COVID-19 Update – Underwriting Changes

Transcription

View online FrançaisCOVID-19Update –UnderwritingChangesWe are focused on ensuring that our business continues to deliver the importantservices you and your clients need. We are also preparing for an increase in inquiresrelated to the COVID-19 outbreak. Recognizing the importance of responding quicklyin these challenging times, we continue to evolve and develop guidelines andpractices to help you better serve your clients.The primary purpose of this update is to notify you of temporary changes to ourAccelerated Underwriting program to allow higher non-medical limits.PARAMEDICAL PROVIDER UPDATEAll face to face paramedical exam appointments are temporarily suspended in orderto protect the health and safety of examiners, clients and the community as a whole.Therefore, effective immediately, all previously scheduled appointments will becancelled, and no new appointments will be scheduled until it is determined that it issafe to resume these services.Dynacare will continue to provide Tele-Interviews as these can be completedremotely. Continue to order Tele-Interviews with Dynacare.TEMPORARY ENHANCEMENTS TO ACCELERATED UNDERWRITINGPROGRAM AVAILABLE FOR ALL LIFE PRODUCTSBMO Insurance is temporarily implementing changes to our Accelerated Underwritingprogram which will include the following:

Tele-Interview for issue ages 18 to 50 up to and including 1,000,000 ofcoverage.Tele-Interview for issue ages 51 to 60 up to and including 300,000 ofcoverage.Issue ages 61 will continue to follow our published age & amountrequirements.If a case requires fluids and we are unable to obtain these requirements, we willcontinue to underwrite the file with the Tele-Interview and application and provide atentative decision subject to the fluids when the client is tested.OTHER UNDERWRITING CONSIDERATIONSOn a case-by-case basis, BMO Insurance may consider applications above 1,000,000 of coverage depending on the applicant’s age and individual medicalhistory. For these situations, a current APS will need to be available that includes acomplete medical history with a blood and urinalysis performed within the past 12months. These cases will be considered on an individual basis and may be subject toa special rate and quote.Since we are in a rapidly changing environment, we are prepared to be agile to dealwith solutions to support you. These temporary measures are effective immediatelyand subject to change depending on how the COVID-19 outbreak evolves.Have other questions?Please visit bmo.com/insurance/advisor/covid-19/.In this rapidly changing environment, it has never been more important to beconnected with your local BMO Business Development Manager and Regional Office.They are up to date on these changes and ready to respond to your questions.We also recommend email as the most efficient way to get in touch with us. TheContact Us page on the Insurance Advisor site provides department email addresses.We trust you find these guidelines and practices helpful. We will continue to reviewthem as often as necessary to ensure they are responsive to the situation. On behalfof everyone at BMO Insurance, please continue to take care of yourself and thank youfor your patience as we respond to these challenging times.MB 615 (2020/03/26)

Hello!I hope you and your families are safe, healthy and social distancing.You’re most likely being bombarded by emails. I want to ensure you have received this notice. It provides guidelinesand practices during this challenging time.Things are changing rapidly and several paramed companies are suspending face to face visits.Here are our current options to submit business taking into account underwriting requirements. Order an APS at time of application if the client has been seen within the last 12 months and had blood/urinecompleted. If approved, preferred rates for Term will not be available as our testing is not included.Order the fluids through a private clinic which include the following: CBC Blood Profile plus urinalysis with HIVand cotinine testing. If approved, preferred rates for Term will not be available as our testing is not included.Keep the file pending until such time that either of the labs resume ordersTele-Interviews continue to be processed by Dynacare as they are enabled remotely. Brokers are advised tocomplete the medical questions on the application in the event that these operations cease.Note the email contacts and info below.For questions regarding new business updates and inforce questions, do reach out to our MGA first as they may alreadyhave the answer you’re looking for.If you need help building a solution for your clients or have any additional questions, I’m happy to assist.Lidia Pirrie, CHS Senior Business Development Manager BMO Life Assurance Company 60 Yonge Street Toronto, ONM5E 1H5 WHOLE LIFE & UL CAN NOW BE DONE ONLINETry Our Smart App: https://www.bmo.com/advisor/smartapp/Our Latest Software: html

