News from Desjardins Insurance
Submitted by Krishan on June 5, 2023 - 11:00am
Printer-friendly version
PDF version TERM LIFE INSURANCE | ENHANCED PRODUCT LINEUP WITH 2 NEW TERMS – 15 AND 25 YEARS; OUR MOST FLEXIBLE OFFERING YET! |
|
Term life insurance products are simple and affordable—that's what people like most about them! |
|
 | Term life insurance: affordable, simple and flexible. Term life insurance is perfect for covering short-, medium- and long‑term insurance needs.
Offer term life insurance today! |
|
|
We're proud to expand our term life insurance product lineup as of June 17, 2023, with 2 new terms added to the existing terms. With our most extensive lineup to date, you'll now have 6 terms you can offer: |
|
|
|
|
| • 10 years | • 15 years – New! | • 20 years | | • 25 years – New! | • 30 years | • Until age 65 |
|
|
|
|
|
The features are the same with any term chosen: |
|
This product lineup is suitable for all types of clients who need term insurance, in particular: - Youth
- People in their working years and young families
- People approaching retirement
- Business people
|
|
When your clients' financial needs change, our term insurance products can change with them, thanks to the many advantages our products offer: |
|
|
|
|
| Advantage | What it is |
|---|
| Conversion option* | Term products can be converted into permanent products generally until the age of 70, without providing proof of insurability. | | Association option* | Individual term coverage can be swapped for joint permanent coverage so that a new insured person can be added, generally up to age 70. | | Insurability option* | Insured persons can separate their joint coverage into individual permanent coverage (up to age 65 for the oldest insured person). Additionally, upon the first death, the surviving person can get individual coverage. | | Exchange option | Term products can be exchanged in the first 5 years for similar coverage with a longer term. |
|
|
|
|
|
*The policyowner can choose the right coverage for their needs from our permanent product lineup, which includes 14 different coverage types. Some advantages are not offered across the full product lineup or are offered with certain conditions. In addition, by signing up a client for insurance with us, you're giving them access to free assistance services that are available 24/7. These services can be very useful in good times and bad. |
|
Our term life insurance products qualify for the multi-coverage discount, which lets your clients get a lower premium. |
|
A great way to offer them insurance that covers all their needs and also fits their budget! |
|
Sign up for our webinar for a more in-depth look at our term insurance products. Topics covered in the webinar, among other things, include our market position. Other interesting topics will be covered, as well. Date: Tuesday, June 13, 2023
Time: 1 p.m. (ET) |
|
|
|
|
|
| Term 15 | $250,000 | $500,000 | $1,000,000 | # of companies |
|---|
| Female NS, age 40 | 3 | 2 | 3 | 13 | | Male NS, age 40 | 4 | 3 | 1 | 13 |
|
|
|
|
|
| Term 25 | $250,000 | $500,000 | $1,000,000 | # of companies |
|---|
| Female NS, age 30 | 3 | 5 | 3 | 14 | | Male NS, age 30 | 6 | 6 | 4 | 14 |
|
|
|
|
|
DISABILITY INSURANCE | NEW CRITERIA TO SUPPORT OCCUPATION CLASS UPGRADES |
|
For disability insurance, our goal is to provide coverage to make up for lost income during a disability. We want as many people as possible to benefit from the coverage. That's why we reviewed the eligibility criteria for the occupation class upgrades available for our products: - SOLO Loan Insurance
- SOLO Disability Income
|
|
|
|
|
| Occupation class upgrade | Minimum annual income for each of the last 2 years | Years of experience |
|---|
| 3A > 4A | $70,000 | - At least 3 years of experience in the current employment field
AND - At least 1 year of experience in the current occupation
| | 2A > 3A | $60,000 | | A > 2A | $50,000 | | B > A | $45,000 |
|
|
|
|
|
Consideration for field of employment
Even more people eligible |
|
We're relaxing the years of experience criteria so that we can account for people's experience in their field of employment, not just in their current job. With this change, we'll be able to offer the occupation class upgrade to more people. |
|
Occupation class upgrade after taking out a policy
Help your clients save by offering it for the first 5 years |
|
Since the change is made at the age of the insured person when they purchase the policy, your clients will be able to save a lot of money during the entire coverage period. Tip: You can take this opportunity to review the needs of your clients who have held their policies for less than 5 years. |
|
The change is made at the insured person's attained age, at their nearest birthday. |
|
Increase in minimum annual income |
|
Based on average wage growth in the labour market, the minimum annual income for each of the last 2 years is increased by $5,000 for each category of occupation class upgrades. |
|
 | Your Illustration tool has been updated to reflect these changes. |
|
|
|
|
|
E-APPLICATION | AUTOMATIC VERIFICATION OF BANKING INFORMATION |
|
Some of the information you enter might seem trivial, but accuracy is always key for you and your clients, especially when it comes to banking information. In order to reduce processing times for insurance applications, we've added some new features to automatically verify data entered in the Account details section of the e‑application. |
|
| Getting the right information in the right fields enable us to issue contracts faster! |
|
|
Improvements made Account details section |
|
|
|
|
| Field/step | Improvements and explanations |
|---|
| Transit number | - The system now automatically checks the format for data entered in all fields.
- A dropdown list (name and number) is also provided so you can select the correct financial institution for the account. The Other option allows you to enter institutions that aren't listed using the appropriate format.
- If the information entered doesn't follow the correct format, you won't be able to lock or submit the application and an error message will appear in the Confirm tab.
| | Institution number | | Account number | | Name and address of financial institution | - You no longer need to enter any information for this field. The transit number and institution are populated automatically!
| | Verification – Existing accounts | - There is still a step for confirming the information entered for existing accounts.
- A void check will still be required if the account is not found or if any other issues are detected. Upload the void cheque under the Attached files tab, if necessary.
|
|
|
|
|
|
These latest updates to the e‑application are refined and intuitive. It's easy as pie—just follow the steps and automated instructions. |
|
Call our Client Relations Centre: 1‑800‑278‑0669 |
|
|
|
|
GUARANTEE ADVANTAGE | AUGUST CAMPAIGN |
|
The August 2023 campaign offers various terms and baskets for your clients. To find out more about the August 2023 campaign, refer to Webi. |
|
|
|
|
2-FACTOR AUTHENTICATION | ENHANCED SECURITY FOR OUR TOOLS |
|
Data security is of the utmost importance in the digital age. Passwords alone are no longer enough to protect data, and 2‑factor authentication has emerged as a solution for us and the entire industry. 2‑factor authentication will be soon rolled out to meet our security standards. It will be required to use: - Webi
- Pending Business
- Insurance illustration
- E‑application
|
|
What is 2‑factor authentication and how does it work? |
|
2‑factor authentication means providing 2 types of information to verify your identity: your usual username and password, plus a 6‑digit code. It protects personal data and shows clients you're serious about data security. |
|
2‑factor authentication valid for 30 days |
|
If you check the applicable box, the second step will only be required once every 30 days for all tools, unless: - You use different tools on different devices (for example, if you use Webi on your laptop and E‑application on your tablet)
- You switch browsers (for example, from Google Chrome to Microsoft Edge)
- You clear your cache (cookies)
- Your browser's privacy options are set to private or strict mode
|
|
 | Play it safe with 2-factor authentication:- Secure solution for all data types
- User friendly and intuitive
- Available on a wide range of devices (computers, smartphones, tablets)
|
|
|
Handy resources designed for you |
|
Check out the following resources for more information on how 2‑factor authentication works: |
|
|
|
|
