Universal life insurance reprice and illustration software (version 4.9) available May 29
Illustration software will be updated on May 29, 2023. This includes a new version of Canada Life ConcourseTM.
On May 28, we’re introducing some of our most competitive level cost of insurance (COI) rates to date with an overall average decrease of 4.5%. These changes will strengthen our offering most in single life ages 40+, and help you capture sales opportunities in important segments. This helps make insurance protection more accessible to Canadians in need of lifelong coverage and a level cost of insurance. It also provides them with the flexibility that universal life insurance offers.
While there will be decreases for individuals under 40, there will be some increases as well, primarily for ages 18-29. We’re also introducing unique COI rates for joint lives; this means joint and single lives may not have equivalent rates. Joint lives will see an average increase of 1%.
This reprice provides a great opportunity to promote the many benefits offered by universal life insurance.
Software updates
Concourse v4.9 Illustration software
Updating your illustration software is now easier through AutoUpdater. This feature automatically detects updates to Concourse software and prompts you to install the latest version.
If you received your illustration software in the past through your firm, you’ll continue to receive your software the same way.
Here’s what’s changing in the illustration software.
- Universal life insurance
- Updates to universal life insurance level cost of insurance (COI) rates.
- Participating life insurance
- Updates for the 2023 dividend scales. They go into effect on July 1.
- Illustration maximums increase to $25 million total coverage with this update, for rated and unrated cases.
- As a reminder, advisors can now illustrate the new dividend scale rates with our web-based Canada Life illustrations tool. For more details check out our dividend scale announcement.
Please note that the new level COI and joint rates come into effect on May 28. New desktop version of Canada Life v4.9 illustration software will be automatically updated on May 29 reflecting updates for the universal life reprice and the 2023 dividend scale changes.
Update to web-based Canada Life Illustrations – The universal life illustrations are not currently part of the web-based illustrations so there won’t updates to the web-based illustration tool for universal life.
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Web applications submitted before 11:59 pm CST on May 27, 2023.
OR
Paper applications received at head office on or before May 27, 2023.
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Old rates apply. May request new rates. Advisor must submit a new illustration prepared May 29 or later. |
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Web applications submitted on or after May 28, 2023 (after 11:59 pm CST on May 27, 2023).
OR
Paper applications received at head office on or after May 28, 2023.
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New rates apply. Advisor must submit an illustration prepared May 29 or later. |
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Backdating to save age.
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Regular backdating rules will apply.
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If |
Then |
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A universal life application is in pending status on May 28, 2023.
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Old rates apply. May request new rates. Advisor must submit a new illustration prepared May 29 or later. |
For reissue requests received May 28, 2023 or later:
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If |
Then |
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A universal life policy has been issued with old rates but not placed in force yet.
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May request new rates. Advisor must submit a new illustration prepared May 29 or later. The policy will be current dated, unless backdating to save age. |
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A universal life policy is in force with old rates.
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May request new rates and will be handled as a policy replacement.1 The new policy will be current dated, unless backdating to save age. Advisor must submit a new illustration prepared May 29 or later. |
1 Applicable provincial legislative replacement requirements (e.g. LIRD, written explanation) as well as the Authorization to transfer funds/replace existing insurance (form 17—8913) will be required.
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Policy is re-opened on or after May 28, 2023.
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New rates apply. Advisor must submit a new illustration prepared May 29 or later. Policy is current dated, unless backdating to save age. |
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If |
Then |
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Applications received at head office on or before May 27th, 2023.
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Old rates apply. May request new rates. Advisor must submit a new illustration prepared May 29th or later. |
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Applications received at head office on or after May 28th, 2023.
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New rates apply. Advisor must submit a new illustration prepared May 29th or later. |
| Guaranteed Issue Applications. | Rates that were in effect on the option date. |
| Backdating to save age. | Regular backdating rules will apply. |
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If |
Then |
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An application is in pending status on May 28th, 2023.
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Old rates apply. May request new rates. Advisor must submit a new illustration prepared May 29th or later. |
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A policy has been issued but not placed in force.
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Old rates apply. May request new rates. Advisor must submit a new illustration prepared May 29th or later. |
| A policy is in force. | Old rates will apply. |
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If |
Then |
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Quotes processed on or before May 27th, 2023.
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Old rates apply. |
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Quotes processed on or after May 28th, 2023.
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New rates apply. |
| Policy Change Applications received at head office on or before May 27th, 2023. | Old rates apply. Advisor can request new rates. |
| Policy Change Applications received at head office on or after May 28th, 2023. |
New rates apply. If an illustration is dated prior to May 29th,2023 the rates illustrated are not valid. |
Materials to support your selling needs
Questions? Speak to a member of the Canada Life insurance sales team.