SSQ Insurance | Changes to permanent life insurance products

Increase to renewal commissions

We are pleased to announce that as of March 1, 2013, a 2% lifetime renewal commission will now be payable on all Whole Life 20, Whole Life 100 and Term 100 new business, starting at year 11. The table below outlines the new commission schedule.

Premium rates changes

SSQ Insurance is committed to offer competitive products to meet your clients’ needs. The persistent low interest rate environment and the volatility of financial markets present a great challenge for long-term products, a reality affecting the entire insurance industry. Despite the difficult economic setting, we continue to offer a full range of Life and Health insurance products. Thus, adjustments to our Permanent life insurance products were needed to ensure their sustainability.

Effective March 1, 2013, premium rates for Whole Life 20, Whole Life 100 and Term 100 will be increased. The average increase ranges from 9% to 17%.

Transition rules

The changes are effective as of March 1, 2013. To make the transition as smooth as possible, please review the following rules:

• All applications signed prior to March 1, 2013 and received at SSQ Insurance’s offices by no later than March 8, 2013, will be eligible for current premium and commission rates.
• For all applications signed on March 1, 2013 and onwards, new premium and commission rates will apply.

Please note that no exceptions will be made.

Changes to the equivalent age formula

The equivalent age formula for joint coverages has been updated. The new equivalent age formula is now aligned with other insurers. The change also comes into effect on March 1, 2013.

New version of the Illustration Software

Premium rates changes will be reflected in the Illustration Software, version number 2.0, which will be available for download on March 1, 2013. Please make sure to visit the SSQ Insurance Advisor’s Page to download the updated version.

We thank you for your continued support. For more information, please contact the regional sales office nearest you.

SSQ Insurance
February 21, 2013