The introduction of the Life Insurance Replacement Declaration, or LIRD, in most provinces has sparked some confusion about what information brokers are required to provide to clients who are considering replacing an existing
life insurance policy.

The old Basic Disclosure Statement, or BDS, is no longer in use in most provinces because it was felt to be too restrictive and not adequate to address some of the more complex products that exist today. However, the new guidelines on the LIRD specify that brokers must provide a written explanation of the advantages and disadvantages of replacing the policy and sign the LIRD along with the client. To assist brokers, IFB worked with other industry associations to jointly prepare a guidance document to help
address some of the more common questions about the new LIRD.

Click here to download the LIRD Guidance Document. (French Version)

IFB sells copies of the new LIRD in packets of 25. To order yours, click here.