Insurance Updates

Special points of

interest:

Insurance

software

update

PPG house-

keeping

Insurance

product

highlight

Real Estate

news

Mutual fund

news

New agents

Volume 16

PPG Newsletter Feb 9 2012

Current software version: Wave 23.0

Current software version : Concourse 1.0

With Zoom 13.0

Current software version : 12.1

The Interface Suite Version 6.5.0

Current software version: Diamond View 14.3

Current software version: Portal 3.5

Current software version: 5.4

Current software version: 9.0

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

Life insurance application forms in force

BMO —Both Life and CI: 126E (2012/01/01)

BMO will accept Old version 126E(2010/10/01) until Mar 31, 2012.

Canada Life—-Life: 405 CAN (4/11) NET

— CI and Life : 17-8299 (2/09) NET

— CI and DI: 541 (11/11)

Equitable Life— Both Life and CI: 350 (Jun 2011)

— Short Form: 351 (Mar 2010)

IAP — Both Life and CI: F1A-P (Apr 2011)

Manulife —Both Life and CI: NN7000E (07/2011)

Manulife still accept Version (06/2010)

Pacific Place Group Updates & Housekeeping Pacific Place Group

-administration responsibility indication –01/Feb/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.)

Pacific Place -Insurance Services Inc. (General Insurance Division)

Eileen Zeng: Auto insurance; home insurance endorsement

Shelly Lin: New insurance business; endorsement

Sophia Han: Renewal; Auto insurance when Eileen is not available

Pacific Place-Arc Realty Ltd. (Real Estate Division) Lo Ming Lee: Real State Manager

Leslie Wu: Real estate conveyancer / Angel will be back up conveyancer

Investia (Affiliated )

Christopher Chiew: Manager Angel Wong: Mutual Fund/ Karen will be back up for mutual fund

Compliance

Agent contract must be signed and return to our office or your commission will be with-

held until we receive it.

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Updated guarantees and values

We changed how the Performance Credit is calculated on new policies by adjusting the guaranteed and variable components of the product. The values are more sensitive to decreases and increases in the Performance Credit rate.

We also moved more value to the later policy years to ensure strong and attractive long-term Cash Value and Death Benefit for clients. Additional details are outlined in our Q&A. View the sample contract.

Still exceptional long-term value

See how we compare. Additional enhancements

Increased most Term Option limits for added flexibility. Improved Diamond View flexibility to allow you to specify the Performance

Credit rate on illustrations. Watch this short video to see the exciting enhancements we have made to illustrate the Performance Credit rate in this release.

Get your clients on the right track with Performax Gold.

Then let them sit back and enjoy the whole life ride.

 

 

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Equimax® Participating Whole Life Insurance

Look what's new!

Effective February 6, 2012, there are some exciting new changes to

Equimax:

Choice of two plan types to meet your clients' short and long-term

insurance and savings goals.

Excelerator Deposit Option (EDO) now available for all plan types,

premium payment options and issue ages.

Competitive rates and commissions.

Expanded issue ages: Children: 0 - 17 Adults: 18 - 85 (Life Pay),

18 - 80 (20 Pay)

New marketing tools:

o "Understanding participating whole life insurance" gives

clients the full story on the PAR Account. (1038)

o Determine the right plan type of your client. (1291)

Take a closer look at What's Changed.

In an environment where guarantees are increasingly rare, people are

looking for the guaranteed death benefit, cash values and premiums

that Equimax participating whole life insurance offers.

Now two plan types to choose from

With the choice of two plan types, you can help clients select the right

plan type to meet their short and long-term goals:

Equimax Estate Builder™ Higher long-term value. Ideal for

covering estate taxes and fees.

Equimax Wealth Accumulator™ Higher early cash values

within the first 20 years. Ideal for building wealth to access during

your clients' lifetime.

Demystifying participating whole life insurance

Learn more about participating policies, how the PAR Account is

managed, factors considered in the dividend calculation, how a client's

policy could be impacted by a change in the dividend scale and more.

