Payments on new applications - Life and Critical illness insurance
Depending on the premium frequency chosen by the Client, payments can be made on a monthly basis through our Pre-Authorized Chequing (PAC) process, or annually by cheque. If PAC is chosen, monthly payments are deducted automatically from the payor's account and applied to the premium owing. If the payor decides to pay annually by cheque, payments can be sent to our head office before the anniversary of the policy date.
If the Client chooses to pay monthly by PAC, you need to include either:
- void cheque with a completed E75 PAC Authorization form, or
- instructions on the application to withdraw the initial premium by PAC along with banking information.
If the PAC will be a paid by a third party, the third party payor’s signature is also needed on the application or the PAC authorization form.
For Par and Universal Life products: Information about the third party payor must be included in section 2 of the 4830 for individually owned policies. If the policy is owned by an entity, the information about the third party payor must be included in section 3 of the 4831 form.
Note: A third party is anyone other than the owner of the policy, including a spouse.
For payment on delivery applications, payments will not begin until the delivery documents have been signed and completed.
If the application is declined or rescinded, a full refund will be sent for any premiums paid.
If temporary insurance is applied for we need the first month’s premium to secure temporary insurance. If the Client chooses an annual payment frequency a cheque for the balance of the annual premium is required to settle at the time of delivery
Sun Universal Life
Any money paid with a SunUniversalLife II application will be invested on the settle date in the savings or investment option selected. If an investment is not selected, payments will be invested into the Daily Interest Account.
Other payment methods
- A wire transfer may be acceptable depending on the source country. However, it must be coordinated with the Case Manager before the payment submission.
- Internet banking payments are not accepted for new business applications.
- Credit card payments are not accepted for life insurance, critical illness or Retirement Health Assist (RHA) premiums.