News from Desjardins Insurance
Submitted by Victoria on April 19, 2021 - 10:01am
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PDF version In this issue: INSURANCE INVESTMENTS |
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| GREAT NEWS: LOWER TERM LIFE INSURANCE PREMIUMS STARTING APRIL 24 |
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We're pleased to announce that we're lowering premiums on 4 of our term life insurance products starting April 24. |
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Coverage | Amounts of insurance impacted | Term 10 | $500,000 and over | Term 30 | All | Term to 65 | All | Universal Life Term 10 | $500,000 and over |
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The premium for 20-year term life insurance isn’t changing, but it’s still a great solution that will meet your clients’ needs. We lowered its premium in January 2020, and our offer is still very competitive. Examples |
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Individual coverage - $500,000 | Average reduction | Female NS, age 40 | Male NS, age 40 | Term 10 | -2% | -6% | -4% | Term 30 | -6% | -5% | -7% | Term to 65 | -5% | -3% | -7% | Universal Life Term 10 | -2% | -5% | -4% |
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| Female NS, age 40 | $250,000 | $500,000 | $1,000,000 | No. of companies | Term 10 | 10 * | 4 | 2 | 18 | Term 20 | 3 * | 3 * | 3 * | 17 | Term 30 | 5 | 3 | 3 | 16 | Term to 65 | 1 | 1 | 1 | 4 |
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Male NS, age 40 | $250,000 | $500,000 | $1,000,000 | No. of companies | Term 10 | 11 * | 5 | 2 | 18 | Term 20 | 3 * | 3 * | 3 * | 17 | Term 30 | 5 | 3 | 3 | 16 | Term to 65 | 1 | 1 | 1 | 4 |
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*This amount of insurance will not be decreased. |
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Transition rules Applications that are under review when the rates change will automatically get the rate that is more beneficial for your client.
Advantages of our term life insurance
- Exchange option (for 10-year and 20-year coverage only)
- Conversion option
- Association option
- Free assistance services
Multi-coverage discount
Keep in mind that our term life insurance products are eligible for the multi-coverage discount. This special discount means your clients can get a lower rate if they sign up for at least 2 eligible insurance coverages on the same contract at the same time. It’s a great way for you to meet their needs and help them stay on budget! |
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| WAIVER IN THE EVENT OF DISABILITY: STANDARDIZING RATES |
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Starting April 24, the same rate will be used for disability waivers of premiums, regardless of which Life, Universal Life or Critical Illness insurance product it’s added to. In most cases, this standardization will cause the premium for disability waivers to: - Decrease if it’s added to a term product
- Increase if it’s added to a permanent product
Transition rules
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Application status | Which rate applies? | The application is still being assessed when the new rate takes effect | Unless you tell us otherwise, the rate will be based on the type of product in the contract the disability waiver is being added to: - Term only: new rate
- Permanent only: old rate
- Term and permanent: new rate
| Application arrives at head office after 11:59 p.m. (eastern time) on April 23, 2021 | New rate (no exceptions) | Reopened application that was previously cancelled, declined or deferred | The rate in effect when the application is reopened |
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Getting an illustration with the old rates after April 24
As of April 24, you’ll no longer have access to the old disability waiver rates.
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| SOLO HEALTHCARE: NEW AND IMPROVED PAYMENT CARDS |
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On May 24, 2021, we're moving to a new, cutting-edge platform with TELUS Health, the leading IT provider in Canada's healthcare industry.
Direct payments with participating healthcare professionals
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With TELUS Health, medical claims for chiropractors and physiotherapists are processed in real time, like with medications or dental care. That means, your clients will no longer need to submit claims for most of their healthcare expenses. |
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We'll be sending a letter with the TELUS | assure payment card to policyholders with: - SOLO Healthcare
- SOLO Health
- SOLO
The old card will no longer be valid as of May 24, 2021.
When will policyholders receive their new cards?
