BridgeForce News (September 12, 2022)
BridgeForce Updates
- SALES OPPORTUNITY: On January 1, 2023, Sun Retirement Health Assist rates are changing
- Introducing BridgeForce Rewards
- Referral Campaign
- Non-Medical Limits
- BridgeForce Advisors Facebook Group
Industry Headlines
Down markets ahead present good buying opportunity
With rising interest rates, poor earnings and a recession already priced into the markets, the new year could present a great buying opportunity for investors.
It’s Time for Life Insurers to Go on Offense After COVID-19
It is said character is revealed in times of crisis. For the life insurance industry, the pandemic was such a crisis—and the industry demonstrated the true value and social good insurance brings to people in need. The challenge now is to turn the many achievements of the past two-and-a-half years into lasting benefits for the industry and the people it serves.
What’s behind the slump in demand for life insurance?
Things are shifting back to the pre-pandemic world – the slowing demand for life insurance included. The fear of the virus is likely subsiding as new research by MIB Group Inc. revealed that applications for life insurance policies fell 6.5% in the year to mid-August compared to 2021.
Overview of the FHSA
Budget 2022 announced a new savings account for first time home buyers – the Tax-Free Home Savings Account (FHSA). This is one of several initiatives designed to make housing more affordable for younger Canadians. In effect, the FHSA combines the best features of an RRSP (tax-deductible contributions and tax deferred income) and a TFSA (tax-free withdrawals for a qualifying first home purchase). It is an alternative to the Home Buyers’ Plan which allows for the tax-free withdrawal of up to $35,000 from an RRSP to purchase a qualifying first home. However, unlike the HBP, there is no requirement to repay withdrawals from a FHSA.
Compliance
Do I have to report a breach?
To check out a 1 minute YouTube video “Obligations for reporting breaches”, click here.
As we saw in February, the first step is to determine the risk of significant harm, and the sensitivity of the information and to notify BFG. Further, many carriers require advisors notify them immediately if their clients are affected.
In March we looked at when and how to notify affected individuals. But when do you need to report?
The OPCC (Officer of the Privacy Commissioner of Canada – https://priv.gc.ca/en/) has a number of resources available to help you determine how to manage a breach.
BridgeForce Compliance News (September 2022)
- FSRA’s Title Credentialing Body has Controversial New Addition
- New Resource for Women’s Financial Well-Being
- Getting the Most Out of CPP
Previous BridgeForce Compliance News Issues
Advisor Education
BridgeForce-University.com is our On-Demand service that is unlike any other on-demand service you have ever seen. No narrated slideshows, and no fake webinars, just video recordings of live events!
Over 100 accredited presentations are available for you to earn all of the CE Credits that you need for your Licenses and Designations. See presentations from your carriers, PLUS access new information from other experts in the industry that are designed to grow and improve your knowledge and your practice.
Get the convenience of On-Demand, get access to our Live BFG Roadshow Webcasts, and earn all of the CE Credits that you need! Anytime, Anywhere, and on Any Device!
Tech Tips
News
Cyber security guidance for heightened threat levels
The threat level your organization faces is fluid and often changes with factors like global events and cyber crime prevalence. By following the guidance below, in addition to basic cyber security hygiene practices, your organization can ramp up your cyber security posture, enhance your resiliency, and better protect your organization during heightened threat levels.
IE lives on in Microsoft Edge
Give your organization the dual engine advantage by moving to Microsoft Edge. Microsoft Edge with IE mode is the replacement for Internet Explorer 11 which is retired and out of support as of June 15, 2022.
Computer Picks
August’s Recommendations
- Microsoft Surface Pro 8 – $1,529
- Microsoft Surface Laptop 4 – $999
- Dell Latitude 3520 – $829
Recommended Computer Specs
- Intel Core i5 (11th Gen or higher)
- 8 – 16 GB RAM
- 256 GB SSD or higher
It is strongly recommended to purchase computers from the Microsoft Store or Dell.
