Post on 31-Aug-2019
Life Insurance Updates Special points of in-
terest:
Insurance soft-
ware update
Seminar updates
Insurance Prod-
ucts Highlights
Real Estate News
Mutual Funds
Updates
PPG Updates &
Housekeeping
Volume 22
PPG Newsletter Sep 18, 2012
Current software version: Wave 24.1
Current software version : Concourse 1.4
With Zoom 13.2
Current software version : 12-2
Current software version: The Interface Suite Version 7.0
Current software version:
Diamond View 14.7
Current software version: 4.0
Current software version: 5.6
Current software version: 10.0
Current software version: 14.6
Current software version: 9.2
Please note that any new software updates are highlighted in RED color.
INSURANCE.FINANCIAL.REAL ESTATE
#555-650 West 41st Ave. Vancouver, B.C. V5Z 2M9
Tel: 604-267-1833 Fax: 604-872-8896
“Knowing is not
enough; we must
apply. Willing is
not enough; we
must do.”
- Johann Wolfgang
von Goethe.
Seminar Reminder:Seminar Reminder:Seminar Reminder:
Starting August 1, 2012, reminders
for scheduled seminars are going to
be sent weekly by email only. Seminar schedule will
continue to be available on VirtGate under the
“Event” section.
Please register up to 2 days prior to the seminar and
notify the office for cancellation at least 24 hours in
advance.
Seminar Etiquette:Seminar Etiquette:Seminar Etiquette:
Be On Time! Please note that no credit
will be given to late comers. Doors
will be closed 15 mins after the scheduled time.
No Cell Phone During
Meetings!
Life Insurance Updates
Current Life Insurance Application Forms
BMO — Both Life and CI: 126E (2012/07/01)
Canada Life — Life: 405 CAN (6/12) NET
— Individual Life Insurance Application for Policy Change: 17-
8217 (6/12)
These form changes are effective immediately. Canada Life will not accept previ-
ous versions after October 31, 2012.
— CI and Life : 17-8299 (2/09) NET
— CI and DI: 541 (11/11)
Canada Life Investment
— 46-7135 seg fund application (RRSP, non-registered, etc.) (05/12).
— 46-5714 seg fund application (RIF, etc.) (05/12).
— 46-7305 TFSA (05/12)
The above 3 forms are effective immediately. Old version acceptable till July 22,
2012
— 19820-012 Interest-only investment lines of credit (08/11). Pls. destroy all
older versions immediately. No exceptions will be granted.
Equitable Life — Both Life and CI: 350 (Jun 2011)
— Short Form: 351 (Mar 2010)
IAP — Effective August 1, 2012, all IAP application forms will be changed to IA
application forms. Please contact Karen or Mimi for details.
Manulife — Both Life and CI: NN7000E (06/2012)
Manulife Investment — 0821E (06/2012) Please en-
sure the most up-to-date forms are being used. Old
versions will not be accepted by Manulife Invest-
ment.
Life Insurance Updates continues
Change to payments being wired from China Individual Insurance will no longer accept wire transfer payments from China exceeding $50,000 annually from an individual as of November 1, 2012. China’s government has an annual limit of $50,000 on foreign currency exchanges. As a result, we will return any funds over that limit to the financial institution.* We will be contacting clients who have paid their insurance policy premiums by wire transfer from China in the past to let them know about this change. Clients from China who have not paid by wire transfer in the past can only do so if their policy address is in China. This is because we no longer accept foreign wire payments from clients whose policy address is in Canada. Here are examples of how this could affect their future payments.
Please note: wire transfer payments from Hong Kong are not subject to the $50,000 limit set by the government of China.
Other ways they can pay We offer the following two alternatives for clients: § Pay through any Canadian financial institution through online banking § Set up automatic withdrawals from a Canadian chequing account.
Example 1 Zhang Wei’s address is in China. He has three insurance policies with Manulife and wants to pay his annual premiums of $45,000, $15,000 and $20,000 by wire from China. Manulife will accept his first wire transfer of $45,000 since the amount is under $50,000. However, we will not be able to accept the other two payments because they will exceed the total $50,000 annual limit. Zhang Wei will need to make arrangements to pay those two pre-miums from a Canadian financial institution.
Example 2 Li Yin’s address is in China and she wishes to pay her annual premium payment of $60,000 by wire payment from China. However, Manulife will not be able to accept it because it ex-ceeds the $50,000 annual limit. She could pay $50,000 of her premium by wire and the other $10,000 through a Canadian financial institution.