View online FrançaisCOVID -19March 24, 2020In the coming weeks, we are preparing for an increase in inquires related tothe COVID-19 situation. Recognizing the importance of responding quickly inthese challenging times, we developed the following guidelines and practices.Have a question?We recommend email as the most efficient communication method. TheContact Us page on the Insurance Advisor site provides department emailaddresses.New BusinessContact us via email at n Submission: The BMO Insurance Smart App can be done Face to Face or Non-Faceto Face. These applications reach our office immediately.For MGA’s or National Account partners that are not set up for SmartApp, we have approved on a temporary basis the Face-to-Face LifeInsurance and Critical Illness Insurance Application Form, 126E on anon face to face basis for ALL our products.

If applying for individual coverage (non-entity), you are requiredto complete and submit the Dual Process Verification of Identity,form 798.o If applying for corporate coverage (entity), you are required tocomplete and submit the Entity Verification, form 715.Face to Face Paper Applications can be sent via secure email to ourNew Business Applications email address:applications.newbusiness@bmo.com.o Service Providers and Reinsurance: We are continuing to work closely with our Canadian Service providersto ensure that they can continue to service clients. We recommendwhere possible to have clients complete the tele-interview as this can becompleted over the phone.Submissions to reinsurance will continue as we operate electronicallywith all our reinsurance partners.Policy Contacts & Policy Delivery: As an interim measure a soft copy of the policy contract and deliveryrequirements will be emailed to the MGA for delivery by the advisor.If they choose, the advisor can deliver these documents to the clientNon-Face to Face provided that we are provided with a copy of thesigned delivery receipt.We will only accept payments by Pre-Authorized Debit and Credit Card(for annual payments only).Settlement documents can be emailed via secure email to:insurance.individualnewbusiness@bmo.com.New Business Correspondence: Any new business inquiries, including status updates can be emailed viasecure email to: insurance.individualnewbusiness@bmo.com.Although our preference is that you communicate with us via email, inthe event that you need to call us we can be reached at the followingnumbers:o New Business: 1-866-841-0783o National Account: 1-855-659-3008Client ServicesContact us via email at insurance.clientservices@bmo.com.

Requests to be sent via emailEnsure that premium payments are made onlineWe will prioritize all monetary transactions, such as loans, withdrawals,Fund Transfers and Banking related inquiriesAll other inquiries will be prioritized to the best of our abilitiesSingle Premium AnnuitiesContact us via email at insurance.annuities@bmo.com. Requests to be sent via email including new applicationsFunds will need to be sent electronically. Please contact us on a caseby case basisSettle documentationAny changes and inquiriesClaimsContact us via email at insurance.claims@bmo.com. Requests to be sent via emailTo Start a Claim click hereHave your clients/beneficiaries prepared to provide with Direct DepositDetails (not available to Estates)Remind our clients/beneficiaries to provide us with their email addressContracting & CompensationContact us via email at :Contracting - insurance.agencyservices@bmo.comCompensation - insurance.compensation@bmo.com Please ensure contracting documents are submitted via APEXA, whereapplicablePlease submit paper contracting via secure email toinsurance.agencyservices@bmo.comAll other correspondence, please submit via secure email toinsurance.agencyservices@bmo.comTravel InsuranceContact Allianz at questions@allianz-assistance.ca. Important Notice: On March 11th 2020 the World Health Organizationannounced a global pandemic as it relates to COVID-19.

