Term products are without a doubt one of the simplest and most affordable products on the market. They're just the thing to meet a clear, short-term financial need to help honour someone's financial obligations after their death.
We're pleased to announce that beginning February 1, 2022, we're lowering the cost of the following 4 term life insurance products for coverage of at least $100,000.
- Term 10
- Term 20
- Universal Life Term 10
- Universal Life Term 20
The decrease
could be up to 12%, based on factors like the person's age and the capital to be insured.
Examples of price decreases
| Individual coverage of $500,000 | Average reduction | Female NS, age 35 | Male NS, age 35 |
|---|
| Term 10 | -4% | -5% | -4% |
| Term 20 | -4% | -7% | -4% |
| Universal Life Term 10 | -3 % | -6 % | -3 % |
| Universal Life Term 20 | -4% | -6% | -4% |
Position in term life insurance market
As of January 1, 2022
| Female NS, age 35 | $250,000 | $500,000 | $1,000,000 | # of companies |
|---|
| Term 10 | 3 |
1 | 2* | 18 |
| Term 20 | 2 |
1 |
1 | 17 |
| Male NS, age 35 | $250,000 | $500,000 | $1,000,000 | # of companies |
|---|
| Term 10 | 4 | 4 | 3* | 18 |
| Term 20 | 2 |
1 |
1 | 17 |
* This amount of insurance will not be decreased.
We can be proud of holding the #1 spot in the market for several of our term products!
Transition rules
Applications that are under review when the rates change will automatically get the more beneficial rate.
Advantages of our term products
-
Conversion privilege: Term products can be converted into permanent products until the age of 70, without providing proof of insurability
-
Exchange option: Term products can be exchanged for longer term coverage
-
Association option: Individual coverage can be exchanged for joint coverage until the age of 70, which means adding other insureds.
Multi-Coverage Discount
Our term life insurance* may be eligible for the Multi-Coverage Discount, which enables your clients to get a lower price by signing up for at least 2 eligible insurance coverages at the same time on the same contract. It's a great way to offer them protection that covers all their needs and fits their budget!
Read the
reference document to learn more.
* Term universal life insurance isn't eligible for the multi-coverage discount.
Assistance Services
By signing up a client for a Desjardins Insurance product, you're giving them access to free support services that are available 24/7. They can be very useful in good times and bad.
Questions?
Contact your
regional sales director.
Product Development and Pricing