Life Insurance Updates
Life Insurance Updates continue
Notice of change to Manulife’s universal life investment accounts Effective September 22, 2012, we will be updating the investment account portfolio for InnoVision, UltraVision, Security UL*, Limited Pay UL, UL100 and Navi-vision. The following changes will be applied to the investment account portfolio and, where applicable, the corresponding Side Account investment options.
Investment accounts that will be added The following new accounts will be available for InnoVision and UltraVision products:
Click on the account names for more information about the mutual funds that underlie these two new accounts.
Investment account that will be renamed
Investment accounts that will no longer be available
The following accounts are being eliminated and will no longer be available for investment on or after September 22, 2012. The balance of the funds in any closing account will be transferred to its substitute account as shown below:
How these changes affect your clients Your clients who are affected by the portfolio update were mailed a notice of change in invest-ment accounts in August. We provided a sample notice (PDF) for your reference. The notice out-lined details of where their funds will automatically be transferred if no action is taken prior to Sep-tember 22, 2012.
Account code New account name
MA541 Manulife Strategic Balanced Yield Account
MA542 Manulife Preferred Income Account
Account Previous account name New account name
MA475 CI American Equity Account CI Cambridge American Equity Account
Investment / ac-count code
Closing account Substitute account Investment / ac-count code
Product
ETBALI Economic Trends Balanced Index Ac-count
Growth Balanced Index Account
GBALI InnoVision, Security UL*, UL 100, Navi-vision
MA531 Manulife Canadian Equity Account
Fidelity Canadian Large Cap Account
MA550 InnoVision, Ul-traVision
MA805
Simplicity Aggres-sive Portfolio Ac-count
Simplicity Growth Portfolio Account
MA804
InnoVision, Ul-traVision, Limited Pay UL, UL 100
Life Insurance Updates continue
NEW! Super Visa Brochures To assist you with the Super Visa sales opportunity, we’ve created Super Visa brochures to help you target specific groups. These brochures are a great lead-generating piece. It focuses on:
What is Super Visa Why do you need Travel Insurance for a Super Visa What Manulife Financial offers for Super Visa Benefits of our Visitors to Canada (VTC) plan What you need to know about VTC These are now available to order from DataGroup. The maximum you can order is 50. Please note: At the end of September, there will be a Visitors to Canada Plan Re-launch. These Super Visa Brochures will be revised for this launch to include the new deductible amounts. Super Visa Brochure – General EN/FR – AT0202E/F SuperVisa Brochure – Asian EN/FR – AT0198E/F Super Visa Brochure – Chinese – AT0198Z Super Visa Brochure – Indian EN/FR – AT0200E/F
PLUS! Your advisors can customize these brochures to include their contact information when they order! When they place the order, they should reference the item numbers above and in-clude "CUSTOM" at the end of the item number, i.e. AT0202E CUSTOM.
What’s new in Canada Life Concourse TM Life insurance illustration updates: Level and limited pay cost of insurance rates for Millennium universal life insurance
Guaranteed interest option (GIO) illustration interest rate range defaults updated for primary sce-narios o Daily interest option (DIO) default is 0 per cent from 0.5 per cent for bonus and no bonus
o One year GIO is 0.0 per cent from 0.5 per cent for bonus and 0.5 per cent from 1.0 per cent for
no bonus
o Three year GIO is 0.0 per cent from 0.5 per cent for bonus and 0.5 per cent from 1.0 per cent for
no bonus
o Five year GIO is 0.5 per cent from 1.5 per cent for bonus and 1.0 per cent from 2.0 per cent for
no bonus
o 10 year GIO is 1.5 per cent from 2.0 per cent for bonus and 2.0 per cent from 2.5 per cent for no
bonus
o Side Account 5 year GIO is 1.5 per cent from 2.0 percent for both bonus and no bonus
Updated life insurance strategies and calculators: Corporate estate transfer
Corporate collateral loan Term 10-to-term 20 calculator General life insurance updates: PDFs of current rates, values and performance for universal and participating life insurance have been replaced with hyperlinks to the current daily reports and added to the home page on Con-course. Minimum system requirements Windows XP service pack 3, Vista service pack 1 (or higher) or Windows 7 Professional / Ulti-mate / Enterprise on a 32 or 64 bit operating system
Excel 2002
1 GB of RAM
Processor spread of 1.66 Ghz
1.2 GB of free hard disk drive space
CD/DVD drive
PDF reader software This software is not supported by Mac computers Applications updated in this release: Zoom 13.2 Concourse 1.4 In cases where you may still have had a previous version of Zoom 13.1, it will be uninstalled where it exists. If you encounter installation problems, contact the service desk at (1-866-205-8835).
