New Term 10 & Term 20 Rates now available with RBC. 

The new pricing makes RBC more competitive than ever.  In addition RBC has permanently increased their FYC on Term 10 and Term 20 by 5%.

The Software (version 5.0) is now available (Click Here)

Effective November 26^th, 2012 Canada Life will be making changes to their Critical Illness insurance plans.

 What’s Changing?

• Increase to Critical Illness rates
• Removal of Critical illness insurance premier value premium reduction and the dual solutions premium reduction for Critical illness and disability insurance.

 Transition Rules

There will be no exceptions to the rules stated below, including extensions to the final placement date. Canada Life will not accept applications sent by fax or email. All requests for changes or increases in coverage during underwriting will be at new rates.  All requests to reissue will be at new rates.

             To be Eligible for old rates:

• Applications must be received at Audis Canada by 2:00 pm Friday November 23^th to ensure they arrive the following Monday November 26^th at Canada Life. Canada Life will not accept scanned or faxed copies.
• All requirements (including medical evidence) must be received in Canada Life Head office on or before March 1^st, 2013.
• All policies must be placed no later than 30 days after issue (No exceptions will be made)

 Rate Change Overview Base Plan:

• Term 10 CI – Minor increases & Decreases
• Term 75 CI – Average increase of 5.5%
• Term 100 CI – Average increase of 13.5%
• Permanent CI Paid up in 15 Years – Average increase of 7%

 Rate Change Overview Plans with ROP

• T10 – Average increase of 30%
• T100, T75 and limited pay 15 – Average increase of 22%

 Child Critical illness Rate Change Overview

• Base Plan will not see any changes
• Plans with ROP at expiry will see an average increase of 30%

 *All percentages are an estimate only and represent an average of age 30 – 50 rates and are based on standard risk $100,000, non smoker plans.

September 5th, 2012

John Hamilton, President & CEO of Financial Horizon Inc., and Dan Powell, President of Audis Canada Ltd., one of Western Canada’s largest MGA’s, are please to announce that they have signed letters of Intent to join forces.

Click Here for full details

In today’s low interest rate world, insurers have been obliged to raise rates on their permanent products.  Although many insurers have removed or suspended the sale of certain products Desjardins Financial Security (DFS) wants to ensure that you can continue to offer a full range of life and health coverages to meet your clients’ needs.

Effective September 13th, 2012 Desjardins will increase rates on the following products:

• MaxLife (T100)
• Life 10
• Life 20
• Foundation (T100)
• Precision 10
• Percision 20
• Harmony Term to 100
• Harmony Executive
• Harmony Limited Pay 10
• Harmony Limited Pay 20

To ensure you get the old rates applications must be received at Desjardins head office on or before September 13th.  A contract issued with the old rates must be settled within 40 days following approval.

Applications recieved on or after September 14th will recieve the new rates.

Effective September 17^th, 2012 Sun Life is changing their level COI rate for Sun Life Universal Life and Sun Limited Pay Life products.  In addition Sun is shifting these products to an age nearest pricing basis.

The last day of sale using the old rates and age last pricing will be September 21, 2012.  Applications received after September 21^st will receive the new pricing.

Changes to UL

• Increased level COI Rates
• New Age Nearest Pricing
• Guaranteed interest rates changed to:
• 5   Year – 0.50%
• 10 Year – 1.50%
• 20 Year – 1.50%

Changes to Critical Illness

• Moving to Age nearest pricing
• Increased T10, T75, T100, and Juvenile rates
• New lower face amounts of $25,000

Effective August 13th, 2012 BMO Insurance will be increasing Level COI rates on their Life Provider and Life Dimensions Universal Life Products.  Any Applications received at BMO head office on or after August 13th, 2012 will receive the new rates.

The continuing low interest rate environment has caused Canadian insurers to re evaluate the pricing of their products with long term guarantees.  As a result, Canada Life will be increasing Millennium Universal Life insurance Level and Limited Pay cost of insurance rates effective September 17, 2012.

Details about these changes, including transition rules will be communicated in late August.

As of December 1st, 2012 Industrial Alliance will no longer offer Best Doctors and Sigma Assistel to critical illness policy owners.  For more than 10 years, these services have been offered free of charge to insureds with a face amount over $100,000. 

These changes will apply to all new sales, as well to all inforce policies.

No communication will be sent to current clients.

Please stop promoting these services with your clients.  Clients will be able to use these services until December 1st, 2012.

Effective immediately, Canada Life is limiting the amount that can be deposited into a premium deposit account.  The maximum that will be accepted is $100,000 annually for any one policy.

Why the Change

The option to pre-pay premiums through a premium deposit account is a non contractual feature offered to all policy owners.  The guaranteed rate of 2.75%on deposits is no longer sustainable given the current low interest rate environment.  This $100,000 deposit limit is an interim measure, as rate reviews are underway.

Because this is an interim measure, illustration software will not be adjusted.  This means advisors can still illustrate a premium deposit account in excess of $100,000.  If a premium payment greater that $100,000 is submitted, the advisor will be contacted about returning the amount to the policy owner.

We would like to inform you that Industrial Alliance Pacific Insurance and Financial Services Inc., also known under the trade name IA Pacific, will amalgamate with its parent company Industrial Alliance Insurance and Financial Services Inc. effective June 30, 2012.

The contractual obligations of IA Pacific (IAP) will be assumed and honoured by Industrial Alliance Insurance and Financial Services Inc. (IA).  IA is committed to seamlessly integrate operations with no disruption to customer service.  Your existing sales, service, and support contacts remain unchanged.

 *Administrative Forms*

As of June 30, IA application forms will be available for new sales.  PDF versions of all administrative forms have been updated in the document Centre on extranet so that the current versions are readily available.

 IA application forms can be ordered from Audis Canada through rebecca.purdy@audiscanada.com or direct at supplies@inalco.com. Please order a supply immediately and destroy old versions of IAP applications and admin forms.  OLD IAP APPLICATIONS AND FORMS WILL ONLY BE ACCEPTED TILL JULY 31 2012.

 Software

New software version 7.0 is available for download from extranet or you can order a disc through rebecca.purdy@audiscanada.com or direct at supplies@inalco.com.

 Compensation

There will be no interruption or changes to contracts, compensation or payment schedules.