BridgeForce News | February 13, 2017
HEADLINES
Impact of the Genetic Testing Bill on the Insurance Industry
CALU released a Special Report in January 2017 on a private member’s bill which is currently being considered by the House of Commons. The legislation, if enacted, would prevent insurers from either requiring a genetic test, or requesting the results of an existing genetic test. This could have a dramatic impact on insurance pricing and the availability of certain products.
Important news from RWAM regarding group health & dental benefit plans
The federal government is considering taxing your health and dental benefits. This means all your group insurance premium will be added to your personal tax bill when you file! It also means that Canadians may be at risk of losing their coverage if their employer can’t afford to keep them insured.
Manulife eliminates blood and urine tests
Manulife says it is the first Canadian insurer to eliminate blood, urine and nicotine testing for eligible applicants seeking up to one million dollars in life insurance coverage. The program has now been extended to all Manulife’s individual life insurance offering, including whole life and universal life products.
COMPLIANCE
Updated Reference Documents supporting industry recommendations on needs analysis and “reason-why” letter now available
This is to inform members that the following two Reference Documents have been updated to support the needs analysis and “reason-why” letter recommendations put forward in our policy paper, Insurance Distribution in Canada: Promoting a Customer-focused System (2016).
New obligations and minor report form changes
Please note that, effective June 17, 2017, there will be new obligations related to domestic and foreign politically exposed persons (PEPs) and heads of international organizations (HIOs) resulting from amendments made to the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) and associated Regulations. Please see FINTRAC’s guidance describing these obligations.
SUPPLIER COMPANY NEWS
Assumption Life
What’s Up (January Edition)
Impact of the new tax legislation, Reduced cost for duplicates of life insurance policies, Fixed fee for searching archives, RRSP CONTEST: Fee reduction for segregated funds, RRSP income tax receipts, 2016 annual tax information slips, Market observations, Webinar: market outlook with Louisbourg Investments.
Contest: RRSP, it’s time (January 1 – March 1)
For each deposit of $5,000 or more, you will recieve a ballot for our weekly draw.
Canada Life
Accelerating clients to HNW initiative complete
Key objectives completed in accelerating the movement of clients to high-net-worth, Investment credits paid for segregated funds.
Improved access to Best Doctors for critical illness policies
Those insured under critical illness insurance policies, and their dependents, are now eligible to use Best Doctors’ services.
New Wealth Management Operations Update
Information and changes that are essential to your daily business processing, Important reminders that help support your wealth management operations.
Protecting your practice and your clients’ confidential information
Establishing effective security and privacy practices – and ensuring the personal information you collect is protected – helps maintain client trust and confidence, Here’s a list of ways to protect your clients’ confidential information.
Canada Protection Plan
Webinar: New E-Application
(February 15 @ 1pm)
Learn the tips and tricks of Canada Protection Plan’s new e-application. Please join Veronic Logan as she presents Canada Protection Plan’s Electronic application.
Desjardins Insurance
Illustrating TRAD life insurance has never been easier
Starting December 23rd, you will be equipped with an all new illustration software for traditional life insurance products that will accelerate your efficiency through quick illustrations, comprehensive viewing and smart reports. Discover its key features…
Insuring the family market gets even better
Desjardins Insurance has been looking closely at the family market to help offer products that better suit their needs. We have revised our Term 20 rates so you can provide your clients in the family segment with personalized plans. Our new rates have also taken us to top ranking positions in the LifeGuide® and often to number one with our new Multi-Coverage Discount!
Webinar: A Wave of changes (March 9 @ 1pm)
We are redefining ourselves with the Wave of Changes at Desjardins Insurance! Please join us to discover all the great changes that took effect on January 1, 2017.
Empire Life
Insight
Introducing EstateMax 8 Pay & Optimax Wealth 8 Pay, Empire Life December 31, 2016 Investment Statements, Hybrid Solution 100 2017 Premium and Values Declaration, Announcing enhanced smoker definition for Empire Life CI Protect Plus, Money Facts 2017 at your fingertips, Did you miss the conference call?
Equitable Life
Equitable Client Access
Equitable Client Access is secure and user-friendly client portal. It provides your clients access to their policy information, statements and letters, and convenient online tools.
Online banking makes saving simple
Did you know your clients can make additional deposits to their Equitable Life savings accounts through online banking?
Term insurance – A plan your clients can build on
Equitable Life term has a lot to offer your clients: A selection of term plans to meet their need and budget including Term 10, Term 20 and Term 30/65 and much more.
Foresters Financial
Membership Matters
In this issue we’ll explain the what and why of probiotics, suggest some healthy take-along snacks for kids and adults, give you advice to help you face your financial fears – and so much more!
Contest: Power your sales (January 1 – March 31)
Earn valuable rewards from Foresters including a power Surface Pro 4.
iA Financial
Employment beats expectations for a second month in a row
This week, Canadian employment once again beats expectations, and negotiations surrounding the fate of NAFTA are underway.
iA Connected
RRSP 2017: What you need to know to be ready, RRSP 2017: It pays to share, Save time and get your tax slips online, RRSPs… see things differently
La Capitale
The Pillar Series, as competitive as ever
High-quality accident and sickness coverage at an affordable price for all your clients! Here are a few examples that show how we compare with the competition…
Manulife Financial
Changes to Assistel: HST calculation
Services offered by Assistel (formerly Sigma Assistel) on Segregated Fund and Living Benefit products to be discontinued March 31, 2017.
RBC Insurance
Advisor Survey Results
We are pleased to share the results from our 4th Annual RBC Insurance Disability Insurance (DI) Advisor Survey. Results from this survey help us understand what is going right and where there are opportunities to make enhancements. Last year, we surveyed over 720 advisors who agreed that RBC Insurance DI stands out in the marketplace and provides the best value to their clients!
We’re increasing FYC for a limited time
Great news! We have increased our first year commission for a limited time on RBC YourTermTM life insurance.
SSQ Insurance
2017 Economic Perspectives
Will 2017 be a good year for investors? Optimum Asset Management (OAM) and Triasima tell us about their economic prospects for 2017, including the impact of a Donald Trump presidency on financial markets, the debt load of Canadians and low interest rates around the world.
Merit Plan 2017
The SSQ Merit Plan 2017 allows you to combine your individual insurance and investment sales to RULES earn even more! HOW? You accumulate credits for individual insurance sales or segregated fund sales or both!
SSQ Newsletter vol.5, No.2, January 2017
2017 Economic Perspectives, More tax slips available online, Reminder: New illustration software version 6.1, New versions of the Insurance Application and Policy Change Form.
Sun Life
Money for Life (Monthly Communication)
The move to fee, cost, and compensation transparency will be a game-changer in our industry. Advisors who can articulate and demonstrate their value will deepen their client relationships. The key to success is ensuring your clients understand the difference you make, the value you bring, and how you’ll continue to deliver.
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.