A Power of Attorney does not have insurable interest and cannot become the owner of a certificate without the insured being present. However, they do have the right to sign on behalf of the insured in other specified scenarios. See below for additional information.
| Action | Can POA without insurable interest perform? | Can POA with insurable interest perform? | Signature Required?* |
|---|---|---|---|
| Ownership | No | Yes | Yes |
| Ownership Change | Yes; as long as the POA is not naming themselves as the owner | Yes | Yes |
| Beneficiary Change | Yes | Yes | Yes |
| Cancellation | Yes | Yes | Yes |
| Surrender/Loan | Yes | Yes | Yes |
| Assignment Change | Yes | Yes | Yes |
| Value Changes — Increase/Decrease | Yes | Yes | Yes |
| Reinstatements on certificates behind on six or more payments | No | No | Yes; cannot be POA due to health questions |
| Reinstatements on certificates behind on five or less payments | Yes | Yes | No |
| Address Change | Yes | Yes | No |
| Payment Information Change — PAC/Credit Card/Direct Bill/EPO | Yes | Yes | No |
| EPO Quote | Yes | Yes | No |
* Any person holding POA can also sign for the applicant on the line provided for the insured/annuitant in a case where the insured is not able to sign. This POA signature typically is followed by “[POA Name] acting on behalf of [Insured/Annuitant Name].” A POA signature on an enrollment form does not make the POA the owner; the person for whom the POA is acting will be listed as the owner. A POA can only be the owner if they’re listed as the owner and have insurable interest. Reminder: This is only acceptable with insurance products that don’t require the insured’s signature initials on the enrollment form/health questions.
Acceptable POAs include guardians, nursing home administrators, conservators and social workers.
TruStage Life of Canada does not require paperwork illustrating this relationship.
