Manulife Financial is making changes to its universal life insurance lineup. Among other things, it is lowering the minimum issue ages for its level cost of insurance product.
On May 25, Manulife will be lowering the minimum issue ages on both of its level cost of insurance (COI) universal life products by 15 years. This means that the youngest single issue age will decline from age 45 to age 30, while youngest joint last-to-die issue age will be lowered from age 55 to age 40.
Under the changes, Manulife says that a 40-year-old male non-smoker who qualifies for its HealthStyles 3 rating will be able to purchase $250,000 of level COI universal life insurance coverage with an annual deposit of $2,200. A 40-year-old female non-smoker who qualifies for the HealthStyles 3 rating will be able to purchase the same amount for an annual deposit of $1915.
In addition, the insurer says that it is increasing the tax-advantaged deposit room available for both new and existing Manulife UL policyholders.
For those who would like to know how the new rates might apply to a specific client, Manulife is offering a pre-quoting service between May 11 to May 22; advisors may send an email with their request to [email protected].
Finally, Manulife is reminding advisors that the introductory offer it announced last year is still available, and that the one per cent management fee will be waived for all Manulife UL Gold policy owners until March 30, 2017.