We’re in the business of paying out on the promises we make to our policy holders. In 2017, we paid 99.1% of the life claims received.
Claim notification sent to ivari - The adjudicator reviews the policy(ies) to confirm the extent of coverage and contacts the individual who reported the claim to provide them with the claim requirements. If the claim occurs within the contestable period, additional documents will be requested.
Required documents are requested and received by ivari- The adjudicator may, upon review, request additional documents and occasionally engage a third party investigator if more information is needed.
Claim is reviewed - The adjudicator assesses all the collected information and makes a claims decision.
Our claims brochure explains the different types of claims and the forms required to process them.
Express life insurance claims* (i.e. Policies older than 10 years with a face amount < $50 k) - Two days from receipt of last required document.
Non-express life insurance and investment product claims - Five days from receipt of last required document.
*The claims adjudicator will review and confirm if your claim qualifies for express handling.
What is a contestable life insurance claim?
This is when death occurs within 2 years of the policy being issued or reinstated. The requirements for this type of claim are more in depth. We will investigate the insured’s health and personal history prior to the date of policy issue, regardless of the cause of death. If your claim falls into this category, the process and requirements will be explained to you once you’ve reported the claim to us.
Keeping our promises…even when it seems impossible
In July 2017, during a regular review of policies with bad addresses, we sent a batch off to our search firm to try to find new addresses. For one particular policy, the result came back showing that the insured had passed away in November 2012. Using this information, we located an online obituary and contacted the funeral home so they could advise the family that they may have an unsettled insurance claim. After several attempts, we received no response. We turned to social media and tried to get in touch with who we thought was one of the insured’s sons but once again, no luck.
Fast forward to one year later…
We don’t give up that easily! In July 2018, after a 411 search using the beneficiary‘s name, we obtained a list of potential matches. We made our way through the list until finally, we found the beneficiary - the insured’s dad! He was shocked to find out about this life insurance policy six years after his daughter had passed away! We have since paid out $250,000 to the insured’s father who was so happy to be able to help his family with this money.
A note from the beneficiary: “Thank you for taking the extra effort and time to find me. You have given me faith that there are good people left in this world. Many blessings on you and your family!” – Midge, Alberta, CA