Family Guardian
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FAQ - Client Services

Client Services is responsible for the following functions:

  • Mailing of policy anniversary and annuity statements
  • Mailing of payment reminder, late payment, lapse, loan interest and automatic premium loan interest notices
  • Processing and recording beneficiary changes and assignments
  • Completion of bank inquiry forms
  • Processing policy reductions, conversions and cancellation of benefits and riders
  • Issuance of duplicate contracts and policy certificates
  • Name correction
  • Address changes



Q.Who is a beneficiary?
A.A beneficiary is the person or entity named by the owner to receive the proceeds of an insurance policy upon the death of the insured. If no beneficiary is named, the proceeds are paid to the Estate of the insured.
Q.Can I change my beneficiary at any time?
A.There are two types of beneficiary designations: revocable or irrevocable. Certain designations such as spouse and children are mandated by law to be irrevocable based on the issue date of the contract. A revocable beneficiary can be changed by the owner at any time without the consent of the beneficiary by completing a change of beneficiary form. However, if the beneficiary is declared to be irrevocable, the owner cannot change the beneficiary without his/her consent. The signature of the irrevocable beneficiary is also required on policy assignments, loans and surrenders in order for these to be processed. Changes should be requested on relevant forms provided by the Company and when filed and recorded - the change will take effect on the date of the request provided no death claim payment was made before the change was recorded.

Assignment of policy

Q.Can I assign my policy?
A.An assignment transfers ownership to a third party while the assignment is in effect. A bank or other financial institution may require life insurance as a condition for a loan. Policy assignments can be processed for the sum insured provided the policy is paid current and the signature of the irrevocable beneficiary, if any, is obtained. Assignment forms are typically provided by the financial institutions and when completed should be submitted to Company for processing.
Q.Can the assignee be removed at any time?
A.Assignees can be removed at any time but only with the written consent of the assignee.


Q.Can I obtain a loan on a term policy?
A.Loans are not granted against term policies as they have no savings features, i.e., cash value or dividends.
Q.Can I obtain a loan on a whole life/permanent policy?
A.Home Service life insurance policies do not contain a loan provision; therefore, loans are not granted on these policies.

Ordinary life insurance policies (Financial Services) – do contain loan provisions.

A policy loan may be obtained on the sole security of the policy provided it is in force. The loan may not exceed the cash value for the current policy year plus dividends, if applicable. A loan agreement form must be signed by the owner and irrevocable beneficiary, if applicable. If an assignee is noted, they must also sign along with the owner.
Q.Will I be charged interest on a policy loan?
A.Interest will be charged at such rate as the Company determines from time to time. Interest will be payable in advance on each policy anniversary and is added to the loan amount.
Q.What happens if my policy loan balance exceeds the cash value in my policy?
A.If the policy loan plus interest equals or exceeds the loan value at any time, the policy will terminate and become void 31 days after the Company mails a notice of lapse to the last known address of the owner or any assignee on record.
Q.Can I pay off my policy loan at any time?
A.A loan may be repaid in full at any time while the policy is in force.


Q.Can I withdraw my dividends?
A.Participating policies accumulate dividends that may be withdrawn at any time unless they have been applied under the policy loans and indebtedness or guaranteed values provisions of the policy. The Company’s dividend withdrawal form must be completed for processing.

Premium Payments & Grace Period

Q.Do I have a grace period to pay my premium?
A.Once the first premium has been paid, a grace period of 31 days is allowed to pay each subsequent premium. During this grace period, the policy will be in force. If the insured dies during the grace period, the unpaid premium will be deducted from the proceeds.
Q.What if I do not pay my premium within the grace period?
A.When a premium due is not paid by the end of the grace period, the policy will lapse unless there are values on the policy stipulated in the non-forfeiture values.
Q.Can I reinstate a lapsed policy?
A.A lapsed policy can be reinstated as per the terms of the contract. This reinstatement is subject to (1) the insured providing satisfactory evidence of insurability to the Company, (2) payment of all past due premiums, and (3) payment or reinstatement of any loan on the policy. If the evidence provided is not accepted or found not to be satisfactory by the Company, all monies paid for this transaction will be refunded to the owner and the policy reinstatement is declined.

Duplicate Contract or Certificate of Insurance

Q.Can I obtain a duplicate of my life insurance policy contract?
A.Upon completion of the respective Company form declaring that the policy was lost or misplaced and payment of the processing fee, a duplicate policy will be provided
Q.Can I obtain a certificate of my life insurance policy?
A.Upon completion of the respective Company form and payment of the processing fee, a certificate will be provided.

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