You can now backdate critical illness policies up to six months, par policies up to 10.5 months and non-par policies up to 12 months.
Here are the details:
Critical Illness Insurance
Any par policies backdated 10.5 months must be settled within two weeks of the issue date.
This change currently doesn’t include Universal Life (UL) policies. More information is coming soon.
When backdating more than six months, we’ll need to make a change to the policy. This change will address the start dates of the suicide and contestability periods. Also, an interest charge will apply for periods that are more than six months on Participating Whole Life plans.
Note: If you want to backdate a critical illness or life insurance policy and are using Sun eApp, continue to select the “retain age” box, when available. If the retain age box isn’t available, add a note in the “special instructions” section on the summary screen of the application.
Work is underway to update the wording on our paper applications by the end of November 2021. You can continue to check off the retain age box as you have previously.
Contact our Advisor Experience Team.