BridgeForce News | September 11, 2017
HEADLINES
Manulife to hike pricing of level cost universal life products
Manulife has announced it will be increasing the price of its level cost universal life insurance products effective Sept. 23. For the limited pay category, level cost of insurance (COI) pricing will rise from zero to 25 per cent on single life policies and zero to 50 per cent on joint-last-to-die within Manulife UL Level CIS. For the level to 100 category, the level COI rates will rise from zero to 15 per cent for all Manulife UL Level Gold and CIS policies. The rate increases will affect new business and policy changes on inforce policies with a policy or coverage date after Sept. 23. The larger increases will affect younger issue ages, says Manulife.
InsuranceINTEL Weekly News Bulletin: Trends and changes in the life and health insurance industry
Sun Life Financial – Transition rules help smooth the way to the updated Sun CII product, SSQ – Individual Life Insurance: Premium rates decrease and improvement of market positioning, Equitable Life – The company to accept beneficiary designations on electronic applications, Canada Life – Estate transfer+: New go-to tool for estate transfers, cash withdrawals and policy loans.
Meeting: Advocis | A taste of MDRT President’s Edition (October 6, 2017)
Advocis Greater Hamilton is presenting a rare opportunity to see and hear from 5 past MDRT presidents, at one place, on one day, and on one stage. MDRT is the world’s leading financial services professional organization with over 50,000 members. More information | Register
COMPLIANCE
BridgeForce Compliance News (August 2017)
Canada Life updated compliance program templates for privacy and AML, with CE credits available, BridgeForce privacy statement & customer consent updated to cover third party service providers.
Computer security safeguards: Protecting client information
The protection and security of client information is a priority for your business. In today’s digital age, it’s critical to protect this information and secure your system from security breaches, cyber phishing and other technological attacks through appropriate safeguards.
CCIR sets sights on better disclosure for seg funds
The Canadian Council of Insurance Regulators (CCIR) announced Aug. 29 that it will publish a position paper this fall outlining its recommendations and expectations with the aim of improving disclosure for segregated funds. In a statement, the CCIR said it expects that its work in this area will result in “significant changes in the regulation of segregated funds; changes that are intended to ensure customers better understand the costs and performance of their segregated fund investments.”
SUPPLIER COMPANY NEWS
Blue Cross
Meeting: It’s not what you make. It’s what your earn. (September 21 – October 5)
Did you know that your future valuation is largely based on your current book of business? Every play counts for the end game. Secure your tomorrow today! Register now to learn how to earn more green with blue.
Canada Life
Canada Life will now issue insurance to people living with HIV
Canada Life will now consider issuing life insurance coverage (on a rated basis) to individuals between the ages of 20 and 60 who are HIV positive, if they fit certain criteria. This applies to all life insurance products, for amounts up to $3 million. In order to be considered for coverage, the proposed insured must have disclosed that they’re HIV positive during the application process. Additionally, the proposed insured will be subject to normal financial and medical underwriting.
Computer security safeguards: Protecting client information
The protection and security of client information is a priority for your business. In today’s digital age, it’s critical to protect this information and secure your system from security breaches, cyber phishing and other technological attacks through appropriate safeguards.
Canada Protection Plan
Loyalty bonus program 2017
Eligibility: To qualify for the Loyalty Bonus Program (LBP), the advisor must earn a minimum Net First Year Commission (NFYC) within a calendar year (the “Minimum NFYC”). For 2017, the Minimum NFYC has been set at $10,000.
Desjardins Insurance
Webinar: Jet into DSign with fall highlights (October 11 – December 5)
Join us and learn more about the services and tools we offer for quick and easy sales! Jet into DSign and end the year with us by learning about all the great changes we made this year with an outlook into 2018.
Empire Life
Insight
Advisors can save time and earn $50 with eContract Delivery, Introducing the NEW Fast & Full Investment Application, Inuit Language Protection Act, Inuit Language Protection Act, Get market insights direct to your inbox.
Equitable Life
Sales Campaign: Battle of the apps (September 1 – November 30)
Battle of the apps (Electronic vs paper). Each settled electronic app will receive a $25 Amazon gift card and each settled paper app will receive a $10 Amazon gift card.
Foresters Financial
Housing trends and opportunities market report
Did you know less than half of first-time homebuyers were offered other types of financial products such as lines of credit, bank accounts or mortgage life insurance when dealing with their mortgage professional? Get helpful sales ideas on how to position yourself as a mortgage-protection expert and grow your business with the new Foresters Financial™ Housing Trends and Opportunities Market Report.
Membership Matters
Branch council elections, How to align your spending with your values, Start a kindness revolution, Go on a wellness retreat without leaving home.
Mortgage protection built for you
Purchasing a new home can be both exciting and stressful. For many people, a mortgage is the largest investment they will make in their lifetime. But would your loved ones be able to cover mortgage payments if something unfortunate were to happen to you? Don’t let worries like this add to the stress of purchasing a home. Term life insurance from Foresters Financial offers an affordable solution to mortgage protection and can be tailored to meet your unique needs.
ivari
Politically exposed persons and head of international organization form
FINTRAC (the Financial Transactions and Reports Analysis Centre) has recently expanded the scope of information required to be collected by financial institutions.
Manulife Financial
Upcoming changes for universal life products
Manulife is changing the pricing of our level cost, universal life insurance products effective September 23, 2017.
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.