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My Insurance View

From the desk of Jeffrey Fox, SVP & Chief Distribution Officer

A more focused way to sell term

We all know that term insurance is a valuable part of most protection strategies.  Often clients need a combination of permanent insurance for long term needs and final expenses, and some term insurance to cover off specific times in their life when they need a little more coverage.  Simply purchasing a permanent policy and a separate term policy may seem like the easiest way to cover off both of these needs, but it’s often not the best option.

It’s no secret that standalone term products are competitively priced.  The industry is currently in competition to be the lowest price provider for standalone term products. And that’s OK. It’s a product that lends itself to commodity style price sensitivity. But insurance protection is not only about price.  The real value for clients lies in having a professional advisor help them understand how to customize a protection plan that fits their unique needs.  We believe that for many, a suitable solution includes layering term riders with a universal life policy. Rather than compete solely on price, which may mean some clients may get little or no real advice, we are choosing to focus on areas like layering, where together we can provide real value to clients.

As an advisor, you can offer value to your clients by helping them understand how layering term insurance onto their UL policy can provide a cost-effective way to get the protection they need, when they need it.

As of today we have repriced our TermSelect 10 year and TermSelect 20 year standalone term product. This reprice WILL NOT affect TermSelect 30 year, or any of our term riders on UL. As we continue to be the leader in the UL business in Canada, we are doing this to focus on areas where we can continue to provide real value for advisors and their clients.

We are looking forward to working with you to provide clients with the best advice and the best products to meet their protection needs.