Foresters Announces New Streamlined Underwriting Requirements

Posted on January 14, 2013 and updated January 23, 2013 in Life Insurance Canada News 2 min read
Insurance broker
Requirements have been streamlined,
so your broker can get your
Foresters policy faster.

On Monday, January 14th, 2013, Foresters announced new streamlined underwriting requirements designed to speed up and simplify the risk assessment process so that insurance applicants get a ruling on whether they qualify for their policy faster and more succinctly than ever before.

Some of these changes include the following adjustments:

  • Unified Underwriting Requirements for All Products: The underwriting requirements for all products have been consolidated to the point where the requirements are the same no matter what product you’re buying.
  • Medical Exams by Doctors Almost Entirely Dropped: There are no medical exams for policies with face amounts under $10,000,000 and those under age 51 and over.
  • Requirements for Electrocardiograms are Less Stringent (ECGs):  No ECGs are required for those between the ages of 51 to 60 up to face amounts of $500,000, and no ECGs are required for those 61 and over with face amounts up to $249,999.
  • No More Chest X-Rays: Chest X-rays are no longer required at any age.
  • Inspection Reports Are No Longer Required for Face Amounts Below $500,001: However, financial questionnaires are required for face amounts from $2,000,001 to $5,000,000.
  • A Routine Motor Vehicle Report (MVR) is No Longer Required for Face Amounts Under $2,000,001.

For more details on Foresters’ new streamlined underwriting requirements, please call us at 1-866-899-4849.

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