Email Blast to Advisor – (tentatively on June 23, 2014)
New BMO Insurance Life and Critical Illness Application Form Available
At BMO Insurance, we are committed to improving our New Business process. Our insurance application and client service forms have been re-designed to streamline the form completion process.
Revisions have been made to the BMO Insurance Application for Life Insurance and Critical Illness Insurance 126E (2013/01/01) and Policy Service Request Form 162E (2012/07/01). The new version of the insurance application is available for order by contacting your MGA.
Application for Life and Critical Illness Insurance 126E [Click-through to 126 E]
Important Improvements to Application for Life Insurance and Critical Illness 126E (2013/01/01)
• Section 1 – General Information o New tick boxes are added to specify the type of application submitted being a new policy, a replacement of a BMO Insurance policy or additional coverage to a BMO Insurance policy
• Section 3 – Plan Details o New tick boxes are added to specify a desired policy date being a date to save age or current dated
o Section 3.2, a new tick box for Joint-Last-to-Die is added under Coverage Type on Pure Term 100
• Section 4 – Payment Information o Section 4.1, banking information write-in blanks are removed since a void cheque or a bank letter of direction containing the required information must be submitted for Pre-Authorized Cheque payment regardless.
o Section 4.2, new tick boxes are added to specify how Pre-Authorized Cheque agreement should be set up
• Section 5 – Beneficiary Information o New instructions on critical illness beneficiary designations and payout arrangements with reference to a newly introduced Direction to Pay for Critical Illness Form (630)
• Section 6 – Insurance History o Question 2 split into 2a and 2b to increase clarity on application that may involve the replacement of policy
• Section 13 – Representations, Acknowledgements, Authorizations and Signatures o Policy Language question at the bottom has been revised with a newly added written explanation section to provide further clarity.
Separation of Policy Service Request Form 162E (2012/07/01)
The existing multi-purposed Policy Service Request Form 162 has been separated into 7 different forms to cover the following:
1. Beneficiary Designations for Critical Illness Policies 626E
2. Direction to Pay for Critical Illness Policies 630E
3. Request to Change Beneficiary Designation – Life Insurance 625E
4. Collateral Assignment 627E
5. Change of Address 631E
6. Name Change or Correction 629E
7. Declaration of Loss of Policy 628E
Such separation allows the appropriate forms be submitted accurately in order to expedite service changes and enhance customer experience. As a result, Policy Services Request Form 162E will no longer be accepted. All of the 7 forms are available for download via The Wave Illustration software (under Forms and Questionnaires) and on BMO Insurance Advisor Site (under Forms and Questionnaires)
Transition Rules
• The new BMO Insurance Life and Critical Illness Application Form (126) and policy service request forms (625, 626, 627, 268, 629, 630, 631) can be used immediately.
• All applications received in head office after 31 July, 2014, must be submitted using the new application form along with the improved policy service request forms, if applicable.
• During the transition period, old application form 126 and Policy Service Request Form 162 are still acceptable.