental condition which prevented you from performing your usual activities or the regular duties of your occupation for a period exceeding 3 weeks? Exclude minor injuries, minor surgeries like tubal ligation, vasectomy, appendectomy, hernia repair, cosmetic surgery and gallbladder surgery
  • Has a health care professional requested any tests or referrals related to symptoms that require further investigation or a specialist consultation? 
  • Have you attended a hospital or other medical facility for 24 hours or more? Exclude minor injuries, minor surgeries like tubal ligation, vasectomy, appendectomy, hernia repair, cosmetic surgery and gallbladder surgery