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With more than 170 years of experience with participating life insurance (par), including exposure to financial crisis and extreme market movements, we’ve maintained our product offering and market presence. Now more than ever we believe in par and the value it offers. You and your clients can still depend on growing guaranteed cash values while we smooth investment returns to help reduce the effect of short-term volatility.

In addition to life-long insurance protection, par offers guarantees, and our long-term investment approach may be what clients are looking for right now. Consider how Canada Life™ par products offer the following advantages to clients during uncertain times like these:

• Guarantees – Even if interest rates remain at historically low levels, a policy’s guaranteed cash value continues to grow and the guaranteed death benefit is paid out if premiums are paid.
• Vesting – Once we distribute or credit a policyowner dividend to a participating policy, it is fully vested and can’t be reduced or used for any purpose other than as authorized by the policyowner, to pay premiums or to preserve the policy’s tax-exempt status. Policyowner dividends, once credited, can’t be negatively affected by future adverse experience.

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We’re a market leader with a participating account standing strong at over $40 billion in assets ¹. We believe in the value of participating life insurance as the foundation of a long-term financial plan.

We have distributed participating policyowner dividends since 1848, even in difficult economic times. We’ve never left the participating life insurance market and our track record speaks foritself.

Click to enlarge image Notes: Amounts shown include Canada Life, Great-West Life and London Life. Numbers reflect the then current dollar amount of dividends distributed to policyowners as reported in company annual reports for the associated year. Numbers may be rounded. Amounts reported before 2001 may include policyowner dividends distributed for policies issued outside of Canada.

Canada Life’s investment strategy, together with our approach of smoothing the returns for the purpose of determining the dividend scale, helps to reduce the volatility in the investment returns. For steady, long-term growth, we generally manage the participating account as a diversified fixed-income account. The target asset mix is about 75% fixed-income investments and 25% equities. Smoothing means we bring investment gains and losses in over time, which reduces volatility. It takes out the highs and lows and helps give more stability for any dividends paid out.

We balance risk and returns, with an asset allocation mix that delivers diversity and greater security for the long term. It’s about providing Canadians with results over the long-term and the confidence that comes with knowing we’ll be there when they need us.

Watch how easy it is to complete a participating life insurance policy on our digital application, SimpleProtect, right here.

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We’re helping your clients keep their coverage in place. We’re working with clients who report a specific financial impact due to COVID-19 in order to identify options to address their situation. This could include using the flexibility within their policy or delaying premiums for up to 90 days ¹.

Clients can reduce their coverage up to 50% – with lower premiums – for term and some universal life insurance, as well as critical illness insurance, policies ². Canada Life™ is the only company that currently offers this option for term, minimum-funded level cost of insurance universal life and critical illness (without the return-of-premium rider) policies inforce on or before March 15, 2020. Clients can restore all or part of their coverage at any time within the 90-day coverage reduction period without underwriting or penalty. You can learn more in our guide to doing insurance business with Canada Life.

For your clients who have disability and overhead expense insurance, benefits may be available if they’ve tested positive for COVID-19 and the symptoms prevent them from working beyond the policy’s waiting period. Any days spent in quarantine before a positive test (up to a maximum of 14 days) will be included in the waiting period ³.

We continue to look for ways to support our clients through this situation. In addition to these changes:

• We’re taking a look at our practices, including how to handle term renewals. In the case of internal replacements please send applications well in advance. This will give us time to look at options for your client.
• We’re extending the deadline for group conversions from one to two months. Some exclusions may apply at the discretion of plan sponsors.
• We’re temporarily increasing our threshold for accelerated life and non-registered, non-spousal wealth claims to $100,000, so we can pay more claims faster with minimal requirements.

Visit canadalife.com to learn more.

3 The policy does not provide benefits for other circumstances related to COVID-19, such as workplace disruptions, loss of business, unemployment, product or employee unavailability or because of preventive restrictions.

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We’re working hard to make it easier for you to help your clients without having to meet in person. Most Canada Life™ insurance applications can now be processed without any direct contact with your clients.

With SimpleProtect^™, online applications for term and participating life insurance, as well as critical illness insurance, can be completed in as little as 10 minutes.¹ Your clients can apply for the same high-quality Canada Life insurance coverage you’ve come to expect, but with significantly fewer underwriting questions. And with SimpleProtect you often get instant or same-day approvals.

We understand stay-at-home and social distancing orders make it difficult to meet with your clients for a quick signature and could cause delays when submitting applications. With this in mind, we’ve introduced the ability to have your clients sign on their own device. You simply select the sign-on-client’s device option in SimpleProtect. If you’ve already met, or can meet through video chat (Facebook, Skype, etc.), no additional forms or medical requirements are necessary, excluding any age and amount requirements.

If you’re not familiar with how easy it is to complete a SimpleProtect application check out this short demo. You can learn more about how our non face-to-face process works in this quick reference guide.

We will be introducing digital contracts. You’ll be able to view, download and share contracts with clients as soon as they’re available.

We’ve temporarily relaxed our medical evidence requirements to expand the range of applications we’ll underwrite without vitals or fluids.

If you prefer to submit applications the way you always have, we’re making that easier too. We’ve removed all upper limits for doing non face-to-face business for all products on web app and paper applications. So, you can continue to process new business while practicing social distancing.

Visit canadalife.com/simpleprotect to learn more.