Joint last-to-die coverage

Options available if one of the proposed insureds is uninsurable

If one of the proposed insureds is uninsurable, you can offer your clients 2 other options:

1. Joint last-to-die coverage

A. Premium based on the age of the person approved for coverage minus 1 year

If your clients are eligible for this option, we’ll send you a new illustration via the Pending Business tool (PB tool).

• The premium is based on the approved person’s age minus 1 year. For example:
  

  Scenario	Proposed insured	Age	Rate	Decision	Equivalent age for premium calculation
  Both proposed insureds approved for coverage	Patrick	64	Non-smoker	Both approved	Male NS, age 56
  	Mary	62	Smoker
  1 approved for coverage and 1 uninsurable	Patrick	64	Non-smoker	Approved	Male NS, age 63
  	Mary	62	Smoker	Declined
  1 approved for coverage and 1 uninsurable	Patrick	64	Non-smoker	Declined	Female S, age 61
  	Mary	62	Smoker	Approved

• The premium must be paid until both persons named in the policy have died.
• The death benefit can’t be claimed until both persons named in the policy have died.
• A notice of modification will have to be signed when the policy is delivered.
• This option isn’t always available.

How to get this coverage

We’ll send you a message via the PB tool, with a special quote for this scenario. Once you’ve accepted the offer, we can issue the policy.

B. Premium based on the age of the person approved for coverage, minus 1%

In some cases, we can’t offer a premium based on the approved person’s age minus 1 year, but we can still issue a joint last-to-die policy.

• The premium is based on the age of the person approved for coverage. It will be the same as what they would pay for individual coverage, minus 1%.
• The premium must be paid until both persons named in the policy have died.
• The death benefit can’t be claimed until both persons named in the policy have died.
• A notice of modification will have to be signed when the policy is delivered.

How to get this coverage

Ask head office for a special quote and send it to us via the PB tool, so we can issue the policy.

2. Individual coverage

• The policy will only provide insurance for the person approved for coverage.
• The premium is based on the age of the person approved for coverage.
• The premium must be paid until the insured has died.
• The death benefit can be claimed after the insured has died.
• A notice of modification will have to be signed when the policy is delivered.

How to get this coverage

Create a new illustration and send it to us via the PB tool, so we can issue the policy.