Seize the opportunity to convert your SSQ Insurance Term 10 coverage at renewal 

On May 28, 2019, SSQ Insurance improved its permanent life insurance products by increasing the guaranteed cash values and the paid-up protection. Additionally, the rates for Whole Life 100 and Term 100 products were also improved.

We took this opportunity to identify all Term 10 policies that will be up for renewal by the end of 2020. Renewing for another 10-year term is one option, converting these policies into a permanent life insurance product may be a better alternative for some clients.


How can advisors find a list of eligible contracts?

A list of all policies with at least one coverage up for renewal soon will be sent to all advisors.

Information such as the renewal date, face amount or customer contact information can be found in Ingenium, our system for managing in-force business. This information can also be retrieved from your own internal administration system if applicable. The renewal premium for the Term 10 is indicated in the policy.


What are the next steps?

The products eligible for conversion are:

• Whole Life 20 and Whole Life 100, with guaranteed cash values and reduced paid-up coverage starting at the 10th year
• Yearly Renewable Term (YRT) or Level T100 Universal Life, with 20 investment accounts and Guaranteed Interest Accounts
• Term 100

Conversion to a permanent product could be a solution for insureds who have insurability concerns. Upon conversion they will be covered up to age 100, without having to answer a medical questionnaire.

Keep in mind that the conversion privilege ends at the policy anniversary date nearest to the insured’s 70th birthday. Once that date is reached, the only options are either to renew for another term or to apply for new coverage, subject to insurability requirements.


How to proceed?

To convert a product, simply fill out the Policy Change Without Evidence of Insurability (FIND0116A) form. If the product selected offers guaranteed cash values, be sure to complete sections: D – Declaration of Tax Residency of Policyowners (self-certification), E – Policyowners Identity Verification, F – Third Party Determination, and G – Purpose of Insurance.

Conversion takes effect at the attained age. Furthermore, smoker status as well as any additional premiums or exclusions in effect on the initial coverage will be transferred to the new contract.

If your client wishes to apply for new coverage, an application will have to be completed. If your client prefers to renew the current coverage, no instructions are necessary.

Our products are competitive, and it will be our pleasure to evaluate the various conversion options available to your clients, some of which will be premium sensitive, whereas others will be interested by guaranteed cash values, possibility of paid-up protection or even diversified investment options.


Sincerely,


SSQ Insurance
 

To learn about our products and services, please contact your SSQ Insurance representative or visit our website.