Coming soon: Disability insurance and universal life reprice, enhancements and new software
Submitted by Victoria on September 29, 2020 - 12:47pm
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PDF version | We've been listening to the market and have made product updates to enhance our disability insurance and universal life product offerings. To support the long-term guarantees associated with these insurance products, we have also made some pricing changes. On Oct. 13, 2020 a link for updated Canada Life Concourse™ illustration software will be made available which includes product updates, pricing changes and software improvements.
What's ahead? |
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Disability insurance
Product changes
Disability insurance changes: - Buy/sell
- Underwriting enhancements
| Rate changes - On average, rates increased 4% for the lifestyle protection plan with the T-65 benefit period
- On average, rates decreased 12% for overhead expense plans and 7% for buy/sell plans
- The disability insurance return of premium additional benefit (ROP50) will also be repriced and have a compensation change
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| Universal life insurance
Product changes - Lowered minimum interest rate guarantee on five- and 10-year guaranteed interest options to 0%
- Increased guaranteed cash values for all limited pay plans
| Rate changes – Limited pay cost of insurance - The overall average increase is 12%
- Range of increase is 0 to 25%
- Younger ages are most affected by these rate increases
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