Life Insurance Updates continue
Checklist and guidelines to use with people new to Canada available Aug. 28
We’re making it easier for you to do business with people new to Canada. You’ll soon have a new resource to help simplify the application process.
On Aug. 28, the Individual life insurance, critical illness and disability insurance checklist and guidelines for people new to Canada (form 46-8525) will be available for order through supply.
Changes to the underwriting process
Within this new resource, you’ll recognize recent changes to the underwriting process, such as:
Underwriting checklist available to use with
people new to Canada
• For life insurance, no more waiting period or time requirement for being in Canada
• Improved guidelines to consider foreign trained doctors with increased maximum insurance amounts
• Improved guidelines to consider people new to Canada involved in the Federal Investor and Provincial Nominee Programs and amounts deposited with the government will be allowed as financial justification
Life Insurance Updates continue
ADDENDUM TO THE IAG SAVINGS AND RETIREMENT PLAN INFORMATION FOLDER AND FUND FACTS BOOKLET
Industrial Alliance Insurance and Financial Services Inc.1080 Grande Allée WestPO Box 1907, Station Ter-minusQuebec City, Quebec G1K 7M31 800 463-6236info@inalco.com
This addendum amends all IAG Savings and Retirement Plan Information Folders and Fund Facts booklets published by the Company as of August 20, 2012 and related to the IAG Savings and Retirement Plan Indi-vidual Variable Annuity Contracts (the “Contract”). This addendum is not part of the Contract and must not under any circumstances be considered as a contractual document that binds the Policyholder and the Company. In the event of incompatibility between the Information Folder, the Fund Facts booklet and the Contract, the Contract takes precedence.
This addendum amends the Information Folder and the Fund Facts booklet in accordance with the follow-ing terms and conditions:
Until further notice from the Company, no Premiums may be invested in the Ecoflextra Series Fund Units pursuant to the Contract. As a result, as of August 20, 2012, the Policyholder may only invest Premiums in the Classic Series 75/75 Fund Units and in the Ecoflex Series 100/100 Fund Units.
Notwithstanding Section 2.4 of the Information Folder entitled Transfer Between Funds and Section 2.5 en-titled Change of Series, neither transfers between Funds from the Classic Series 75/75 Funds and the Eco-flex Series 100/100 Funds to the Ecoflextra Series Funds nor a change of Series from the Classic Series 75/75 and the Ecoflex Series 100/100 to the Ecoflextra Series will be accepted.
All references in the Information Folder and Fund Facts booklet to the Ecoflextra Series and any related guarantees and features, such as, but not limited to, the Guaranteed Minimum Surrender Benefit (“GMSB”) components, are therefore not in force. More particularly, without limiting the generality of the foregoing, Section 5 of the Information Folder entitled Ecoflextra Series does not apply.
The provisions of this addendum shall apply, notwithstanding any provisions to the contrary under the In-formation Folder or Fund Facts booklet.
CERTIFICATION
The Information Folder, as amended herein, provides brief and plain disclosure of the key features of the IAG Savings and Retirement Plan Individual Variable Annuity Contracts offered by the Company.
Life Insurance Updates continue
Life Insurance Updates continue
In this edition:
1. Get social with Facebook and SLF on September 27, 2012
2. Insuring step-children with the child term insurance benefit
3. Changes to health questions impact New Business forms and applications
4. SLF advisor code now on Client Portfolio
5. Four ways golf brings your fitness up to par
Sales and marketing Quick links:
Get social with Facebook and SLF on September 27, 2012 Learn about so-
cial media best practices and how to develop your online brand by attend-
ing the first of many Sun Life Financial (SLF) social media webinars! On
September 27, 2012, SLF is hosting its first social media webinar, with rep-
resentatives from Facebook.
NewsFlash homepage
Competitive Edge articles
Strategic Partner Program
Premier Partner Conference
2013
Today's rates
Forms
Contacts
BrighterLife.ca
Life and health insurance
Insuring step-children with the child term insurance benefit The child term
insurance benefit gives clients the opportunity to purchase coverage on
their children under their policy. When the policy is issued, the benefit co-
vers any children born to the insured person, legally adopted by the in-
sured person, or step-children of the insured person.
