News & information archive
November 13, 2009
MD Physician Services Inc. Expands Life Insurance Offerings
On Friday, November 13th, 2009, MD Physician Services Inc. announced, through its subsidiary MD Insurance Agency Limited, the expansion of permanent life insurance solutions offered to their clients along with the assumption reinsurance agreement by Industrial Alliance Insurance and Financial Services Inc. of MD Life Plan universal life policies.
With a strategic focus on high value and personalized financial advisory services to Canada's physician community, the expansion allows trusted MD advisors to further tailor solutions to meet the individual needs of Canadian physicians and their families.
MD Insurance Agency Limited (MDIA)has signed distribution agreements with Canada Life and Industrial Alliance and expects to add others in the future. The new permanent life insurance products are available immediately and MD Management advisors across the country are currently receiving related training and education.
As a result of the agreement with Industrial Alliance, MD Life Plan universal life insurance will cease to be available to new policy holders on December 23rd, 2009.
Under the agreement, MD Life will continue to manufacture the Group Annuity policy MD Stable Income Fund. MDSIF will continue to be distributed by MDIA, a subsidiary of MDPSI, and be managed by Industrial Alliance.
Industrial Alliance will assume the entire in- force block of MD Life Plan policies pending ministerial approval. Under the terms of the agreement, Industrial Alliance will assume all policyholder obligations associated with the universal life block of policies. All legal agreements related to MD Life Plan will be reviewed, amended or terminated as necessary in order to reflect the transaction and the business of MD Physician Services Inc. entities going forward. This is subject to ministerial and governance approval.
For existing MD Life Plan policyholders, little will change. MD Management advisors will continue to manage the investment allocations within an existing MD Life Plan policy, and MDIA's insurance specialists will continue to regularly conduct service reviews of the MD Life Plan policy with clients.
Communications initiatives to all affected policy holders and other stakeholders are being undertaken immediately.
For further information call 1 800 267-4022 or speak to your MD advisor.
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MD Physician Services includes, MD Physician Services Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited and MD Physician Services Software Inc.
