In-force client service standards
Important information about our service standards:
- Unless specifically stated otherwise, the key processes include the service standards for Life, Universal Life, Critical Illness, and Wealth products (which include Guaranteed and Payout Annuity Products).
- The service standards provided are based upon all completed requirements having been received.
- A service standard of 1 business day means that any request received today, will be processed or responded to by the end of the following business day.
- A notification is sent to the advisor of record upon completion of the request.
|Key process||Service standard|
|Inquiries and investigations||Responded to within 1 - 5 business days, depending upon complexity.|
|Address changes||Processed within 3 business days.|
|Beneficiary changes||Processed within 5 business days.|
|Payments, premiums, deposits and PAC changes||Payments will be processed within 2 business days effective the date received, if received before 4:00 p.m. at our head office.|
|Traditional Life and Universal Life in-force illustrations||Processed within 5 business days.|
|Surrender of insurance||Processed within 7 days, including the 5 day conservation period. A conversation notice is sent to the advisor of record if they did not initiate the request.|
|Loans for insurance||Processed within 3 business days. The cheque is mailed to the client.|
|Ownership changes for insurance products||Processed within 10 business days|
|Policy changes and reinstatements for insurance||Processed within 10 business days when underwriting is not required. Changes requiring underwriting will follow underwriting service standards.|
|Investment directions on insurance products - Universal Life and Sun Limited Pay products
(Excludes adding index linked accounts to former Met policies. This investment is processed on the monthiversary after the received date of the form at our Head Office).
|3 - 5 business days and effective the date received, if received before 4:00 p.m. at our head office.|
|Investment direction on wealth products||2 business days and effective the date received.|
|Wealth income payment updates
Includes new additions or change to existing income payments on wealth products
|Processed within 2 business days|
|Withdrawals on insurance products (Dividend/Premium Fund), Universal Life and Sun Limited Pay Life products||3 business days and cheque is mailed to the client|
|Withdrawals on wealth products||1 business day and sent via cheque|
|Cheque holds for guaranteed investment certificates||4 - 7 business days, depending on cheque amount and if deposit was in person.
Request for first $100 processed immediately if deposited in person.
|Internal Transfers within SLF - Insurance Universal Life and Sun Limited Pay Life products||3 business days|
|Internal Transfers within SLF on wealth products||5 business days (backdated to date requested)|
|Transfers to external company on wealth products (including transfers to CI/SLGI)||Where advisor is the same and no conservation is required, processed within 2 business days.|
|Transfers with conserve to external company on wealth products (including transfers to CI/SLGI)||Processed within 10 business days, including the 5 day conservation period.|
|Payout illustrations||Processed within 2 business days. Rates used in the illustration are guaranteed for 3 business days.|
|Life claim payments||Life Claims where full requirements are received are paid within 5 to 7 business days.|