New business and underwriting guide
- Getting started
Sun Life Financial supplies
Your office has a supply of product applications, marketing material, training and technical information for your use. These stock items are available for online ordering by your insurance specialist or operations manager associated with your Regional Distribution Office (RDO) on.
The Sun Life Financial EOS illustration software and Sun Life Illustrations software is available through your insurance specialist and your Regional Distribution Office. Please discuss using this software with your life insurance specialist or manager to ensure you maximize the flexibility of this software. A product illustration should be shown and explained to your client at the point of sale and must be submitted with the application.
Full client disclosure about the variable features of a policy is an important element in the sale of a product. A key element in this process is the Acknowledgment of the Variability page of the illustration. Please ensure that a product illustration including this page is sent with the application. If for any reason the product features on the application differ from the initial sales illustration, we will require you to generate and have the client sign a revised illustration at the time of policy delivery. Please note: commission will not be paid until this requirement is met.
- Preparing and submitting the application
- Receiving the application
When we get a new application, we begin working on it right away. Applications appear on the Sun Life Advisor site up to 1 business day after submitting. The application will then go through our review process outlined in our service standards.
New business communication and underwriting communications (i.e. documents produced while the application is being underwritten such as underwriting status updates) are available in the Activity centre on this site. Sign in with your Access ID and your password to access the Activity centre.
New business policy documents (i.e. the policy, policy delivery requirements) will be sent to the attention of the selling advisor or their back office. Each policy will have an invoice.
Policy delivery requirements, once completed, are to be sent by you or your back office to the Document and Distribution Centre.
Sun Life Financial will communicate all client information to you through your Activity Centre. The Activity Centre is a messaging tool that allows you to communicate client information over the Internet safely. Your Activity Centre provides you with an online record of your application from the time it is submitted, until the time you deliver the policy to your client. You can also track the status of cases, store confidential policy information, and ask questions from your Activity Centre.
When additional information or clarification is required, a signal e-mail will be sent to your personal inbox, prompting you to sign into Activity centre.
- Final review
Standard, declines and substandard cases
Underwriting decisions will be sent to your Activity Centre. Underwriters will provide the additional rating needed to generate illustrations on rated policies.
If the initial premium is received with the application, the policy date is the same as the application or retained age date. If the initial premium is not received with the application, the policy date will be the underwriting approval date or the retained age date if requested by the advisor.
- Policy delivery
Policy delivery requirements
Commission is paid only after a policy is settled. A policy is settled when the listed delivery requirements are received and approved by the New Business Department and could include the following items:
- client's banking information (if applicable)
- signed illustration (for SunUniversalLife II, Sun Par Protector II, Sun Par Accumulator II, Sun Par Accelerator, Sun Lifetime Alternative, Sun Long Term Care and Sun Retirement Health Assist)
- Policy delivery receipt (4490-E)
If the application is POD, payment of the premium will establish the policy delivery date. The 10-day free-look period starts from the date the owner receives the policy.
If there are outstanding requirements, policy delivery is assumed when the initial premium payment and the remaining delivery requirements are received.
Policy delivery requirements, once completed, are to be sent by you or your back office to the Document and Distribution centre at Sun Life Financial Waterloo office.
You will be asked to notify the customer of any application amendments when the policy is not issued as applied for. Some amendments require the client's signature.
At issue, each policy will be sent by courier to you or your back office with an invoice and a policy delivery receipt, indicating the necessary documents required to complete the policy delivery process. These requirements must be received by Sun Life Financial by the date specified on the New Business requirements screen. Our standard delivery period is 6 weeks (42 days).
The 90-day rule (cases with temporary insurance)
Files will be kept active for 90 days from the date the application is signed by the client to the date of settling the policy. Applications with outstanding requirements will be closed at day 90. Large cases may take longer to underwrite and will be considered on an individual basis to see if the file can remain open. The advisor will receive notification of any extension through the Activity Centre.