Life and Health Insurance

Reminder: New illustration software version 6.1

The new version of the illustration software (version 6.1) is available as of January 24.

In case you have never downloaded our illustration software, you may download it by clicking here.

This version reflects the adjustments to our SSQ Universal Life Level COI (UL T100), Term 100, Whole Life 100 and Whole Life 20 products.

 

INCREASE TO PERMANENT LIFE INSURANCE PREMIUM RATES

Effective January 24, 2017, we will increase the premium rates on our SSQ Universal Life Level COI (UL T100), Term 100, Whole Life 100 and Whole Life 20 products.

Please note that SSQ did not raise rates in the fall of 2016 as we wanted to simplify the New Business/Underwriting process through the year end. We are now catching back up with Industry rate increases in these products. Our rates will be competitive in the marketplace given industry price increases.

This will mean an average increase as follow:

Due to the tax increases in some provinces, we have also made a slight increase in the minimum premiums required to cover the cost of universal life riders. However, the cost of the riders remains unchanged.


Transition rules

The changes will take effect on January 24, 2017. In order to ensure a smooth transition, please review the following transition rules:
 

Application signed before January 24, 2017

Application signed as of January 24, 2017

For all applications signed before January 24, 2017, accompanied with an illustration from the software version 6.0 and received at SSQ before February 10, 2017, premium rates in effect prior to January 24, 2017 will apply.

For Term 100, Whole life 100 and Whole life 20 products: for all applications signed on or after January 24, 2017, accompanied with an illustration from the software version 6.0 or from the new software version 6.1, new premium rates will apply.

 

For SSQ Universal life Level COI product, only illustrations from the new software version 6.1 are accepted.
 

Please note that no exceptions will be made.


Update to the Term Plus Total disability rider occupation list

An update was made to the non-insurable occupations list and to the list that includes occupations eligible for an indemnity period of 2 years only. For more details, please consult the Term Plus guide or the list of occupations available in the illustration software library.


LIFE INSURANCE PREMIUM TAX INCREASES AND IMPACT ON UNIVERSAL LIFE INSURANCE

Life insurance premium tax increases were announced for the following provinces:

These new premium tax rates will apply to all deposits made into a universal life insurance policy effective January 24, 2017. They will also be updated in the next version of the illustration software (version 6.1).

In order to inform your clients of these changes, a note will be included in their next annual statement.

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