❖ Changes to Manulife Family Term-10!
• Lower cost of insurance rates for Term 10 policies with $1,000,000 or more face amount
• Term 10: YRT renewal structure at 10th coverage anniversary
• In the past, simply letting the coverage renew wasn’t affordable – now it is!
• Connect with your clients more frequently after their first renewal
• Gives clients time to make important decisions
• Premiums in years 11-14 are 98% of a new attained-age Term 10!
• New contractual feature!
• Partial conversion program guaranteed in contract
• Cost switching provisions in contract now include Vitality
❖ Manulife Accelerated Underwriting for up to age 45!
Reminder that we are now offering accelerated underwriting up to the age of 45!
Accelerated Underwriting removes the need for blood and urine draws on 80% of cases for clients up to age 45 for coverage amounts up to $1,000,000.
• Reduced medical underwriting (no fluids or biometric testing) for a less intrusive application
• An easier, more convenient process with a single meeting (no separate appointment with a nurse is needed)
• A quicker cycle time so clients get a decision sooner (and you settle business faster)
❖ Discontinuing new sales for LivingCare
We have made the business decision to discontinue sales of new individual Long Term Care insurance in Canada effective November 30, 2017 due to limited market acceptance of the product and new federal laws that restrict insurer access to medical information. The last day that we’ll accept in good order new business insurance applications is Thursday, November 30, 2017 until 5:00 p.m.
There is no impact to:
• Inforce individual Disability or Critical Illness insurance policies which include long term care features and options
• Inforce LivingCare policies.
• Long-term care features and options embedded in select Disability and Critical Illness insurance products.
• There is no change to Future Care Option in Proguard Series and Venture Series, and
• There is no change to LivingCare Benefit and Continuation Option in Lifecheque.
