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Procedures and FAQ

Premium rate adjustment – Universal life and whole life insurance

Jul 9, 2020 2:28:26 PM / by iA

Given the current context and the low long-term interest rates, we are raising the premium rate for our universal life and whole life insurance products, effective July 27, 2020, the date on which a new version of the Interface Suite will be available. 

These rate increases apply to the lifetime payment and quick payment options. We know this is a challenging time and we have given this decision a lot of thought. This will allow iA Financial Group to continue to offer a complete range of products that will satisfy your clients’ expectations in terms of financial protection.

Transition period

To help you through the transition period, the current version of Interface Suite will be available up to and including August 2nd. This will also allow you to benefit from the old rates. However, please note that if you submit an application using the new version of Interface Suite, the new rates will apply.

The following average rate increases will apply:

Universal life insurance (UL):

Product Rate increase
Genesis levelled 6%
Genesis levelled 10-year option 2%
Genesis levelled 15-year option 3%
Genesis levelled 20-year option Current rate maintained

Lifetime payment products:

Product Rate increase
T100 5%
L100 8%

Quick-payment options:

Product Rate increase
L10 15%
L20 16%
L65 12%

Hybrid products:

Product Rate increase
Child Life and Health Duo 16%
Life and Serenity 65 9%

In brief

The new rates will officially take effect on August 3rd. All applications received on and after this date will be processed as per the new rates.

Application status Applicable rates
Signed and received before July 27, 2020 The application will be processed as per the old rates.
Signed and received between July 27th and August 2nd The applicable rate will be the submitted rate.
Signed and received from August 3rd onwards The application will be processed as per the new rates.

The other life and living benefits insurance products are not impacted by the rate increases. Additionally, our Genesis YRT product has become even more competitive thanks to its flexibility and short-, medium- and long-term accumulation periods. iA PAR, our new participating life insurance product, will also help solidify our standing in the insurers market. Feel free to suggest it to those clients who want to maximize the value of their estate, have access to cash and diversify their investments!

Topics: Insurance

Written by iA