Client savings on LifeAdvance critical illness insurance
It will be applied once the policy is issued. The reduction in premium will be for the life of the policy, including the initial term and renewal terms.
In SimpleProtect
Within SimpleProtect the reduced premium will not display when completing the application. The client will pay the unreduced amount with the application if they are applying for conditional insurance (CIA).
If applicable, any overpayment is either refunded to the client by cheque, if annual, or applied to the next month’s payment, if monthly. While the reduction in premium won’t show in SimpleProtect, a message will show on screen to notify advisors that the reduction in premium will be applied at issue.
In New Business WebApp
For New Business WebApp, there is a field to apply the 5% reduction in premium. A message will show to notify advisors that the critical illness
reduction in premium is available when they are on the payments page for the application.
When running a web-based or desktop illustration, select Head office approved premium reduction in the Coverage tab in the illustration software.
Ensure you're explaining these details to your clients to help them understand how this reduction in premium is being applied to their policies.
When introducing this critical illness insurance reduction in premium to a client, a needs assessment must be completed to determine what product and coverage amount is best for your client. This reduction should not lead you to sell a product that doesn’t meet their specific needs.
To show clients the total reduced premium in the illustration report you have two options, the web-based illustrations or the desktop illustrations:
Web-based Canada Life Illustrations
- Open the PDF of the policy you illustrated.
- Find The reduced total premium would be section, shown in the image to the left, typically found on page 2.
Web-based illustrations offers the best client experience when viewing illustration reports. You can find the detailed summary of the reduction much quicker than the desktop illustration. You can access Canada Life Illustrations through Workspace. If you haven’t registered for Workspace, you can register now.
Desktop illustration
- Open the PDF of the policy you illustrated.
- Find The reduced total premium would be section, shown in the image above. It’s at the bottom of the Illustration summary section, below the Detailed summary. It’s typically found between pages 4 and 6 depending on the policy type and client age.
Please note: The reduced premium on additional benefits can only be seen in the total reduced premium. Advisors can see the reduced cost of additional benefits by comparing the total reduced premium of the same policy with and without additional benefits.
Resources
Ready to start the conversation with your clients? Make use of these resources to help promote the critical illness insurance reduction in premium.
Start conversations with clients about Canada Life LifeAdvance critical illness insurance with these customizable emails.
Use this brochure to introduce clients to critical illness insurance. Show them how it works and why they may need it. The brochure also talks about how to personalize coverage.
Questions?
Speak to a member of the Canada Life insurance sales team.
For a new policy to qualify, the client’s application must be received on or after Nov. 7, 2022. Applications currently in underwriting are excluded.
|
If |
Then |
|---|---|
| Web applications or SimpleProtect applications received on or after Nov. 7, 2022. | Reduction in premium will apply. |
| Paper applications received at head office on or after Nov. 7, 2022. | Reduction in premium will apply. |
UPDATE: Canada Life provides your clients with flexible critical illness insurance to meet their unique needs. To make it even more affordable, we’re continuing to offer a 5% reduction of premium for new, qualifying policies.
Here’s what you need to know:
Important details
- A 5% reduction in premium for new LifeAdvanceTM critical illness insurance policies with applications received on or after Nov. 7, 2022.
- Reduction is applied to the total premium for the life of the policy, including renewals.
- Includes additional benefits, reissues (if original policy qualified for the reduction) and rated premiums.
- For SimpleProtect™ the reduced premium will not display when completing the application. The client will pay the unreduced amount with the application if they are applying for conditional insurance (CIA). If applicable, any overpayment is either refunded to the client by cheque, if annual, or applied to the next month’s payment, if monthly.
- While this reduction won’t show in SimpleProtect, a message will show on screen to notify advisors that the premium reduction will be applied at issue.
- For New Business WebApp, web-based Canada Life Illustrations and desktop Concourse/Concourse Direct illustrations, there is a field to apply the 5% reduction.
- Excluded are conversions and Child LifeAdvance™ policies.
- Listing services such as LifeGuide, Insurfact and Compulife are now updated.
Canada Life and design and LifeAdvance are trademarks of The Canada Life Assurance Company™.