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Effective date of the policy | Information | Before February 26, 2021 | The new TELUS | assure payment card will be sent on April 21, 2021. | February 26 to April 21, 2021 | The new TELUS | assure payment card will be sent on May 14, 2021. | April 22 to May 23, 2021 | These policyholders won't receive a payment card when their policy comes into force.
Please send them their policy and certificate numbers, available in the Pending Business tool, and recommend they register on the plan member website. They can use these numbers until May 23, 2021.
The TELUS | assure payment card will be sent on May 24, 2021.
While policyholders wait to receive their TELUS | assure card in the mail, they can log in to their plan member account for their new policy and certificate numbers. | As of May 24, 2021 | Standard process: Policyholders will receive their payment card when their policy comes into force. |
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| UNDERWRITING REQUIREMENTS UPDATED IN THE INSURANCE ILLUSTRATION TOOL |
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As announced last fall, we've updated our underwriting requirements so people ages 18 to 50 can get up to $1,000,000 in insurance with just a tele-interview. At the time, we weren't able to update the requirements in the Insurance Illustration tool, creating a potential source of confusion. We're happy to tell you that the tool has now been updated. We've added a requirement stating that only a non-medical and a tele-interview are required, where applicable. |
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Non-medical and tele-interview (the tele-interview will be ordered by head office). Desjardins Insurance selects clients at random to undergo a paramedical examination and provide a urine sample for testing. In some circumstances, a blood profile may also be required. |
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This requirement is reflected in the DSign electronic application. When a tele-interview is required, the Insurability section won't be displayed.
Elimination of the Preferred Offer checkbox
Since clients age 18 to 50 buying coverage up to $1,000,000 have not been eligible for preferred rates (P1, P2 or R1) since November 9, 2020, we've deactivated the Preferred Offer checkbox.
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| Our DSign electronic application is regularly updated to comply with regulatory changes or to fix major bugs. Here is a list of the main changes that have been rolled out since the beginning of the year: - A signing authority was added for when the policyowner is a business.
- At the e-signature step, individuals can now only view their own information, based on their role.*
- In the temporary insurance agreement section, you can no longer click Next without answering the insurability questions when the client wants a temporary insurance agreement.
- A message was added to show that a pop-up blocker is preventing the sign in place e‑signature pop‑up window from opening, along with instructions for how to disable it.
- Applications can no longer be locked or submitted if your representative code is inactive. You have to reactivate your code or enter an active code to continue.
- Automatic translation by the web browser has been disabled. Only the language choice in the application can now be used to change the display language (to avoid bad translations).
- Extra spaces in email addresses are now automatically deleted for remote signatures.
- A feature was added to enable Merchandising Technology to unblock applications immediately, rather than after a few hours.
*More details about viewing personal information
The policyowner can see their own information, as well as information about the people being insured (except for answers to general questions and insurability questions). Since this information is attached to the contract, it is only shared with the policyowner once the insurance application is approved. Each individual being insured will see only their own personal information. The payor will see only information about the premium and the payment method. However, an individual can have multiple roles within a single contract. In that case, they will be able to see each section that applies to them. |
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| As an increasing number of people are being affected by the pandemic, Desjardins is prioritizing the health and financial well-being of everyone. Remember, all the information related to COVID-19 is gathered in a dedicated section on Webi. |
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| DFS GUARANTEED INVESTMENT FUNDS RANKED AMONG THE TOP IN CANADA IN 2020 |
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After obtaining 7 FundGrade A + ® awards last January, the DFS Guaranteed Investment Funds (DFS GIFs) stand out again. 74% of DFS GIFs assets under management were held in above-average performing funds, according to an Investment Executive 2020 analysis. Why did they perform so well? - Rigorous selection process applied by our selection team in choosing both internal and external fund managers.
- Desjardins, leader in responsible investing: Our segregated funds offer includes the SocieTerra Portfolios aligned with ESG (environment, social and governance) values, which all performed very well last year.
Learn more about the DFS GIFs and the Helios2 Contract. ® A+ and FundGrade A+ are registered trademarks of Fundata Canada Inc. FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved |
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