Manulife Financial Corporation is no longer accepting new business for four disability insurance products.
Insurers said in a memo that, effective Sept. 30, they will stop selling Buy-sell Plus, ExpenseComp, Proguard, and Venture, disability insurance products for executives, incorporated professionals and business owners. announced. Manulife also said he chose to stop writing the product because “demand for irreversible failure products is declining.”
“By closing these products, we can focus on other areas and continue to offer disability products through other channels,” the company said in a statement provided to Advisor’s Edge. increase. “We will not only continue to provide Canadians with our Affinity and Group Benefits Disability products, but we will also provide coverage to those who have already purchased Disability Coverage before September 30, 2022 to meet their contractual obligations. continue.”
Non-cancellable insurance is a type of personal disability coverage in which the premium cannot be increased or decreased, and the insurer cannot unilaterally cancel the contract.
A spokesperson for brokerage firm NFP also confirmed to Advisor’s Edge that RBC Insurance and Canada Life remain the only insurers offering individual disability products due to Manulife’s decision to discontinue its products.
read more: Despite Market Headwinds, Manulife Posts Strong Earnings in Q2 2022
Manulife net income attributable to stockholders was $1.1 billion in the second quarter of 2022, down from $1.6 billion in the second quarter of 2021. Despite the slightly lower earnings, President and CEO Roy Gori said the company was still able to deliver “solid results” amid the challenges posed by the macro environment.
Manulife discontinues four products | Insurance Business Canada
Source link Manulife discontinues four products | Insurance Business Canada