Changes to our SSQ Insurance Products and Processes- effective September 8 2022

Submitted by Rica Zara on August 23, 2022 - 5:00pm

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August 2022

MESSAGE TO MANAGING GENERAL AGENTS

Hello,
You will find below the communication that will be sent on Thursday August 25 to advisors who do business with us.

Changes to our SSQ Insurance Products and Processes

We are pleased to announce that starting September 8, 2022, our life and critical illness underwriting processes will be even simpler thanks to accelerated underwriting!

A few product features will also be changing, while ensuring we continue to offer the most competitive products possible.

Keep reading to learn more about these improvements!

Underwriting Requirements: Good News!

Life Insurance
Our table of Life Insurance Underwriting Requirements will be streamlined for all ages and amounts. Accelerated underwriting will also be improved for amounts up to $2,000,000 for ages 18 to 50 and up to $499,999 for ages 51 to 60.
What does this mean for you? Speed and simplicity! We are making the underwriting process for you and your clients quicker and easier! They could now be eligible for accelerated underwriting without medical test being required.

Check out our new table for more information!

For more information, refer to our FAQ.

Critical Ilness?
We are streamlining most age and amount requirements in our table of Critical Illness Underwriting Requirements. In fact, starting September 8, 2022, a urinalysis will no longer be required for persons aged 18 to 45 for amounts of $100,000 to $250,000.

Preferred Risk Classes (Term Plus)
Our Term Plus product is known for its value and flexibility. The only difference is that you will now be able to offer your clients preferred risk classes for the following amounts:

Starting at $2,000,001 for those aged 18 to 50
Starting at $500,000 for those aged 51 and over

Improvements to our
Universal Life Insurance Product

All UL products of all generations

The number of free transfers between accounts will be increased from two to four per year.

Plus, the tax rate on insurance premiums in Quebec will be updated in the illustration software along with the names of two investment accounts.

YRT Universal Life Product

Although some YRT rates are increasing, our rates remain competitive with those on the market.

Moreover, for new coverages, the surrender charges period will be extended to nine years. These modifications do not affect coverages that are currently in force.

One change is being made to the Maximizer option. The minimum duration after which the insurance amount may be automatically decreased will go from six to 10 years and the maximum decrease restriction will be abolished.

IMPORTANT!
Transition Rules

	Application signed before September 8, 2022, and received at SSQ by no later than September 23, 2022	Application signed on or after September 8, 2022, or received at SSQ after September 23, 2022
UL YRT	For all applications signed before September 8, 2022, and received no later than September 23, 2022, the former product rules will be maintained. An illustration from *version 10.0* of the illustration software will have to be provided.	For all applications signed on or after September 8, 2022 or received after September 23, 2022 (regardless of the signing date), the new product rules will apply. An illustration from *version 11.0* of the illustration software will have to be provided.
Term Plus 18-50, Preferred risks starting at $2,000,001	For all applications signed before September 8, 2022, and received no later than September 23, 2022, the former product rules will be maintained.	For all applications signed on or after September 8, 2022 or received after September 23, 2022 (regardless of the signing date), the new product rules will apply.

IMPORTANT!
Underwriting Requirements

All Life/CI products (excluding Term Plus) 18-50, Preferred risks between $1,000,001 and $2,000,000 $	Requirements ordered starting September 8, 2022, must be based on the new underwriting requirements tables.	Requirements ordered starting September 8, 2022, must be based on the new underwriting requirements tables.
Term Plus 18-50, Preferred risks between $1,000,001 and $2,000,000	For all applications signed before September 8, 2022, and received no later than September 23, 2022, the former underwriting requirements continue to apply.	For all applications signed on or after September 8, 2022, or received after September 23, 2022 (regardless of the signing date), the new underwriting requirements apply.
Critical illness 18-40: $250,001 - $500,000 46-50: $100,000 - $250,000	For all applications signed before September 8, 2022, and received no later than September 23, 2022, the former underwriting requirements continue to apply.	For all applications signed on or after September 8, 2022 or received after September 23, 2022 (regardless of the signing date), the new underwriting requirements apply.

Other Modifications

Insurance Application (FIND0035) and Policy Change Withouth Evidence of Insurability (FIND0116)

The Insurance Application (FIND0035) and the Policy Change Without Evidence of Insurability (FIND0116) forms in PDF format were modified in accordance with the changes outlined here. These forms will now be dated September 2022 (page one).

The paper versions of these forms will be modified in 2023. As a result, the May 2021 version will continue to be valid and accepted. It is not possible to order paper versions of the September 2022 documents.

Therefore, on the paper versions of forms FIND0035 and FIND0116, when the Maximizer option is selected, you will have to manually change the year from six to 10.
In the event that you forget, an amendment will have to be signed upon delivery of the contract.

Illustration Software

A new version of the illustration software (version 11.0), including a library update, will be available for download starting September 8, 2022.

Please note that the express electronic application that was in the illustration software will no longer be available as of September 8, 2022. However, rest assured that all other options remain unchanged (paper, fillable PDF, online application).

Our entire team is dedicated to supporting you throughout this transition period!

Refer to the Documentation section of our website for the most recent document versions.

For questions, please contact your SSQ Insurance representative or our Customer Service.

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