Manulife Financial | Premiums changing for Concept 100 insurance policies
Please share the following information with your insurance advisors as needed.
We are adjusting the premiums for Concept 100 adjustable insurance policies beginning April 10, 2015.
This is part of the pricing review program we announced, which is part of an industry-wide effort to meet regulatory and contractual requirements for adjustable life insurance products, aligned with our continued effort to ensure we are effectively delivering on the value and protection our clients need.
Here is what you need to know:
- The ‘at-a-glance overview’ provides all the important details and a sample client notice for this adjustment.
- This is a Term-to-100, non-participating, adjustable insurance product sold by Zurich from 1990 to 1994.
- Premiums for the base insurance coverage will be increasing on average by approximately 17%. A few are decreasing. Clients have options that can vary from premium increases to face amount decreases.
- If you have clients holding these policies they will receive a notice letting them know about the changes before it takes effect and you and your advisors will receive a copy of that notice.
Your client’s life insurance policy is an important part of their financial plan. That is why we are committed to helping you ensure their insurance benefits deliver the protection they need when they need it.
This will be a good opportunity to remind your clients that their policy offers good value and provides important coverage as part of their overall financial plan. As well, it might be a good time to review your client’s portfolio and see if they have any other financial needs.