FREQUENTLY ASKED QUESTIONS & ANSWERS FOR WFG ASSOCIATES

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1 1. How do I find information to help me access the Industrial Alliance sales tools & product information? Through your MY WFG website, you may access MY IA page and view the Quick Start presentation to help you register on the IA agent website for easy access to IA sales tools and information on IA products. You may also access the Quick Start presentation through the following link: Download the presentation 2. How do I contact Industrial Alliance for sales support? You may contact your regional sales team as listed below or you may call: WFG-MYIA/ or , option 1 for inside sales assistance nationally. You may also send an to wfgsales@ia.ca. Contact information for your IA sales and service team is available on MY IA page under a document called Reach Us Ontario & Eastern Regions Maria Quarta, Sales Director Sabrina Loessl, Marketing Associate maria.quarta@ia.ca sabrina.loessl@ia.ca Alberta & Prairie Regions Terry Sayers, Sales Director Brent Ciarrocca, Marketing Associate terry.sayers@ia.ca brent.ciarrocca@ia.ca British Columbia Region Philip Keane, Sales Director Taylor Tatay, Marketing Associate philip.keane@ia.ca taylor.tatay@ia.ca Do I need to register on the EXTRANET (IA agent website) to access E-App? Yes, EXTRANET registration is required by each WFG Associate. You may use your WFG code when registering. It is important to register on Extranet right away in order for you to: Use E-App. Check the status of applications in the mill for new business and underwriting. View detailed policy information for each policy that has been issued and placed. Download forms 4. How do I obtain a supply of F1A Application & E-app Signature forms? A large supply of F1A Life Insurance Applications (paper application) and F1E Signature Forms for E-App have been shipped to branch offices across Canada, however, if you require more supplies, do not hesitate to contact your sales team or send your request to wfgsales@ia.ca 5. For the WFG Associate under supervision, is it essential for the Associate s Supervisor to approve and sign off on all life insurance policies being replaced? The LIRD is a regulatory requirement and must be completed on all internal and external replacements. The form (both pages 1 & 2) is required when completing the application for insurance to ensure the client is fully aware of the comparison between their current policy and the proposed new one. Yes, it is essential for all WFG Associates under supervision (agents who are licensed less than two years) to have the LIRD including the Written Explanation to the Client (WEC) showing the advantages and disadvantages of replacing their existing policy and this is required at the time the new application is being completed. The Associate is required to submit these forms directly to their supervisor for sign-off when submitting the new application. This is required for all provinces. Page 1

2 6. What are IA s New Immigration Underwriting Guidelines? General rule is all new immigrants are eligible to apply for a 100,000 regardless of status in Canada Person sponsored by a family member and having 100,000 applied for permanent resident Seasonal worker Code ,000 Student permit - > 5 years in Canada According to justified amount Codes 30, 37, 56 Student permit < 5 years in Canada 100,000 Codes 30, 37, 56, 39 Work permit or people whom came under the Nanny program but who are now working at some According to justified amount other job. Codes 20, 27, 57 Work permit Codes 28, ,000 Nannies - Work permit Code 57 According to justified amount Underwriting Requirements for new immigrants to Canada under 1 year Paramedical, Blood Profile and Urine Hepatitis B & C testing (request made by the underwriter) APS for insured aged > 65 AND applying for an amount > $100,000 (if there is no consultation in Canada since the landing, postpone after medical consultation including complete medical examination). Copy of immigration Status may be required 7. Who orders Attending Physician Statement (APS) and Motor Vehicle Reports (MVR) plus telephone interviews? Industrial Alliance will order all APS and MVR requirements including phone interviews. Exception: For the province of Alberta, all MVRs must be obtained by the client only. 8. Who should I contact for preliminary underwriting opinions? Underwriting preliminary inquiries can be sent to: iat-pre-uwinquiries@ia.ca Field Underwriting Guide: enotherdocument.aspx?id=dev Is it possible to fax or scan the F1A Life Insurance paper application to IA? We do not accept the F1A Life Insurance Application by fax or by scan at this time; however, we are working on developing a secure FTP site for this purpose in the near future. 10. What is considered a personal policy? According to the agreed upon guidelines, WFG Associates will be paid as earned on personal policies when the policy is settled. An application for insurance is considered a personal policy when the Writing WFG Associate is listed as the Policy Owner, the insured or the beneficiary of the policy. Page 2

3 11. If I have a question for underwriting, what box do I send the question to if I have a problem responding directly from the Extranet? You may send all new business and underwriting inquiries on business submitted to: wfgnewbusiness@ia.ca 12. Is the E-App the most efficient way of submitting business to IA and to be paid on written? The e-app is the most efficient way to write and submit business to Industrial Alliance. When you complete the client and product sections on the Interface illustration software, this information will automatically be transferred to the E-app so it won t be necessary to enter this information twice. All questions will be validated before submission to ensure no important missing information. For PAC, on the E-App please ensure you select PAC under the Method of Payment then specify the amount of the first payment (example: $100.00/$50.00 or whatever the amount is) needs to be entered (as below) in order to be paid on a written basis. The first payment will be withdrawn from the client s bank account within 3 business days after the application has been successfully transferred to IA. The completed signature form F1EA is mandatory on all E-Applications and must be received in the new business unit within 3 business days after transfer of the e-application. The signature form can be couriered or scanned to IA at wfgnewbusiness@ia.ca. 13. If we scan the F1EA Signature form for E-App and other requirements like amendments and policy delivery receipt, do we send in the original documents as well? No, please do not send the original documents to us if you are scanning the documents to us as it creates additional handling and confusion. Page 3

