BridgeForce News | December 12, 2016
HEADLINES
Valuable offers to our advisors from Advocis
Advocis works diligently to promote and advance the profession. The financial support gained through membership fees, in combination with the strength of a growing membership network, allows Advocis to meet with regulators and government officials to ensure the voice of financial advisors remains influential. Whether you’re brand new in the industry or established in your career, Advocis has much
COMPLIANCE
New reporting requirement for life agents effective immediately
The Superintendent of Financial Services (Superintendent) in Ontario is requiring ALL licensed agents in Ontario to use Licensing Link* to report the name of EVERY Ontario licensed life insurer the agent represents, has a contract with and / or on whose behalf the agent sells insurance products. Carefully review FSCO’s bulletin for details”.
SUPPLIER COMPANY NEWS
Assumption Life
What’s Up (November)
Impacts of the new tax legislation, New non-medical insurance solutions brochure, E-signature: Don’t forget to submit your applications, Fee reductions for segregated funds, Impacts of the new tax legislation on prescribed annuities, Impact of U.S. elections on financial markets.
B2B Bank
Now offering TFSA loans
Kickstart your client’s TFSA with a TFSA Loan from B2B Bank. No matter what life stage your clients are in, our new TFSA Loan can help them.
BMO Insurance
Health Advocate Plan
Introducing the BMO Insurance Health advocate Plan. An innovative and comprehensive assistance services package designed exclusively for eligible BMO Insurance policyholders (Plan Members) – confidential and simple to access.
Empire Life
Insight
Empire Life Class Plus 2.1, Changes to our policy split business rules, Keeping You Informed, Annuity Changes, Holiday hours and year-end deadlines, 2017 weekly advisor pay schedule, Get market insights direct to your inbox.
Equitable Life
Additional changes to insurance products
Additional changes to Equitable Life’s life insurance products are effective November 30, 2016.
Automatic Pre-Authorized Payment Increase Option
With Pivotal Select, your clients can establish pre-authorized payments with regular annual increases (either as a dollar amount or a set percentage). This strategy allows your clients to commit to saving more over the long term, and combat the impact of inflation on their contributions.
Competitive Edge
2017 tax changes resource centre on EquiNet, Important holiday hours and year-end cut off dates for 2016, Special Temporary Life Insurance Agreement (TIA) up to $10 million, September 30, 2016 participating account quarterly update now available, Competitive LifeGuide® rankings for term 10, 20 and 30/65.
DSC Reimbursement Program
This program allows advisors to reimburse their clients for Deferred Sales Charges (DSC) that have been incurred as a result of moving from one financial institution to an Equitable Life Pivotal Select segregated fund contract.
iA Financial
iA Connected
New Rates for Permanent and Term Life Insurance Products, Changes to Our Traditional Insurance Products, Deadlines for submitting your applications, Revised preapproved RRSP loan offer, 2016 Year-End.
Manulife Financial
Sales Campaign: Bonus Blitz (Dec 1 – Mar 31)
Bonus Blitz is back for its 10th straight year to help you sell Manulife’s Flexcare® Health & Dental Plan, FollowMe™ Health and The Association Health & Dental Plan.† Imagine the satisfaction of knowing you’ve helped even more clients and their families save on the costs of health care.
RBC Insurance
2017 Exempt tax test updates
Further to our published communications: 2016 Year-end at RBC Insurance and 2017 Tax Exempt Change deadlines, the requirements below must be met for a policy to be considered issued in 2016. These requirements are applicable to life insurance products only and do not apply to Living Benefits.
Continue exceeding your clients’ expectations this RRSP Season
There’s a reason you’re successful – you simply don’t settle for less. If you have clients with the same attitude, you both understand what it means to set the bar high. It’s probably helped you build the strong relationships you have today. As RRSP season ramps up so will your clients’ expectations. And if you have clients that are looking for growth potential PLUS security you can meet those needs with RBC GIF.
Disability insurance coverage for all your clients
We are excited to bring back the RBC Insurance® Quantum® individual insurance product for new business! As you may be aware, the Quantum product has been available as an add-on to existing GSI plans for some time but was not an option for new business sales. Effective immediately, you can now offer Quantum to all your clients, adding another great coverage option to ensure all their needs are met.
Segregated Fund Taxation for non-registered policies Year-end Allocations for RBC GIF
As we approach year-end, we want to take this opportunity to remind you how allocations work for RBC® Guaranteed Investment Funds (GIF).
SSQ Insurance
2017 Tax changes
You’ve been hearing about it for a long time… The 2017 tax changes are fast approaching! Here are a few important administrative rules to ensure a smooth transition.
SSQ Newsletter (December)
SSQ CI Signature Corporate Bond GIF, Our loan programs will be back in 2017, 2017 SSQ Merit Plan, End of year processing, Holiday business hours.ss hours.
Sun Life
Changes to charge-back period on insurance products
Effective January 1, 2017, we’re adjusting the charge-back schedule for all life and health insurance products. If a policy lapses due to unpaid premiums, or is surrendered during the first 2 years, or within 2 years of an increase in coverage, a fraction of the first-year commission (FYC) paid will be debited to the earnings account. There will be full charge-back in the first 6 months.
Everything you need for the next generation of life insurance – in one place
In a special announcement on November 21, 2016, we launched Sun Life Financial’s new suite of permanent life insurance products and highlighted the innovative benefits you asked us to provide. We’re complementing these industry-leading products with industry-leading underwriting changes. The new and simplified life insurance underwriting requirements tables and critical illness insurance underwriting requirements tables are effective for new applications signed January 1, 2017, or later, and will not apply to cases already submitted.
Information and links to other websites contained in this document are solely for the information and convenience of BridgeForce Financial Group brokers. This information is not intended to provide financial, legal, accounting or tax advice and should not be relied upon in that regard. No endorsement of any third party products, services or information is expressed or implied by any information, material or content referred to, included in, or linked from this bulletin. The approved materials are the property of individual companies used under license and may not be copied, transmitted or used without express written approval. E. & O.E.