Dalbar releases 2002 rankings of universal life insurance statements

Toronto, April 30, 2002 — Insurance companies are responding to the increased importance
of life insurance products with better universal life statements.

“It used to be that mutual fund statements were far
superior to universal life statements, but that is no longer the case,” says Manny Da
Silva, director for Dalbar’s Canadian office. “We’re now seeing the same
range of quality in both product statements.”

An aging population and volatile markets cause investors to
become increasingly concerned with preserving wealth. Life products can provide good
alternatives for these investors. As these products grow, insurance companies realize they
have to support the product in ways that meet customer needs.

Fortunately, some insurance companies are getting the
message. These firms realize the statement is one of the most important communication
pieces they send to customers and have come a long way in improving it. This is especially
the case for the top five firms in Dalbar’s 2002 universal life statement rankings:

  • Transamerica Life

  • Standard Life

  • Sun Life

  • Industrial Alliance

  • Manulife Financial

These firms have led the way in improving the presentation
and content, clearly identifying the important parts of the statement. They have also
become better at avoiding complicated language.

Areas where the industry still could improve include:

  • Compare account growth or decline to a benchmark

  • Describe other sources to find information and assistance

  • Identify the beneficiaries

Dalbar, Inc. is a leading financial services research firm
with offices in Toronto and Boston, specializing in measuring the performance of
institutions and financial professionals in areas such as client satisfaction, service
quality and communications effectiveness.


Manny Da Silva
181 University Avenue, Suite 1426
Toronto, ON M5H 3M7
Phone: 416-642-6193
E-mail: [email protected]
Web: www.dalbar.ca