The Cost of Losing Your Life Insurance Policy

Unity Life of Canada joined the Foresters family in April 2008 and as of Jan 23 2012 changed their name to Foresters Life Insurance Company.

Recently my phone rang from a policyholder who had lost her life insurance policy and she wanted a duplicate policy.  I explained that almost all life insurance carriers charge for producing a duplicate policy and most of the policy particulars can be obtained for free by requesting a policy summary from the insurance carrier.  It should be noted that the policy document is not required at the time of claim.

The following is a list of what the different life insurance companies in Canada charge to produce a duplicate policy.

• AIG – $50.00

• AXA – $10.00

• Canada Life – $100.00

• Desjardins – $20.00

• Empire Life – $25.00
  (if the policy is under 10 years old, otherwise it is not available)

• Equitable Life -$20.00

• Industrial Alliance – $30.00

• RBC Insurance – $25.00
  (they may waive the charge if it is a recently issued policy)

• Standard Life – $75.00

• Transamerica Life – $50.00

• Unity Life – $25.00

If you would like more information, please give me a call at 905.248.4849 to discuss your own situation.