Individual Insurance: What’s new at Beneva

Individual Insurance: What's new at Beneva

At the beginning of the year, we began the transition to Beneva Individual Insurance, and we are very enthusiastic about the next phase. We’d like to update you on various components of this transition. These updates involve repositioning our Term Plus product, launching a new Beneva Enhanced Term 100 insurance product and updating the Beneva Insurance application, effective July 3, 2023.

We want to offer a complete range of competitive products to support your activities and meet your service needs. We understand that these changes during this period may generate questions for you and your clients. That’s why we have set up a dedicated Web page that contains all the information you will need.

Consult it regularly since we will be constantly updating it. This way, you’ll be in the loop in real time.

Repositioning the Term Plus product

To enable us to offer even more competitive products, Beneva is repositioning initial term and renewal premiums for Term Plus. This applies both to fixed and decreasing insurance amounts and comes into effect on July 3, 2023.

Here are some examples of average premium decreases for the initial term with a fixed insurance amount of $250,000 or more. Note that we have also made premium decreases for insurance amounts of $100,000 to $249,999. In addition, we have adjusted insurance amounts between $25,000 and $99,999.

These adjustments position us favourably against our competitors, generally in the Top 3 for T20 and longer terms, and in the Top 5 for T10 and T15.

The table below shows the ranking* of our new premiums for the initial term of the T20.

Ranking* is similar and sometimes even better for longer terms.

Ranking* is based on a comparison of the monthly premiums of other comparable term products, using the premiums published by LifeGuide as of June 1, 2023.

For decreasing insurance amount options, we have made adjustments to remain competitive for both females and males.

Added value included in our product

Remember that Term Plus includes distinctive advantages at no extra cost:

· Insurability benefit
· Extreme Disability benefit
· Renewable every 5 years
· Exchange program

Let us remind you that you can also add riders to Term Plus:

· Choice of two Disability Riders:

With guarantee: Proof of loan upon purchase, which guarantees a monthly benefit of up to $2,000

Without guarantee: Proof of loan upon claim

· Critical Illness (CI) rider of $20,000: If a client qualifies for life insurance at the standard rate, without any exclusions, is automatically qualified for the CI rider.

Transition Rules

The transition rules, in the table below, apply to the Term Plus product.

Note that the Beneva Application FIND0035 (January 2023 version) will be replaced by the July 2023 version. The January 2023 version of the policy application will be accepted up until September 15, 2023, at which point only the July version will be accepted.

Launching Beneva Enhanced Term 100 Life Insurance

To enhance our range of life insurance products, on July 3, we are launching Beneva Enhanced Term 100 Life Insurance, inspired by the La Capitale product.

Our new Enhanced Term 100 is a product that stands out in the market. It is positioned between a Term 100 and a Whole Life. In most cases, for as little as 2% more than our Term 100 for non-smokers and 4% for smokers, your clients can benefit from additional advantages such as cash values and reduced paid-up insurance. In addition, these simple, tangible advantages are based on a percentage of paid premiums:

Reduced paid-up insurance as of the 10th policy year, corresponding to 100% of paid premiums if your client ceases paying premiums.*

Cash value as of age 75, subject to holding a policy for a minimum of 10 years, corresponding to 50% of paid premiums.*

The Extreme Disability Benefit is (EDB) automatically included in this new product.

You will be able to consult the various Beneva Enhanced Term 100 Life Insurance documents in the Document Centre, as of July 3.

*Some conditions, restrictions and exclusions apply.

Remuneration Schedule of your General Agent or National Account contract

Changes were made to the Remuneration Schedule to include this product and will take effect on July 3, 2023.

The General Agent's Remuneration Schedule is now available on your business platforms. The advisor's Schedule will be available from June 15 in the Document Centre of the La Capitale Advisor Centre and on the Beneva Investment Advisor business platform. For SSQ Individual Insurance Advisor business platform, the General Agent and Representative Remuneration Schedule will be available from July 3.

Have a question about your schedule? Please contact the remuneration team at compensation@beneva.ca.

Thank you for your ongoing partnership!

Recognition Program for Representatives

You’re important to us and here is a reminder about our brand new Recognition Program for Representatives.

This new program provides exciting bonuses and rewards loyalty by increasing your Individual Insurance bonus rate over time. Earn even more by combining your eligible Beneva Savings and Investment product sales.

Notice of new versions of Policy Application and Forms

As of July 3, 2023, new versions of the following documents will be available in the Document Centre at beneva.ca and you can download them from the Advisors Section.

If you have previous versions of these files saved or printed, please remove and recycle them. To provide a smooth transition and experience for you and your clients, the January 2023 version will be accepted until September 15, 2023.

Policy Application for Individual Life Insurance (FIND0035A) for the following products: Permanent, Term and Universal Life insurance, Critical Illness and Policy change without evidence of insurability (FIND0116A).

Proposition de contrat - Assurance vie individuelle (FIND0035F) pour les produits suivants : Vie permanente, temporaire, universelle et maladies graves et Modification de contrat n’exigeant pas de preuves d’assurabilité (FIND0116F)

A new paper version will be available as of July in the Insurance and investments brokers | Beneva section.

Authorization – Supplement to the application – Individual Insurance (FIND0110A) and Policy Reinstatement – Individual Insurance (FIND0117A)

Electronic versions only will be available.

For more details on these new versions and to see updates, refer to the Schedule.

Electronic Application Improvements

We have improved our Beneva eApp signature tracking features. From now on, you will be able to determine if the signature process has been completed, via “SIGNED” label.

This updated feature will enable you to keep better track of the application signature process and ensure productive follow-ups with your clients.

Other improvements will take effect on July 3:

The new Enhanced T100 product will be available;

Language of correspondence settings can now be edited between English and French in the dashboard;

Revised medical and lifestyle questionnaires;

Les Revised legal texts reflecting changes to Law 25 (Privacy Act).

Business Rules for changes to an In-force La Capitale policy

The following business rules apply to changes to in-force La Capitale policy. For example, effective January 1, 2023, additional benefits cannot be added to La Capitale policy. For more details, please see the table outlining the changes and instructions that you may find useful.

Here's an overview of the main changes:

Partial replacements or adding a main insured person benefit;

Addition of a Disability Rider or an additional benefit (Child Rider, Waiver of Premiums, Accidental Death and Dismemberment, etc.);

Partial or complete conversion of life insurance;

Simplified reinstatement and the 61st day of non-payment of premiums;

Changing plans and increasing the insurance amount within 12 months.

New forms that include the changes mentioned above are available on the beneva.ca site.

Other types of changes to La Capitale policy remain the same, with the exception of certain forms. Refer to the table for details. Going forward, La Capitale forms will now be found in the Archives section of the Document Centre on beneva.ca.

Processing change: Internal replacement when the policy goes into force

Effective immediately, Beneva will process the internal replacements of existing policies when the new contract is settled and placed in force, and not when it is issued. This change will enable us to meet the needs of our business partners.

Advantages of internal replacements when policies go into force:

The existing policy remains in force if the requirements of the new contract are not received or if the client changes their mind;

The requirements for internal replacements, such as the policy owner’s signature, beneficiary and retrocession, will be requested upon delivery in order to avoid additional delays in processing the file;

Client satisfaction is increased.

Our Partnership is a top Priority

You and your clients are important to us. Our transition to Beneva is being done in a multi-step process and we appreciate your patience during this time.

Have a question on our transition to Beneva and the impact on your business? Consult our Frequently Asked Questions.

Shirley Marquis
VP Brokerage Networks