Life and Health Insurance

REMINDER: Changes to Universal Life insurance effective November 17

Following the introduction of our Universal Life insurance product last fall, we continue to make improvements in order to better serve our clients.

The Illustration Software update will be available on November 17, 2015 with the following changes.

• Improvements to investment options – addition of 4 new accounts:
• TD Global Dividend Equity
• Guardian Canadian Dividend Equity
• Guardian Conservative Monthly Income
• Guardian Monthly Income

• Changes to the external market index – Canadian Equity Account to S&P/TSX (previously linked to S&P/TSX60 index) as of November 30, 2015

• For issue ages ranging from 75 to 85 years only: higher YRT cost of insurance for ages 85+, increasing the minimum premium required 

Reminder of the transition rule:

• 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: this adjustment is applicable 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 available on the secure website for advisors.

• Addition of a new option allowing lump-sum deposit: this option is added to the “Universal life investment instructions” form

• Name change - segregated funds: the “ASTRA” name has been changed to “SSQ” which means a change to designated fund names for Strategy and CI Investments managed accounts available on the universal life insurance product.

Click here to learn more.

We thank you for your usual collaboration. Should you have any questions, please contact your SSQ representative or your regional sales office.