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Important deadlines related to product and upcoming 2017 Tax Changes

As you know, the new tax rules governing life insurance take effect on January 1, 2017. As a result, some of the opportunities that exist today for universal life insurance will only be available until Dec 31, 2016.

Below are a few key dates to help you manage your universal life insurance new business and policy changes with ivari.

New business and policy change deadlines
in order to obtain a contract governed under the current tax rules

While we cannot guarantee that an application for new business or a policy change requiring underwriting will be issued on or before December 31, 2016, if we receive a new business or policy change application on or before November 15, 2016 we will do our best to approve and issue the application on or before December 31, 2016

Recognizing that delivery requirements may not be in by Dec 31, 2016, we will accept the delivery requirements on policies that have been issued on or before Dec 31, 2016 up to Jan 27, 2017.

New universal life products in the fall

prosperity

To ensure that we align our universal life products with the new 2017 taxation rules, the current prosperity universal life plan will only be available until December 5, 2016, making room for a new upgraded prosperity universal life product in the fall. We strongly recommend that any new business on this product be submitted well before the December 5, 2016 date.

WealthAdvantage & EstateAdvantage

To ensure that we align our universal life products with the new 2017 taxation rules, our WealthAdvantage, EstateAdvantage with accumulation bonus and EstateAdvantage low fees will be discontinued on December 5, 2016, making room for a new universal life product in the fall. We strongly recommend that any new business on these products be submitted well before the December 5, 2016 date.

Keeping you informed

We will keep you updated on important dates related to the upcoming tax changes in future issues of ivari info and in the tax changes section of ivari.ca.

You can also contact us.