Coming soon: Disability insurance and universal life reprice, enhancements and new software

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?

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

Learn more

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