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April 1, 2011

Ontario introduces the Life Insurance Replacement Declaration (LIRD)

As announced by the Financial Services Commission of Ontario (FSCO), the new Life Insurance Replacement Declaration (LIRD) will replace the old Life Insurance Disclosure Form, effective April 1, 2011.

For applications intended to replace an existing insurance policy - whether with Standard Life or another carrier - Standard Life expects you to submit:

• A completed Life Insurance Replacement Declaration (LIRD)
• A written explanation of the advantages and disadvantages of replacing the policy

Should you require more information in completing these requirements, please refer to the FSCO’s Insurance Agents e-Newsletter, or visit the FSCO website directly.

These documents must be reviewed with the applicant and signed by you and the applicant.

Ontario is the latest province to adopt the LIRD. It is currently required in Alberta, Manitoba, and Saskatchewan and accepted in the four Atlantic Provinces.

Sales Communications