Exchange privilege

The insured person might no longer need disability loan insurance if the family home is sold or the loan is paid off.

The SOLO Loan Insurance policy can be replaced by a SOLO Disability Income policy, without proof of insurability. The form Request for Change Without Evidence – 09219E must be filled out and submitted in the 60 days before the policy anniversary.

The exchange is made at the rate in effect at that time, at the age and occupation class indicated when the policy was purchased. These current limitations and conditions apply:

• The policyowner must be an individual.
• They must exercise this privilege before age 60 and in the first 7 years after the policy is purchased.
• The insured person cannot be disabled.
• The insured person must hold a full-time occupation.
• Financial evidence must be provided.
• The exchange can only be requested once. All or a portion of the coverage may be exchanged. If this coverage was issued following the exchange of another coverage, it is not eligible for a new exchange request.
• The exchange must not increase the risk for the insurer:
  • The waiting period must be equal to or longer than those of the current policy.
  • The benefit period and the monthly amount must be equal to or less than those of the current policy.
• Any extra premiums and exclusions will also apply to the new policy.
• The new policy's eligibility criteria must be met (the monthly amount will be limited based on income, the number of hours worked must be provided, and waiting period limits may apply).
• Eligible coverages can be added to the new coverage at the attained age, with evidence of insurability.
• For a partial exchange, the total of the monthly amount for this coverage after the exchange and for the new coverage cannot exceed the amount selected for the coverage prior to the exchange.