Managing Your Policy

Beneficiary changes can be made at any time, and no reason is required. The update is handled through a beneficiary change form from your insurer, which you sign and return. One exception applies if you named an irrevocable beneficiary: that person's written consent is usually required before the change can be made. PolicyAdvisor can confirm which type of beneficiary designation is on your policy if you are unsure.

Contact detail changes are simple and free of charge. Many insurers allow you to update your address, phone number, and email through their online client portal, and the same changes can be made by phone or email. Keeping this information current matters, because it is how your insurer reaches you about renewals and payments.

Most premiums are collected by pre-authorized withdrawal from a bank account, and switching to a new account or card is a standard change. Your insurer provides a form or an online option to update the banking details on file. The change is best made a few days before your next draw date so no payment is missed in between.

Decreasing coverage is usually straightforward and can reduce your premium. Increasing coverage is a larger request, because adding coverage generally requires fresh underwriting and sometimes new health questions or a medical exam, since the insurer is taking on more risk. Depending on your policy and your goals, buying a separate new policy can work out better than raising an existing one. A licensed advisor can compare both and show you which is more cost-effective.

For an existing in-force policy, no. Once coverage is approved and issued, the price is locked in, and there is no obligation to report a new hobby such as skydiving or a change in blood pressure. This is one of the advantages of buying early: your rate is based on your health as of the application date. The exception applies only if you want to add new coverage later, since that new coverage is underwritten fresh.

The insurer owns your policy record, so most changes are officially made on their books. PolicyAdvisor handles the legwork: telling you which form you need, sharing the correct paperwork, submitting your request to the insurer on your behalf, and following up so it does not stall. Some changes you can make yourself in the insurer's portal in a couple of minutes. Either way, you are never left guessing who to contact.

The most common arrangement is a monthly pre-authorized withdrawal from your bank account, so the premium is collected automatically on the same date each month. Many insurers also allow annual payment as a single yearly amount, and some accept a credit card or cheque. Once the payment method is set up, no monthly action is required on your part.

Yes, in most cases, and many insurers allow you to change your payment frequency at your policy anniversary. One detail is worth knowing: paying monthly often costs slightly more over a year than paying annually, because insurers apply a small factor for the monthly convenience. Monthly payment still makes sense when cash flow is tight, while paying once a year can save a few percent.

One missed payment does not cancel your coverage. Policies include a grace period, typically around 30 days, during which the policy stays fully in force and the outstanding payment can be made up. If a claim arose during that window, the beneficiaries would still be paid, minus the premium that was owing. The simplest step is to top up the payment before the grace period ends, and PolicyAdvisor can review options with you if affordability is the issue.

A grace period is the window of time after a missed premium before your policy actually lapses. It is usually around 30 days, though the exact length varies by insurer and is written in your contract. During the grace period your coverage stays active, so you remain protected while you catch up. It functions as a built-in second chance rather than a hard cut-off.

Not necessarily, and acting quickly matters. Most insurers offer reinstatement for a set period after a lapse, often up to a couple of years, allowing the same policy to be restored. Reinstatement usually requires repaying the missed premiums, and because time has passed, the insurer may ask fresh health questions or request a short medical exam. If reinstatement is not practical, a licensed advisor can compare it against shopping for a new policy.

It depends on the type of policy. Term and permanent policies with level premiums are designed to stay the same for the whole term, so the amount you signed up for is the amount you continue to pay. What can change is at the end of a term: renewal premiums are usually much higher, which is by design and is set out in your contract. A renewal of this kind is an ideal time for a review before the increase takes effect.

Yes. Most personal policies can be cancelled at any time, and there is usually no cancellation penalty for simply stopping. For a policy paid monthly, cancelling is often as straightforward as stopping the payments and sending written notice, though notifying your insurer directly is cleaner so the cancellation is on record. Before cancelling, a brief review is worthwhile, especially if you plan to replace the coverage, so you are never left with a gap.

Yes, in most cases, thanks to the free-look period. Most policies in Canada include a short review window after the documents are received, often around 10 days, during which you can cancel and receive a full refund of anything paid. This window is the opportunity to read the contract in full and confirm it is what you intended. The exact length is stated in your policy, and acting promptly matters because the window is short.

It depends on the type of policy. Term life and most pure protection policies have no cash value, so cancelling simply ends the coverage with nothing paid back, apart from a free-look refund early on. Permanent policies such as whole life can be different, because they build cash value over time that may be received if the policy is surrendered. That surrender amount can be reduced by fees and may have tax consequences, so a proper review is worthwhile before cancelling.

