Manulife Financial | Important changes coming for universal life products
Manulife is changing the pricing of our level cost, universal life insurance products effective September 23, 2017.
This impacts Manulife UL Level Gold, Manulife UL Level CIS, InnoVision Level to Age 100 and Security UL.
New policies and new coverages with a policy or coverage date on or after September 23, 2017 will receive the new rates. Please refer to the Transition Rules to see how to secure current cost of insurance rates.
Manulife UL Level cost of insurance changes
Level to 100
Level cost of insurance (COI) rates will increase between 0% and 15% for all Manulife UL Level Gold and CIS policies. The larger increases will apply to younger issue ages. These changes will impact new business and policy changes on inforce policies with a policy or coverage date on or after September 23, 2017.
Limited Pay
Level cost of insurance (COI) rates will increase between 0% and 25% for single life policies, and between 0% and 50% for Joint Last-to-Die policies within Manulife UL Level CIS. The larger increases will apply to younger issue ages. These changes will impact new business and policy changes on inforce policies with a policy or coverage date on or after September 23, 2017.
InnoVision and Security UL Level cost of insurance changes
Level to 100 COI rates will increase between 0% and 15% for all InnoVision and Security UL policies. The larger increases will apply to younger issue ages. These changes will impact new business and policy changes on inforce policies with a policy or coverage date on or after September 23, 2017.
Manulife UL and InnoVision – Cost type change
These changes will also impact InnoVision (where the original YRT coverage date is on or after May 14, 2011) and Manulife UL YRT CIS policies that are looking to do a cost type change from YRT to Level on or after September 23, 2017. The level cost of insurance rates applicable will be the new rates.
Learn more
Please refer to the Transition Rules for more information about the changes going into effect on September 23, 2017, including:
- Details on pre-quoting and the latest Diamond View release
- Timelines to submit paper or electronic applications
- How to secure current cost of insurance rates
Please contact your Manulife sales representative if you have further questions