Supplier Company News
Beneva
- Tips to Increase Your Critical Illness Sales
- Optimize Your Clients’ Workspace Insurance Coverage
- How to Manage Financial Stress
Canada Life
- Central banks likely to continue lifting rates despite a drop in headline inflation
RepNet update (August 30)
Last week, you were notified that clients’ segregated fund policy information would be available on RepNet early this week. We’re still experiencing disruptions with some data displayed in RepNet and sincerely apologize for any inconvenience caused. Our technology teams are working around the clock to correct these issues.
Canada Protection Plan
Notice of change to A-Z product
Following a product review, we are making changes to the A-Z application to provide more clarity around various health conditions and to ensure we are continuing to provide the suitable type and amount of coverage to our customers.
Desjardins Insurance
- A unique product | Prosperity: A 5‑pay participating life insurance policy
- Sign up for our webinar: The first-ever guaranteed 5‑pay Participating whole life in Canada!
- Illustration | Participating life enhanced insurance: Now easier to calculate!
Features regarding the guaranteed investment funds (GIF) investment statements sent to clients mid-September
The GIF investment statements are now available online for advisors. Clients will receive their paper copy in mid-September.
Empire Life
- Empire Life Dividend Growth GIF outperforms in a declining market
- Now available: Participating Account Q2 Summary
- Best Practices: Reminder – Setting up Joint Accounts
- New Business and Policy Change (Excluding Underwriting) Email Update
- Finding investment and tax opportunities in a challenging market
- Is 2022 the rude wake-up call we’ve been waiting for?
The BIGGER eBundle Bonus is extended until September 30, 2022
Earn 15% or 20% more FYC1 on life and health products when you submit the application electronically using the Fast & Full® Life App and clients select and complete the Electronic Health Questionnaire (eHQ) and choose and receive eContract Delivery as compared to submitting paper applications and receiving a paper contract.
Equitable Life
A New Universal Life Solution for the 21st Century
Introducing a new Universal Life solution built for the 21st century: Equitable Generations™ universal life insurance will be available for sale September 26, 2022.
The Equitable Life Fall Roadshow is coming to a city near you
Join us for an informative and insightful session! Hear about Equitable Life’s new and exciting plans for our segregated fund line-up. Learn how to navigate the world of sustainable investing and ESG with a special presentation from Invesco.
Equitable Life launches 12 new segregated funds
Equitable Life® is proud to launch 12 new segregated funds to Pivotal SelectTM Investment Class (75/75), available August 29, 2022.
Updates to Savings & Retirement forms and applications
To align with the launch of Pivotal Select’s 12 new segregated funds, Equitable Life has updated the following administrative documents for Savings & Retirement.
Sales Campaign: Step Up Your Wealth Sales (Jan 1 – Dec 31)
Step up your wealth sales with Equitable Life® and you’ll be rewarded with a growth bonus for doing more business in 2022. Make this year your best year ever with Equitable Life!
Fidelity Investments
Weekly market pulse (September 9)
Foresters Financial
Sales Campaign: Foresters All-Star Program (Mar 15 – Dec 31)
We want you to become a Foresters Financial™ All-Star in 2022. All-Star advisors may earn an additional 15% bonus on their Foresters Net First Year Commission (NFYC)!
ivari
Wilton Re announces a deal to sell ivari to Sagicor
Wilton Re press release | Sagicor press release
Manulife Financial
Sales Campaign: Grow for it 2022 (Jan 1 – Dec 31)
By helping more Canadians get the protection they need, not only will you grow your business, you’ll also be rewarded with an iPad Air.
RBC Insurance
Fall Enhancements to RBC Insurance Life products
The latest enhancements to reward your existing RBC Insurance® term clients when they exercise the Term Switch Privilege along with other changes to our Life products are coming your way this September.
SSQ Insurance
Changes to our SSQ Insurance Products and Processes
We are pleased to announce that starting September 8, 2022, our life and critical illness underwriting processes will be even simpler thanks to accelerated underwriting!
Sun Life
- The National Accounts year-end is approaching
- We’ve simplified the process for new registrants requesting access to the secure Advisor site
- Voice of the Advisor (VOA) Testimonials
UV Insurance
Launch of our New Whole Life High Values
A protection that provides options for financing projects, increasing retirement income or protect the family’s estate.
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.