Learn more.

Accelerating tax-sheltered growth with Excelerator Deposit

Option

EDO is now available on 20 Pay plans for children, making it ideal for

providing permanent adult life insurance at children's rates and cash

value they can access to help fund education.

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• You must bring the Open Letter to Police Agencies confirming you require this check to be completed for licensing purposes. Print and take this letter with you or your request may not be processed correctly.

• Please ensure that the section of the criminal record check that provides authorization to disclose your personal information contains the name of the "Real Estate Council of BC".

• If you are requesting a criminal record check from the RCMP, in the Category of Information for Disclosure you must request Categories 1, 2, 3 and 4.

• If you reside in a province other than BC, follow the same procedure as noted above with your local municipal police agency or RCMP detachment in the community in which you live, or via the Canadian Corps. of Commissionaires.

What if I do have a criminal record to disclose? How do I obtain a Criminal Record Check to verify either outstanding charges or convictions?

• If the search indicates you may have a criminal record (conviction), the Council also requires an original Certified Criminal Record Check. (This is different than a criminal record check and must be obtained by fingerprints.) The process for obtaining this may vary between police agencies and detachments, so discuss the process with the detachment you are dealing with. You should check with your local police agency well in advance of submitting your licence application as this process may take some time. The Certified Criminal Record Check must be dated within 90 days of the Council receiving the licence application.

• If the search indicates that you may have a current charge against you, you must provide full details and court documentation as outlined on the licence application form, in addition to submitting the original criminal record check to the Council.

• If the search indicates a positive result, you must provide a written statement providing details of the offence or incident, including court documentation if any.

 

 

 The Tax‐Free Saving Account (TFSA)   The TFSA is a new kind of registered account by the federal Government, effective January 2009. It is a very flexible registered general purpose account, which allows eligible Canadians to save money, not just for retirement, but also for any purpose, on a completely tax‐free basis.  However, many of us are still not very familiar with the benefits of the TSFA, compared for example, to RRSPs or the RESPs.   To be eligible to set up a TFSA, you must :   1. Be 18 years of age or older ( in BC 19 is the age of majority and thus may delay the opening of a TFSA, but contribution room begins to accumulate in the year the investor turns 18 ).  2. Be a Canadian Resident.  3. Have a valid Social Insurance Number.   The amount you can contribute to a TFSA is $5,000 per year, starting in 2009. The contribution room is cumulative and will be carried forward indefinitely. For example, if you had not made any contribution to a TFSA since it was started in 2009, you may contribute a total of $15,000 accumulated from the past 3 years plus this year’s $5,000 for a total of $20,000. Unlike an RRSP, where your contribution ends on December 31 of the year turns 71, there is no maximum age for holding a TFSA. This provides senior citizens with a simple and cheap tax shelter.   You can invest your TFSA contributions in any assets, such as mutual funds, segregated funds, stocks and bonds or any other qualified investments allowed for RRSPs. The investments grow tax‐free and, can be redeemed at any time with no tax consequences. Any amount you redeemed is added back to your contribution for the next year; you cannot re‐contribute amounts redeemed within the same calendar year. You must wait until January 1 of the following year.  Please note, however, you will not be able to claim a tax deduction when you contribute to a TFSA, as any withdrawal made is tax‐free.   You may borrow money to invest in a TFSA, but you cannot claim a tax deduction for the interest charged for the loan. You can, however, use your TFSA as collateral for loans. This is a useful provision when you are faced with an emergency when funds are needed, but not available because your TFSA is placed in locked‐in GIC’s, as an example.   These are only a few of the highlights of the TFSA. To explore in greater details the many benefits of a TFSA in yours or your client’s context, please  talk to your advisor or give me a call on 778‐840‐1818. 

 

Christopher Chiew 

New agents We are pleased to announce the following new realtors that just joined our team recently:

Susanna Chan

Joey Ling Zhang

Wei (Wayne) Liu

We would like to extent our warmest wishes to all of them!