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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.

Inforce Insurance Service Delivery by Key Process (in business days)

Service Level Target

Current Service Level

Service Level Status

Accounting History

10

6

 

Beneficiary Change

5

5

 

Illustrations

10

11

  

Inquiries & Investigations

15

4

 

Ownership Change

20

11

 

Premium Payment Change 

7

9

 

Contact Changes (address, email) 

5

4

 

Plan Change without UW 

20

18

 

Plan Change with UW 

30

20

 

Reinstatement 

20

18

 

Surrender 

5

9

 

Withdrawal/Loans/Transfers 

5

6

 

Service standard description

Service standard description for wealth
Key process for Wealth Service Standards for Wealth
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 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.
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.
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.
Service standard description for claims
Key Process For Claims Service Standards for Claims

Life claim payments

 Life claim payments Life Claims where full requirements are received are paid within 5 to 7 business days.