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When to update your Policy

Be sure to update your insurance to reflect any life changes!

It is important to keep us up to date with certain life situations that can have an impact on your life insurance. If there are changes in any of the following areas, please notify our Life and Living Benefits Administration team and they will provide you with the necessary documentation to ensure changes are properly implemented.

Name Change — this could be due to marriage or divorce.

Change of Banking — policies can lapse due to non-payment if the insurance company cannot collect the premium payments.

Address Change — even if your banking information does not change, important policy notices sent by mail may be missed if current contact information is not available.

Beneficiary Change — it is imperative that this information be kept up-to-date and accurate to reflect your beneficiary choices. The information needs to be updated also if your beneficiary pre-deceases you. 

Smoking Status — if you have quit smoking for over 12 months let us know — some insurers will look at reducing your premium once you are no longer a smoker.

Marriage — this may have an impact on your beneficiary designation, or may influence your insurance needs. For example, you may wish to consider a joint policy or spousal rider.

Birth of a Child — the birth of a child brings up the question of coverage / protection for the child – either as a rider on an existing policy or as an individual policy for the child.

Divorce — this may impact your name, address, beneficiary, and/or banking information. It could also influence your insurance needs.

Death — if your beneficiary pre-deceases you, be sure to update your beneficiary designation.

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