Note: Prepaid arrangement services are only available in Ontario, Nova Scotia, and Saskatchewan at this time.
The policy underwriter is TruStage Life of Canada. The type of issued coverage depends on whether payment is made in a lump sum or over monthly payments.
Applications which make monthly payments are reviewed based on answers to a series of standard health questions the company issues. Everyone is approved, regardless of medical status. The answer to these questions do not determine application acceptance, simply the issue type.
There are two types of issued coverage:
Preferred Issue is offered when all health questions are answered "no." You will receive full coverage from the day the first payment is made.
Guaranteed Issue is offered when you answer “yes” to any health question. You are provided limited coverage; return of premiums paid with simple annual interest, as a death benefit, if death occurs within two years from the date of your first payment. After two years, you will qualify for the full death benefit. If the death is accidental, you are covered on day one.