Canada Life | Rate fix pending for new term 10 and 20 life insurance products and riders

There is an issue with the recently released term 10 and 20 life insurance rates which needs to be corrected in Concourse (version 2.5).

Products affected:

• Simply Preferred term 10 and term 20 life insurance
• Universal life insurance term riders
• Participating life insurance term riders

Next steps

Stopping mailings for issued policies with incorrect rates – We’ll be updating the rates on the administrative system as soon as possible. Until then we will hold policies with incorrect rates. Once the rates on the system are updated, we’ll issue any policies withheld and reissue policies that were affected by incorrect rates. If you receive a policy and believe the rates are wrong please contact your New Business associate to confirm.

Correcting the illustration software – We’re working on fixing the software as quickly as possible. We’ll keep you informed about when updated software will be available. We will also share information about alternatives for providing clients accurate quotes or illustrations.

If you have questions, contact your New Business associate. They are aware of this issue and will do their best to help address questions.