As a result of the most recent illustration Concourse™ v4.5 software update, some Canada Life™ disability insurance products illustrated with incorrect case rates, both higher and lower. If you completed the v4.5 update that was sent out on April 5, please follow these steps to ensure your software is updated with the correct rates: 1. Open the illustration software on April 15 and select an insurance product to illustrate. 2. A pop-up message will appear that reads, “As communicated earlier, this update will correct the disability insurance rates that were launched on April 5.” 3. Two options will be provided. Please select download now to install the software update. 4. To ensure this update has been successful, please confirm that you see version 4.5.1 on the report when creating a disability insurance illustration. 5. Do not select cancel. If you do, the next time you open to the illustration software, you will be required to complete this process until you choose download now. If you have still not downloaded v4.5, please visit Repnet to download. For all version 4.5 illustrations created from April 5 to April 15 and submitted by April 29, we will honour the lower rate of the two versions (actual rates or illustrated values). Transition rules have been created to show the illustrated values that will be honored. This new version will also update the default universal life (UL) crediting rates in our software. You should continue to check current crediting rates when illustrating UL cases. Below is a summary of the new interest options defaults · 0.10% for 5-year guaranteed interest option (GIO) · 0.50% for 10-year GIO · 0.10% for the 5-year GIO Side Account We sincerely apologize for the inconvenience this has caused. |
