November 23 | Rate changes for our term life insurance products

Term products are some of the simplest and most affordable options on the market. They're the perfect option to cover the financial needs of your clients and their loved ones for a set term in the event of death.

Effective November 23, 2024, we'll be updating rates for all our term insurance products. Take advantage of the updated rates to offer your clients insurance solutions tailored to their needs.

 

Our longer-term product options (T25, T30 and T65) are now among the most competitive in the market for people in their working years (usually, ages 30 to 50).

Premium adjustments will vary based on factors like the insurance amount, duration of coverage, age of the proposed insured and type of rate (smoker or non-smoker). Here are the key takeaways:

	Most of our rates and premiums are situated in the top tier of the market, reflecting our commitment to competitive solutions.
	We're ranked the #1 insurer of children, which makes our term products the perfect choice for families.
	We'll now be even more competitive with our longer-term products (T25, T30 and T65), with premium reductions of up to 14%.
	With many rates set to decrease and a few slight increases for our T10, T15 and T20 products, we remain very well positioned in the market, especially for our T20, which regularly places us in the top tier of the market.

Illustration update

Effective November 23, we'll update the illustration tool to reflect the new rates.

If you have:

• saved an illustration without adding it to an e-application, it will be automatically updated with the new rates as soon as you open it
• locked an e-application without signing or submitting it, you need to unlock it, add an updated illustration, delete the old illustration, and continue processing

Transition rules

Here is the rate we'll apply based on the date the insurance application was received.

Date insurance application received	Rate
Before November 23, 2024	Application approved on or after November 23: we'll offer the best rate
On or after November 23, 2024	We'll apply the new rate
Insurance application reopened on or after November 23, 2024

 

Effective November 23, you'll no longer be able to access the old rates in the illustration tool. If you want an illustration based on the old rates, you can request one by writing to special.quotes@dsf.ca. Make sure you indicate any specific changes you need (for example, a lower insurance amount, addition of an extra premium).

Applications started before November 23 but not submitted

You need to reimport the updated illustration and remove the old illustration.

Advantages of term life insurance

The advantages are the same for any chosen term:

 

Term life insurance is also eligible for the Multi-Coverage Discount, meaning your clients get a lower premium when they bundle 2 or more coverages. This is an excellent way to offer comprehensive coverage that meets your clients' needs and budget!

Term life insurance is also eligible for the Multi-Coverage Discount, meaning your clients get a lower premium when they bundle 2 or more coverages. This is an excellent way to offer comprehensive coverage that meets your clients' needs and budget!

For more information about term life insurance, refer to the product description.

Questions?

Contact our Business development team - Insurance.