4 14. How does Premium Holiday (applicable to universal life policies with value) work at IA? The Extranet defines the estimated duration of the premium holiday available as per the example below. Please note from the example, there is sufficient value in the Accumulation Fund to pay for 2 monthly deductions. As long is the premium is paid either by PAC/Cheque/Premium Holiday, it will generate renewal compensation. If on direct mode, no instructions are necessary because the monthly deduction is automatically paid by the Accumulation Fund Value, for as long as there is sufficient value. If client wants us to stop future billings altogether, a request must be submitted. If on PAC mode and client wishes to take a premium holiday, please note: All requests for a premium holiday must be submitted at least three business days prior to the regular withdrawal day and at least two business days before the 28th of the preceding month if the regular withdrawal day is the 1st or the 2nd of the month. The PAC will be suspended if the premium holiday is for a period of 6 months or less. The PAC will resume at the end of the specified premium holiday, without further notice. If the premium holiday requested exceeds a period of 6 months, the mode of payment will automatically be changed to direct annual billing according to the minimum premium, being: the monthly minimum premium X 12 or the monthly cost + taxes X Is it okay for WFG Associates to order their own paramedical reports? Yes, it is fine to order your own requirements and to use the paramedical company of your choice. Our preferred paramedical companies are; Hooper Holmes and Quality Underwriting but you may select the service provider you prefer, however on the E-App, it is important that you select Agent on the drop down screen as displayed below (not the paramedical company). This part will be revised and improved in the near future to eliminate any misunderstanding. Name of Organization for Medical/Paramedical Agent ExamOne-Rapid-Med Medifast (Ontario only) Medisys Portamedic Hooper Holmes QUS - Bodimetrics Watermark Page 4

5 16. What are the age and amounts that qualify for non-medical cases and preferred underwriting? Non-medical requirements are specified in Industrial Alliance s Age and Amount Underwriting Requirements Chart. Cases can be underwritten under the non-medical underwriting program for face amounts up to $199,999 for ages ranging from 0 to 45 and up to $99,999 from ages ranging from 46 to 50. The underwriter uses the information specified on the completed Declaration of Insurability along with other underwriting requirements to make an underwriting decision. This declaration will form part of the policy contract. Preferred Underwriting is for face amounts of $200,000 and over and from insured age Who do I contact on compensation and points questions? For all licensing, compensation and points related questions, please contact your HOST team as listed: Licensing, Points & Compensation Inquiries: HOST (Home Office Support Team) , option #1 /wfghost@transamerica.com 18. Will WFG head office know when a case is received at Industrial Alliance WFG head office will know about the policy when they receive the weekly compensation feed from Industrial Alliance on Monday of each week. 19. Why is a buffer of 2.5 x minimum annual premium a default in the Genesis UL illustration software? This buffer is set as a default to protect the coverage for the client and the associate if the client s financial situation should change in the future. The buffer will place additional funds in the policy which can be used to cover future premiums if ever needed and/or allow funds for other purposes. Also, this will prevent early lapse and reinstatement activity. 20. How do I receive status updates on my cases in underwriting? Through IA s Extranet you are able to receive online updates on your business in the mill anytime night or day as the system is updated regularly when underwriting requirements are received. As part of the EXTRANET features, you are able to electronically reply back directly from Extranet on cases waiting for information from the WFG Associate. Page 5

6 21. How does the Agent of Record (AOR) policy transfer work and is there cost to acquiring a policy from another agent? When a client initiates a change of agent OR if the agent initiates the change of agent for whatever reason, there is a fee for acquiring the policy or policies as the writing agent must be compensated for future commissions on the transferred policy. PLEASE NOTE: The acquiring WFG Associate is required to sign the Agent of Record (AOR) form and submit it via mail to transfer@ia.ca along with the client letter appointing the WFG Associate. An AOR fee quote will be provided to the acquiring WFG Associate from the AOR team. Fees represent future compensation that would be credited to the original agent. Once the fees are credited to the original agent s commission account, future renewal commission will be credited to the WFG Associate s commission account. All fees must be paid in advance by a certified cheque from the acquiring WFG Associate payable to Industrial Alliance Insurance & Financial Services Inc. The cheque and a copy of the completed form should be sent to: ia Financial Group Attention: Compensation, Sales Networks 1080, Grande Allée Ouest C.P. 1907, succursale Terminus Québec (Québec) G1K 7M3 Upon receipt of the certified cheque, a notification will be sent to the current agent and agency on record giving the current agent 10 days to conserve the client. If the agent is able to conserve the client, the certified cheque will be returned to the WFG Associate. If not, the AOR will be processed accordingly. Once the policy transfers to the new WFG Associate, the Associate will be responsible for any future commission charge-backs that may be associated with the policy. AOR Transfer Financial Compensation Formula: Life, Disability & Critical Illness = 15% of the annual minimum premium % of the accumulation fund value for IA Universal Life (UL) contracts or 0.3% if National Life UL contracts. Page 6