Life and Health Insurance

Changes to Universal Life insurance

Following the introduction of our Universal Life insurance product last fall, we continue to make improvements in order to better serve our clients. Here is a summary of upcoming changes as of November 17, 2015.

IMPROVEMENTS TO INVESTMENT OPTIONS

We are adding 4 new accounts to our investment offer, providing more choice for your clients. For a complete description of the account facts, please click on the links below.

Our balanced accounts offer will be enhanced with a Canadian equity account and a Global equity account:

• Guardian Canadian Dividend Equity
• TD Global Dividend Equity

These accounts are linked to funds that are part of our segregated funds offering which is recognized for the quality and expertise of the fund managers.

Finally, we are completing our managed accounts offering with two accounts whose designated funds have been recently created in partnership with Guardian Capital:

• Guardian Conservative Monthly Income
• Guardian Monthly Income

These monthly income funds were designed to generate attractive income and growth using a combination of strategic and tactical approaches. This is a unique approach on the segregated funds market and we are proud to offer these accounts to our universal life insurance clients.

Please refer to the investment option summary that includes the new options offered as of November 17.

CHANGES TO THE EXTERNAL MARKET INDEX – CANADIAN EQUITY INDEX ACCOUNT

As of November 30, 2015, the Canadian Equity index account will be linked to the S&P/TSX index (previously linked to the S&P/TSX 60 index). A communication was sent on October 6, and a letter to this effect has been sent to your clients informing them about this change. You should have received a copy of this letter.

Click here for the Canadian Equity – S&P/TSX fact sheet.

OTHER CHANGES TO UNIVERSAL LIFE INSURANCE

• Increase to YRT cost of insurance: for clients with issue age ranging from 75 to 85 years old only.
  
  Old rates will apply to all applications signed before November 17, 2015, accompanied by an illustration from software version 4.1 and received at SSQ office before December 4, 2015.
  
  New rates will apply to all applications signed as of November 17, 2015. An illustration from software version 4.2 must be sent along with the application.
   
• Adjustment to the remuneration schedule: An adjustment has been made to the remuneration schedule. This adjustement only applies to universal life coverages ending during the second year following the effective date of the coverage. For more details, please refer to the remuneration schedule that will be available on the secure website for advisors as of November 17.
   
• The "Request for transfer between universal life investments accounts" form has been renamed to "Universal life investment instructions". A new option has been added which allows for a lump-sum deposit.

Finally, we are changing the name of our segregated fund product offering. In order to build on the SSQ brand name, the “ASTRA” funds will be renamed “SSQ” funds. Therefore, you will see a change in the designated fund names for our Strategy and CI Investments managed accounts available on our universal life insurance product. There is no impact for your clients.

The illustration software update will be available on November 17.

NEW INSURANCE APPLICATION, POLICY CHANGE WITHOUT EVIDENCE OF INSURABILITY AND POLICY REINSTATEMENT FORM