On March 13th, 2020 the Canadian Government issued a Global TravelAdvisory for Canadians to avoid all non-essential travel outside ofCanada.As a result of the rapidly shifting environment, BMO Travel Insurancepolicies underwritten and issued by Allianz are not available forpurchase at this time.If you have any further questions, you can call Allianz at 1-800-6619060. Due to wait times, you can also email Allianz atquestions@allianz-assistance.ca.We trust you find these guidelines and practices helpful. We will continue toreview them as often as necessary to ensure they are responsive to thesituation. On behalf of everyone at BMO Insurance, please continue to takecare of yourself and thank you for your patience as we respond to thesechallenging times.MB 608 (2020/03/18)To find out more about BMO Insurance products, please call your MGA or contactthe BMO Insurance regional sales office in your area or visitwww.bmoinsurance.com/advisor.Central Region(Ontario)1-800-608-7303Email usEastern Region(Quebec - Atlantic)1-866-217-0514Email usWestern Region(BC, AB, SK, MB)1-877-877-1272Email usView online Français

COVID-19update: Healthand safety is ourpriorityUpdated March 23, 2020In the coming days, we are taking bold steps to transform our remotecapabilities and enable as many of our employees to work remotely. Weexpect to complete the transformation tomorrow evening. While we take thesefinal steps, we are open for business, but unable to accept telephone calls. Ifyou have an urgent request, please email us using the contact list below. Restassured, we are ready to help you and your clients through these extraordinarytimes.Thanks for your patience, as we retool to better safeguard the health of ouremployees, families, and communities.Have a question?New ent rance.claims@bmo.comContracting & CompensationContracting - insurance.agencyservices@bmo.comCompensation - insurance.compensation@bmo.com

Single Premium Annuitiesinsurance.annuities@bmo.comOn behalf of everyone at BMO Insurance, please continue to take care ofyourself and thank you for your patience as we respond to these challengingtimes.MB 610 (2020/03/23)To find out more about BMO Insurance products, please call your MGA or contactthe BMO Insurance regional sales office in your area or visitwww.bmoinsurance.com/advisor.Central Region(Ontario)1-800-608-7303Email usEastern Region(Quebec - Atlantic)1-866-217-0514Email usFollow BMO Insurance for Advisors onLinkedInWestern Region(BC, AB, SK, MB)1-877-877-1272Email us

View online FrançaisCOVID-19WE ARE HERE TO SUPPORT YOUIn the past few days, we have seen extraordinary measures to safeguardeveryone’s well-being. We recognize that these times are challenging andwanted to provide an overview of the actions BMO Insurance is taking toprotect the health and safety of our employees, customers, and distributionpartners.In the past few weeks, BMO Insurance has implemented several precautionarymeasures. We have restricted non-essential travel, postponed large events,limited in-person business meetings, and established a guide to share up-todate information about the situation with our teams. As you would expect, wehave a business continuity plan in place, that is regularly tested and enhanced,to ensure that operations continue to run effectively. We are confident that withour plans, we will continue to serve you and our customers as we always have,compassionately and professionally.While you support your clients through this challenging time, here are somehelpful things to know about BMO Insurance.WORKING VIRTUALLYWe understand that meeting with your clients may not be easy at this time.BMO Insurance offers several ways to work with us, and your clients, remotely:

BMO Insurance Smart App is secure, easy and fast and supports our fullproduct suite in an electronic format with an in-person or remote eSignatureprocess.Our non-face to face Smart App process allows for up to 5,000,000 for anyLife product and 750,000 for Critical Illness. Want to learn more about SmartApp? Check out the Smart App page on the Insurance Advisor site or Log innow with your Advisor Support user ID and password to get started.Of course, completed paper applications can be submitted through your MGAor National Account through secure email:applications.newbusiness@bmo.com.Other New Business correspondence and settling requirements securely emailto: insurance.individualnewbusiness@bmo.com.Settlement Payments: Pre-Authorized Debit or Credit Card information shouldbe provided to us at: insurance.individualnewbusiness@bmo.com.At the moment, we are not agreeing to settle policies based on evidence of acheque (by fax, pdf or a picture).Have a question? We recommend email as the most efficient communicationmethod. The Contact Us page on the Insurance Advisor site providesdepartment email addresses.UNDERWRITINGGiven recent events, BMO Insurance has updated our Underwriting travelguidelines for both our life insurance and critical illness insurance applications.At this time, we are postponing all cases related to individuals who haverecently traveled to China, Hong Kong, South Korea, Japan, Italy, Iran and alltravel on cruise ships that are currently in underwriting and not accepting anynew applications related to this type of travel.We will reconsider these applicants once they have returned to Canada for aminimum of one month and provided they have not experienced any recentsymptoms including (but not limited to) any respiratory complaints and fulldetails confirming their most recent consultation with their physician. All caseswill also require a Statement of Insurability.

