The weekly bulletin informs members recent initiatives, campaigns and more, so check it consistently to stay up-to-date with ways to grow your business.
How to Request for Fund Switches Accurately & Efficiently
This is a friendly reminder to members on how to submit requests for fund switches for accurate and efficient processing.
For cash accounts with Canada Life, iA, RBC, complete the attached “Fund Switch Request Template 190116”.
For cash accounts with Manulife, use the attached “ML Switch Form” (NN0827E).
For case accounts with Sun Life, use the attached “SL Order Ticket” (4160E)
For investment loans from B2B, use B2B’s own “Segregated Fund Trade Ticket” (100-03-021E) as attached.
For investment loans from Manulife Bank to Manulife Investment, use the same “ML Switch Form” (NN0827E) AND indicate “Investment Loan” on the top.
For investment loans from National Bank to Canada Life, use the attached “CL Change Form for switches” (46-5959).
E-mail your completed forms to Processing Team at process@wayfinancial.ca and indicate “Fund Switch” in your e-mail subject. Submissions before noon will be processed the same day.
Please ensure your submission is clear and that your client’s KYC is up-to-date (2 years’ validity) so Processing can complete your request without delay.
Carriers Updates
Assumption Life
Assumption accepts non-medical applications for clients up to age 65 for coverage up to $249,999 and may be an additional choice for some of your older clients. See the attached AL Underwriting Requirements.
Canada Life
This may be a good time to reassure your clients the financial strengths of our partner carriers. Share the attached CL Financial Strengths to also highlight your continued service and support to your clients and their families during these unprecedented times.
Equitable Life
Additional Increase to Non-Med Coverage Limits
- Ages 51-55: Limits up to (and including) $300,000
- Ages 56-60: Limits up to (but not including) $100,000
Learn more about the updated Evidence of Insurability Schedule, how existing and new cases are being handled at https://advisor.equitable.ca/advisor/en/news/underwriting-updates-including-additional-changes .
Manulife
Here is a Mandarin training recording on Manulife’s e-process and underwriting changes presented by Chris Chang on April 17th for your reference: AMU01_Apr_17_2020
Chris can be reached at chris_chang@manulife.com or (604)355-4879 for more details.
Upcoming Virtual Trainings
New Business Submission Contest: CII, Acci-7 & Life Sweet Spots – IA Rishu Bains
Rishu will be announcing an exciting new business submission contest where you get a chance to win with your case submissions. This is on top of the Additional 20% bonus for your annual production this year!
Click on the link to login at that time.
Why Equimax Wealth Accumulator — EQ Monica Zhang
Don’t miss the presentation new EDO rules and maximum room change and other enhancement to the Par product.
Click on the link to login at that time.
WeChat Groups
Check out the WeChat groups for instant message news and market updates by carriers, as well as the text templates to send to your clients on iA Acci-7 hospitalization benefits, RBC investment protection, and later on, Property Tax Deferral and more.
- Social Media & Event Development Group
- RBC Winners Group
- iA CPB 20%+ Bonus Qualifiers Group
News from the Insurance Council of British Columbia
Deadline to Complete Continuing Education Extended
The deadline for Insurance Council licensees to complete annual continuing education (CE) requirements for 2020 has been extended to the following year, May 31st, 2021. Licensees will still need to complete annual filing for this year by June 1, 2020 even if you haven’t completed your CE credits yet.
Go to the Council’s website for more information on the extension, including a Q&A.
Xueping Ji was disciplined for contravening the Insurance Council’s Rules requiring licensees to complete continuing education (CE) credit requirements. The licensee was found to have failed to complete the minimum CE credits required. The licensee was fined $3,000 and required to complete the Council Rules Course.