JUNE/JULY 2015: Articles from our monthly print edition

02 Jul 2015

Whole life falters in fourth quarter

Whole life insurance and term insurance sales slumped in the fourth quarter of 2014, dragging down overall individual life insurance compared with the same quarter in 2013. During this period, universal life sales rebounded robustly.

30 Jun 2015

Critical illness insurance sales stagnate in 2014

New premiums in critical illness insurance stagnated in 2014 compared with 2013. During this period, the number of CI policies edged up only 2%. This anemic growth is due to lower sales for the permanent product.

29 Jun 2015

Lifecos shift focus to pursue growth

They may not be immediately apparent, but several notable shifts are afoot in Canadian life insurance – changes which could have interesting repercussions in the industry – as many companies emerge from more than five years of intent, internal focus on operational and regulatory demands typical of the business today.

26 Jun 2015

U.K. looks at New Brunswicks shared risk model for pension regulation

The United Kingdom has undergone myriad changes with its federal pension plan, and is now looking at the University of New Brunswick’s shared risk model to potentially develop new regulations in the future, the head of product strategy and liaison from the Universities Superannuation Scheme told a Conference Board of Canada conference in April.

25 Jun 2015

Regulatory awakening increases need for information sharing solutions

A “regulatory awakening” is taking place in the insurance industry, increasing the need for carriers, distributors and advisors to share information required to comply with these new rules, the Canadian Life Insurance EDI Standards (CLIEDIS) annual seminar in Toronto was told.

23 Jun 2015

No spousal rollover where beneficiaries assign rather than disclaim RRSP

When a person dies, RRSP holdings are generally brought into income in the deceased’s terminal tax year. However, where there is a beneficiary designation to a spouse (or certain dependents), a tax-deferred refund of premiums enables a rollover to the recipient’s RRSP.

23 Jun 2015

“The status quo is no longer an option” – Donald Guloien, Manulife CEO

In recent months, Donald Guloien has hammered in the same message: “the status quo is no longer an option.” It first surfaced in Manulife Financial’s annual report, he repeated it at the annual shareholder meeting and in the announcements of results for first quarter 2015 on May 7. He echoed this refrain at Manulife’s Investor Day on May 11.

23 Jun 2015

Sales Masters share wisdom from the legends

It was in 1968 that legendary life insurance innovator Al Granum put out his first edition of Building a Financial Services Clientele, The Ultimate Guide to the One Card System.

23 Jun 2015

Hepatitis C treatments expected to catapult group plan drug spending

Hepatitis C, an infectious and potentially fatal virus that harms the liver, is set to spur the largest drug spending growth in the country in more than a decade, a situation that could affect some health benefit plans, a group insurance seminar in Toronto was told in May.

23 Jun 2015

Manulife aims to reinforce its direct distributor presence

To position itself for the challenges ahead, Manulife Financial has adopted a three-pronged strategy. One initiative involves growing direct channels and advice channels that can be accessed anytime anywhere.

23 Jun 2015

Industry urged to prepare now for last phase of point of sale disclosure

While the final leg of CRM2 may seem to be taking centre stage for 2016, dealers and advisors would be well served to remember that next year will also bring with it the last phase of point of sale disclosure, as well as the possibility of two other key initiatives that could affect the way advisors conduct their businesses.

23 Jun 2015

Complex life insurance policies increasingly difficult to service and manage

“There’s a train wreck coming” regarding servicing increasingly complex life insurance policies that the industry as a whole is not set up to accommodate, an Advocis seminar was told. But it is up to advisors to make sure they have all the documentation they need in case regulators and family come calling.

23 Jun 2015

Insured Retirement Plans: Maximizing the high net worth client’s financial future

Clients are constantly searching for new strategies to maximize their financial position, be it through investments, insurance or savings plans. For the high net worth client, in particular, one financial expenditure is inevitable: tax. Unfortunately, as our wealth increases so does the percentage of our income we must hand over to the CRA. Mitigating this strain on a client’s financial status is an important part of the advisor’s role. Beyond maximizing RRSPs and TFSAs, what methods can we offer to alleviate the burden of tax?