Why not check to see if their contract has the manual reset feature and give them a ring?
We see equity markets at all time highs, so we suspect many of your clients’ market values are greater than their current death benefit guarantees.
Here’s an antidote about Resets that you may be able to use.
A client purchased a 75/100 segregated fund contract with a deposit of $100,000. Over time this amount grew to $120,000 and the contract was reset. The new minimum guaranteed death benefit is now $120,000. Unfortunately, this client passed away when the market value was $110,000. Their beneficiary received $120,000 because the guarantee was higher than the market value at the time of death. Here’s a comment the beneficiary didn’t make when presented with the cheque: “You know, I always thought the MER was too high with this investment”. In situations like this one, the benefit is priceless.
Current carriers with manual death benefit guarantee resets:
Desjardins
Empire Life
Equitable Life
Industrial Alliance
RBC Insurance
Sun Life
If you need help with this, please let us know.
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