In today’s market, insurance providers face major hurdles.

As low interest rates weigh on earnings, they’re also dealing with more rigid capital and liquidity policies. As such, many are repricing, discontinuing and redesigning products so they can continue to effectively serve customers.

Read: 4 tips for better insurance rates and Insurers pare products shelves

And as lineups get trimmed, many advisors say now’s the time to lock in low rates and snag products before they leave the shelf.

Read: Insurance is on sale

Others, though, argue Canadians shouldn’t react too quickly, and predict companies will soon start releasing more complex policies with narrower targets.

They also speculate consumers may soon be able to choose between pared-down products at competitive prices, or guaranteed products at higher premiums.

In their view, clients should wait before buying a policy or seeking cheap alternatives. Haste may lead them to overlook fine print and potential risks, and that could mean getting stuck with plans that don’t complement their long-term financial needs.

Read more on how insurance industry changes will impact your clients:

Empire life restricts GMWB deposits (includes list of all major insurance product changes since January 2012)

BMO insurance raises UL rates

Manulife announces restructuring plans

Property insurance rates mixed for 2013

How insurers can handle interest rate risk

Insurance regulators spotlight suitability

Can insurers win IFRS waiting game?

Canadian insurers are staying afloat: report

Insurance war with banks renewed

What’s next for GMWBs?

Annuities: Is it now or never?