New and in-force business
Changes to health questions impact New Business forms and applications
To keep our New Business applications and forms current and ensure the
best client experience, we’ve made changes to the health questions on the
following forms: SLF advisor code now on Client Portfolio
We've added the Sun Life Financial (SLF) advisor code to the Client Portfo-
lio pages on the SLF advisor site. You and your support team can now use
this ID when calling the SLF call centre. The following screen shots high-
light the improved Client Portfolio, making it easier for you to do business
with SLF:
Brighter Life idea to share!
Four ways golf brings your fitness up to par
Want to exercise more? Don’t limit your options to a gym membership –
consider golf. It has more health benefits than you think.
.Lower DFS insurance rates are available for less than seven days
In today’s low interest rate world, insurers have been obliged to raise rates on their permanent prod-ucts. Although many insurers have removed or suspended the sale of certain products and product lines, Desjardins Financial Security (DFS) is committed to being an insurer of choice, which is why we continue to offer a full range of life and health insurance coverages to meet your clients’ needs.
Transition rule - Lower DFS insurance rates are available for less than seven days
Contracts will be issued based on the old rates if the application and illustration are received
by Head Office on or before September 14 2012 by mail, fax or e-mail.
A contract issued with the old rates must be settled within 40 days following the approval date from the underwriting department.
If the above conditions are not met, the new rates will apply to the contract. No exception will be made. IMPORTANT:
After September 14 2012, only illustrations produced with the Fusion illustration software ver-sion 14.6.0 will be accepted, otherwise they will be returned to you. This information and other news will be published in the September 13, 2012 issue of Marketing Flash.
Desjardins Group ranked 3 in North America As our business partner we want to make you aware of a recent recognition that we have received. Not only is the Desjardins Group one of Canada's largest financial institutions, we are also among the most secure.
Life Insurance Updates continue
DFS Marketing Dept. - Individual Insurance and Savings 05/09/2012
Traditional Life
Insurance
Average
Increase
PACE Universal Life Insur-
ance
Average In-
crease
Critical Illness Insur-
ance
Average
Increase
MaxLife (T100) 5.3% Foundation (T100) 6.4%
Harmony Term to age 100 (T100)
Harmony Executive
4.7%
Life 10 6.6% Precision 10 6.6% Harmony Limited
Pay 10 5.8%
Life 20 6.0% Precision 20 6.0% Harmony Limited
Pay 20 9.6%
Real Estate Updates
BC Home Sales Continue to Trend Lower
Vancouver, BC – September 17, 2012.
BC Multiple Listing Service® (MLS®) residential sales are forecast to edge down 4 per cent to 73,400 units
this year, before increasing 7.5 per cent to 78,900 units in 2013. Since 2009, MLS® residential sales in BC
have ranged between 74,000 to 78,000 units. A record 106,300 MLS® residential sales were recorded in
2005.
“Despite more robust consumer demand in the Interior, fewer home sales in Vancouver will pull the BC total
lower this year,” said Cameron Muir, BCREA Chief Economist. “However, a notable growth trend in full-
time employment combined with persistently low mortgage interest rates is expected to boost housing de-
mand around the province in 2013.”
“MLS® residential prices are expected to remain relatively stable this year and through 2013, with changes in
average price statistics largely the result of a differing mix of home types sold and shifting regional demand
patterns,” added Muir. Average price data for Vancouver was skewed artificially high in 2011 by a wave of
detached home sales in the priciest neighbourhoods. Lower Mainland’s share of provincial home sales is ex-
pected to decline to 58 per cent this year from 62 per cent in 2011. The average MLS® residential price in
BC is forecast to decline 7.8 per cent to $517,500 this year, and remain relatively unchanged at $519,000 in
2013.
Dollar volume of homes sold declined 25.4% (in August).
Residential unit sales were down 17.9%; (9 % lower than a year ago).
Univeris Update – Summary of Main Features & Changes
Please note that Univeris was updated last Tuesday, September 4th, 2012 (minor version 12.0.2) in order to resolve problems created by previous system updates. Please find below a summary of the main features and changes introduced in this version: WebCONNECT: a disclaimer has been added to the bottom of the dashboard screen regarding rounding-off issues; The “E-Delivery Notification” report under Reports/Management/Marketing has been corrected and will be fully functional upon the next issue of quarterly statements; Errors when generating batch investment statements with the client’s KYC information have been corrected; PortfolioINSIGHTS reports: pagination issues have been corrected; Incorrect rate of return calculations on family statements have been corrected; PortfolioINSIGHTS “Suitability Tab”: funds have been corrected to avoid combining Identical funds with different fees; The fund load type under Holdings/Details has been translated to French. Should you require additional information, please contact our Client Service Department at 1-888-684-5548.
