Effective June 16, 2012, Manulife is changing the level cost of insurance (COI) and yearly renewable term (YRT) rates for Universal Life (UL), as well as rates for Term-Life (Family Term and Business Term) and Lifecheque. It is also removing the limited-pay premium durations for new LivingCare policies.
Most level COI rates are increasing for single life and joint life coverages on all new InnoVision, Security UL and Limited Pay UL sales, including coverage additions to existing policies. Rate increases vary by issue age and Healthstyle, with larger increases applied at younger ages. There are no InnoVision or Security UL level COI rate increases over age 60 for Healthstyle 3.
Average level COI increases are:
- InnoVision – 6.1%
- Security UL – 6.3%
- Limited Pay UL – 12%
Select InnoVision YRT to age 85/15 years COI rates at older ages will be increased on all new sales, including coverage additions to existing policies.