Cash surrender value is the amount you would actually receive if you cancelled a permanent policy that has built up cash value. It equals the policy's cash value minus any surrender charges the insurer applies, which tend to be heaviest in the early years and decrease over time. Term policies do not have a cash surrender value, since they carry no cash value. If the surrender value exceeds what you effectively paid in, part of it can be taxable, so it is worth checking before surrendering.

No, not yet. The safe rule is to keep the old policy fully in force until the new one is issued, paid for, and confirmed active in your hands. Cancelling too early can leave an uncovered gap, and if your health changed in between, regaining coverage could be harder or more expensive. Once the new policy is confirmed active, the old one can be cancelled, and PolicyAdvisor can help time the two so they overlap rather than leave a gap.

A claim starts with a phone call or message to the insurance company that issued the policy, notifying it that the insured person has passed away. The insurer then sends out the claim forms and explains exactly what is required. The full set of steps does not need to be known in advance, because the insurer guides the beneficiary through the process. If the policy was arranged through PolicyAdvisor, you can also contact PolicyAdvisor first for help getting the process moving.

The named beneficiary is the person who files the claim and receives the payout. When more than one beneficiary is named, the insurer pays each named beneficiary their share, and a licensed advisor can walk you through the claim process. If no living beneficiary is named, the benefit usually goes to the estate, and the executor handles it. A claim does not begin automatically, as someone must contact the insurer to start it.

The central document is proof of death, usually an official death certificate, along with the completed claim form and the policy details. Depending on the circumstances, the insurer may also request a funeral director's statement, a physician's or coroner's statement, or other supporting paperwork. Having the policy number and the deceased's information on hand speeds the process. The insurer's claims team provides a clear list, so nothing is left to guesswork.

For a straightforward, uncontested claim with all paperwork in order, payouts in Canada are often settled within about 30 to 60 days, and sometimes faster. The most common cause of delay is missing documents, so complete forms and a proper death certificate genuinely help. Claims that require extra investigation, for example a death very early in the policy, can take longer. The insurer keeps the beneficiary updated throughout.

The most common method is a single lump-sum payment to the beneficiary, tax-free, which can be used however they choose. Some policies also offer the option to take the benefit as a series of payments over time, sometimes called an annuity settlement, instead of all at once. The right choice depends on the family's situation. There is no obligation to spend it quickly, and taking time before making major decisions is often wise.

No, in most cases. In Canada, a life insurance death benefit paid to a named beneficiary is generally received tax-free, and beneficiaries typically receive the full amount without reporting it as income. Two exceptions apply. If the money sits with the insurer and earns interest before it is paid out, that interest portion can be taxable. And if the benefit goes to your estate rather than a named person, it can become subject to probate and estate costs, which is one reason to name a beneficiary directly.

Yes, though for honestly completed policies it is uncommon. The usual reasons are a material misstatement on the original application, or a death within the first two years that falls under the contestability period, during which the insurer can review the application more closely. This is exactly why answering the application questions truthfully at the time of purchase matters so much. A policy completed honestly is a policy that pays.

Yes, ongoing service is part of the offering. PolicyAdvisor does not disappear once the policy is issued. If you need to update a beneficiary, change your payment, review your coverage, or navigate a claim, PolicyAdvisor can direct you to the right next step. Some changes are handled with you directly, and others are completed through the insurer, but you never have to work it out alone.

Either can be a starting point, and if you are unsure, begin with PolicyAdvisor. As your broker, PolicyAdvisor can tell you whether a given change is something you complete in the insurer's portal, something PolicyAdvisor can help submit, or something the insurer's service team handles directly. Certain payout and account matters are managed by the insurer by design, since the insurer holds the policy. The aim is to ensure you always know which contact is correct.

The insurer is the company that issues your policy, holds your contract, collects your premiums, and pays your claim. The broker, in this case PolicyAdvisor, is your independent advisor: it shops the market, helps you choose, and stays on your side for questions and reviews afterward. The broker does not hold your money or approve your claim, as the insurer performs those functions. In short, the insurer is the provider and the broker is the guide who helps you use the coverage well.

Yes, and reviewing older coverage is a sensible step. Circumstances change over time, whether a new mortgage, a new child, a raise, or a divorce, and coverage that fit five years ago may not fit today. PolicyAdvisor is glad to review your existing coverage, advise plainly whether it still makes sense, and suggest a change only when there is a genuine reason. There is no pressure and no charge for the conversation.