Moncton, N.B.-based Assumption Life is offering some new additions to FlexTerm, a product already popular with brokers and their clients.
FlexTerm enhancements include: new rates; increased issue age, simplified banding maximum adjusted to $249,999; the addition of 10-, 30 and 35-year terms to the existing 15-, 20- and 25-year terms; a new term exchange option; a new joint first-to-die option; and a child insurance benefit rider.
“The new options were inspired by professionals who work in the field and know better than anyone what clients need — our brokers and general agents. We have taken their comments and suggestions into consideration and are confident that they will find in FlexTerm a comprehensive and highly beneficial product for their clients,” says André Vincent, president and CEO of Assumption Life.
The $250,000 simplified issue coverage threshold for FlexTerm, FlexOptions and ParPlus has been adjusted from $250,000 to $249,999. This means that insurance requests for $249,999 or less will go through Assumptions’ simplified issue process, while those for $250,000 or more will now be fully underwritten, translating into better rates for clients.
This change also means that it will be easier to compare these products, in third-party quoting tools, with those of Assumption Life’s competitors for a similar coverage amount.
To mark the arrival of the new and improved FlexTerm, Assumption Life is offering a new promotion. For the first two months, brokers will receive a special bonus added on the first-year commission for all FlexTerm policies placed.