Future insurability option
The monthly amount is determined based on the insured person's current situation. Their needs could change and their health could deteriorate over time, preventing them from getting a higher monthly amount.
The future insurability option makes it possible to increase the monthly amount at each policy anniversary without providing evidence of insurability.
At the time of purchase, the insured person must select the maximum lifetime monthly amount they wish to receive for future increases. They can choose between $500 or $1,000 per month.
The coverage is available to all occupation classes.
Conditions for eligibility
- The insured person must be between ages 18 and 50.
- A single future insurability option is available, regardless of the number of coverages selected.
- The sum of the monthly amount of the main coverage and the amount selected for the future insurability option must not exceed the upper limit of the occupation class:
- A, 2A, 3A, 4A: $5,000
- B: $3,500
- It's not available for policies with an extra premium.
- It cannot be added after the policy is purchased.
Exercising the future insurability option
- It must be exercised in the 60 days prior to the policy anniversary date.
- It can be exercised until age 55.
- It can be exercised up to 5 times.
- Each option exercised must be for at least $100 and cannot exceed 20% of the initial monthly amount. If the amount added is less than 20% of the initial amount, the difference cannot be carried forward to the next time the option is exercised.
- It provides a new SOLO Loan Insurance coverage that includes all the coverages and riders that applied to the initial policy.
- The premium for this new coverage is calculated based on the insured person's attained age and initial risk class, as well as the rates in effect when the option is exercised.
- The waiting period can be equal to or longer than that of the original policy (no more than 3 different periods on the same policy). The benefit period can be equal to or shorter than that of the original policy (no more than 2 periods per policy).
- Exclusions that apply to the initial monthly amount will also apply to the additional monthly amount.
- The insured person cannot exercise this option during a disability period.
- The exercising of an option cannot be postponed, even if the client is disabled.
What happens if an insured is disabled within 6 months after exercising a future insurability option
The new monthly amount is payable immediately if the disability is due to an accident. If the disability is due to an illness, the new monthly amount will take effect 6 months after the option is exercised.