Our Underwriting Department will continue to closely monitor applications fortravel, age and underlying medical history. Although we still believe themortality impact to be low, we are treating each application on an individualbasis. As you are aware, the spread of COVID-19 is continuously changingand our risk assessment may change as well depending on new informationavailable to BMO Insurance.OUR SERVICE PARTNERSWe are working closely with Dynacare and Exam One to ensure they are readyto support our infrastructure. They have instituted enhanced safety proceduresand business continuity protocols to ensure that age & amount requirementscontinue to be processed. Attached you will find Dynacare’s and Exam One’scurrent protocols for COVID-19 readiness.We trust you will find these practices helpful. Rest assured, we are monitoringthe situation closely so that we continue to serve you and your clients with theabove-and-beyond service you expect.On behalf of everyone at BMO Insurance, please continue to take care ofyourself and, as always, thank you for your business.MB 607 (2020/03/16)To find out more about BMO Insurance products, please call your MGA or contactthe BMO Insurance regional sales office in your area or visitwww.bmoinsurance.com/advisor.Central Region(Ontario)1-800-608-7303Email usEastern Region(Quebec - Atlantic)1-866-217-0514Email usFollow BMO Insurance for Advisors onLinkedInWestern Region(BC, AB, SK, MB)1-877-877-1272Email us

Corporate Address: BMO Life Assurance Company, 60 Yonge Street, Toronto, (Ontario)M5E 1H5, CanadaThe publication or any written material provided at the presentation is not for re-distribution. It contains technicalinformation intended for an insurance professional or may be incomplete without the additional context orinformation provided orally. The information presented in this document is intended to be a very high levelfeature comparison of different product features. Every effort have been made to ensure its accuracy as of thedate of the original presentation, however, we cannot guarantee the accuracy. BMO Life Assurance Companydoes not provide any such advice to the policyholder or to the insurance advisor.The information in this publication is intended as a summary of our products and/or services and may includeprojected values based on a set of assumptions. Actual results may not be guaranteed and may vary. Pleaseconsult the appropriate policy contract for details on the terms, conditions, benefits, guarantees, exclusions andlimitations. The actual policy issued governs. Each policyholder’s financial circumstances are unique and theymust obtain and rely upon independent tax, accounting, legal and other advice concerning the structure of theirinsurance, as they deem appropriate for their particular circumstances. BMO Life Assurance Company does notprovide any such advice to the policyholder or to the insurance advisor.This email was sent to bfgmarketing@bfggroup.ca by enews@bmocommunications.com.Insurer: BMO Life Assurance CompanyTM/ Trade-mark/registered trade-mark of Bank of Montreal, used under licence.BMO will never send you an email asking you to provide personal or confidential information (such as yourdebit or credit card number, passwords; or identification like Social Insurance Number, or Driver’s Licence). Ifyou receive a suspicious email purporting to be from a member of BMO Financial Group, do not reply or clickon any links. Instead, report the suspicious email to online.fraud@bmo.com immediately. Visitbmoinsurance.com/security for ways to help protect yourself online.Privacy Legal Security AccessibilityVoir en ligne English

On a case-by-case basis, BMO Insurance may consider applications above 1,000,000 of coverage depending on the applicant’s age and individual medical history. For these situations, a current APS will need to be available that includes a complete medical history with a