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News from Desjardins Insurance

Submitted by Krishan on June 5, 2023 - 11:00am

IN THE NEWS - What's going on in Individual Insurance
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In the News
What's going on in Individual Insurance and Investment

Desjardins Insurance - Life - Health - Retirement

MGA

 

June 5, 2023

In this issue:

PRODUCTS

PRODUCTS

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:

Affordable: the product with most affordable premium. Coverage starting at $25,00 with a set premium that's guaranteed for the duration of the coverage / Simple: With a wide range of terms available, it's the simplest product for covering limited-duration insurance needs. / Flexible : Jelps you to keep serving your clients as their needs change, for instance, it can be converted into permanent coverage without providing proof of insurability

Target clientele

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

Specific advantages

When your clients' financial needs change, our term insurance products can change with them, thanks to the many advantages our products offer:

AdvantageWhat 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 optionTerm 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. 

Multi-Coverage Discount

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!

What's in it for your clients? same coverage at a lower cost, wide range of coverage and payment options, MCD is applicable upon renewal of the same coverage, amount saved can be used towards other insurance needs.

Webinar

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)

Sign up!

Our market position

As of May 30, 2023

Term 15$250,000$500,000$1,000,000# of companies
Female NS, age 4032313
Male NS, age 4043113
Term 25$250,000$500,000$1,000,000# of companies
Female NS, age 3035314
Male NS, age 3066414

Questions?

Contact your Desjardins Insurance regional sales director.

 

PRODUCTS

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

New criteria

Occupation class upgradeMinimum annual income for each of the last 2 yearsYears 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

Changes

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.

Insurance Application – Life, Health and Disability (07002E)

  • Attach financial evidence, as needed

After 5 years

The change is made at the insured person's attained age, at their nearest birthday.

E‑application or Insurance Application – Life, Health and Disability (07002E)
  • Attach financial evidence, as needed

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.

Questions?

Contact your Desjardins Insurance regional sales director.

 

TOOL

TOOL

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/stepImprovements 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.

Questions?

Call our Client Relations Centre: 1‑800‑278‑0669

 

INVESTMENTS

The time is right. Guarantee Advantage August 2023 Campaign. Learn more

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.

+En savoir plus sur GUARANTEE ADVANTAGE | AUGUST CAMPAIGN
 

TOOLS

TOOLS

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:

Questions?

Contact Merchandising Technology: 1‑800‑461‑3914  or mtsupport@dfs.ca 

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