Mutual Fund (Investia) Updates
Electronic Transaction Processing (FundSERV)
We would like to remind you that many fund companies allow 10% free/matured units to be automatically switched under FundSERV’s code F. Electronic processing can greatly facilitate your everyday work; not only does it ensure same-day processing and trade confirmation, it saves you the trouble of having to fax your Financial Instruction Form to the fund company and proof of transmission afterwards. Therefore, it is no longer necessary to follow up with the fund company since the trade is confirmed in Univeris the very next day. If your trade cannot be processed, whether because there aren’t enough free units available or because the fund is not eligible, Univeris and/or FundSERV will issue an immediate trade rejection notice, except for some
companies for which the “WO Accepted” status will be maintained if there aren’t enough free units available (Invesco - AIM, Manulife - MFF, etc.). 10% free units may also be switched using FundSERV’s code T, and matured units using code M. For more detailed information, we invite you to refer to the attached Transaction Processing Grid, alsoavailable on the Investia Launchpad under Resource Center/Training/Manuals/Investia Training Manual/Appendix A.1.
Improvement Made to Your Compensation Statement on the IA Extra-net As you may already know, since the implementation of Fasat in 2010, most representatives have had to generate 2 reports from the Industrial Alliance Extranet, i.e. “Compensation Statement (IA)” and “Compensation Statement (Investia)” in order to obtain their weekly commission amount and breakdown of deductions. Further to comments received, we have made changes to our system and we are pleased to inform you that effective Monday, September 17th, 2012 (pay period: September 10th to 14th, 2012), In-vestia fees, Investia group insurance fees and Investia E&O fees will all be added to the Investia Compensation Statement, which means that most of you will no longer have to generate 2 reports from the IA Extranet. It is important to note that fees generated by Industrial Alliance (IA loan payments, Paltrack fees, IA group insurance fees and IA E&O fees, etc.) will continue to be detailed on the IA Compensation Statement. We would like to remind you that the Investia Compensation Statement provides detailed sales and trailer commissions, as well as the amount which is transferred to your bank account for the period. To obtain a breakdown of gross commissions by company and a cumulative summary for the year, it is recommended that you generate a commission report in Univeris. For more information on how to generate compensation statements from the Industrial Alliance Extranet and commission reports from Univeris, please refer to Administrative Procedure # 21 (“Commission Reports”), available on the Launchpad under Resource Center/ Policies, Procedures & Manuals/ Administrative and under Resource Center/ Policies, Procedures & Manuals/Commissions. Access Code Merge We are taking this opportunity to remind you that if you have more than one code to access the Industrial Alliance Extranet (e.g. personal Investia code, company code, etc.), these codes may eas-ily be merged together. If you wish to merge your access codes, simply contact the IA website call center at 1-888-610-5101. Should you require additional information, please contact our Client Service Department at 1-888-684-5548.
Mutual Fund (Investia) Updates continue
Administration Responsibility Indication - June 8, 2012
Pacific Place-Financial Services Inc. (Life Insurance Division) Hendry Liu: Insurance manager
Mimi Sum: Manulife case underwriting; insurance contracting
Karen Yau: All insurance case underwriting except Manulife; TIC
Angel Wong: Commission
Tiffany Tang: Life Insurance policy servicing (address, beneficiary, name changes; cheque
payment, etc.)
Cammy Tsang: Currently on Maternity leave
Pacific Place-Insurance Services Inc. (General Insurance Division) Hendry Liu: Manager
Eileen Zeng: Auto Insurance; house insurance endorsement
Shelley Lin: New business; endorsement
Frank Rui : House insurance renewal; Auto insurance
Pacific Place-Arc Realty Ltd. (Real Estate Division) Lo-ming Lee: Managing Broker
Leslie Wu: Real estate conveyancer
Angel Wong: Back-up conveyancer
Investia (Affiliated) Christopher Chiew: Manager
Angel Wong: Mutual funds administrator
Karen Yau: Back-up for mutual funds
Pacific Place Group Updates & Housekeeping