Get the latest insurance news
Submitted by Rica Zara on October 20, 2022 - 4:33pm
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PDF version |  | | | | | Here is the latest Canada Life™ insurance news to help with your selling needs and make your client conversations more engaging. | | Variable policy loan interest rate will increase Nov. 7 | Effective Nov. 7, 2022, the variable policy loan interest rate for our participating and universal life policies will increase to 7.45%. We are making this change because of the recent sharp increases in the Bank of Canada’s benchmark interest rate.
- For policies with no existing loans on Nov. 7 – The new interest rate will apply to new loans taken on or after Nov. 7.
- For policies with existing loans on Nov. 7 – The new interest rate will apply on the next policy anniversary on or after Nov. 7.
Read details of increase in variable policy loan interest rate. |
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| | | | Growing Together with Canada Life insurance bonus benchmark data is now available! | From Oct. 1, 2022 to March 31, 2023, you could receive an additional 25% bonus, up to $10,000 on placed life and living benefits insurance and segregated fund sales through Canada Life’s Growing Together bonus program.
To be eligible for this bonus, you must grow your net-adjusted first-year commission (NAFYC) earned from Oct. 1, 2022 – March 31, 2023, by a minimum of $10,000 over the NAFYC you earned in the same period in 2021/2022. After this goal has been achieved, the $10,000 and subsequent insurance and segregated fund sales will receive an additional 25% bonus up to a maximum of $10,000. The bonus will be paid after the qualification period ends.
To help you identify the NAFYC growth needed, the sales data from October 2021 – March 2022 is now available with your MGA. Watch for information on progress reports starting late November.
To be eligible for this incentive you must advise clients in their best interest and make suitable product recommendations. You must not promote or sell a product that does not meet specific client needs as a result of this incentive.
Learn more › | | | | Updated tools for clients interested in collateral loans | We’ve updated the Individual and Corporate asset efficiency tools and support material.
Now called the Estate transfer with collateral loan and Corporate estate transfer with collateral loan tools, these tools can be customized to show clients how their policy might be used to access a third-party loan. These new tools replace the Individual asset efficiency and Corporate asset efficiency tools.
Use the tool and additional support material with your clients today
Individual estate transfer with collateral loans
Corporate estate transfer with collateral loans
Accessing the cash value of a life insurance policy – Advisor Guide
| | | | For questions or feedback, please reach out to your Canada Life insurance sales team. |
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| | | | *Net “adjusted” first year commission (NAFYC) = new life insurance, disability insurance, critical illness insurance count at full FYC value; Segregated funds FYC is adjusted to count on 0.833% of deposits. |
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