Intro to Equitable Life: Product Highlights & Sweet Spots

Transcription

1 Intro to Equitable Life: Product Highlights & Sweet Spots Jennifer Engman, BA Regional Life Sales Manager AIC# and AIC# for 1.00 life credits &.25 A&S credits

2 Why Equitable Life? Equitable Life is the largest federally regulated mutual life insurance company in Canada. Our participating whole life policyholders have received dividends every year since we launched participating whole life in Equitable Life is a focused, stable and strong company

3 Why Equitable Life? Competitive, Diversified Product Shelf: Equimax Whole Life 2 types Equiliving CI Adult and Child Term Insurance 10/20 year RCT Universal Life traditional and limited pay

4 Why Equitable Life? Superior Service: - shortest submission to commission timelines - direct access to underwriters - local service support via Regional Service Rep in Calgary. - local Regional Sales Managers

5 Did you know? Product, policy service & underwriting

6 Underwriting prelim inquiries Questionnaires may speed up underwriting and prevent an APS Adobe Acrobat Document Underwriting Guide Adobe Acrobat Document Adobe Acrobat Document Preferred UW Guide Travel Questionnaire, Respiratory etc

7 Travel Adobe Acrobat Document Travel Both Hawaii & Mexico are considered part of North America for the travel question

8 Travel Declines Missionary Military Peace-keeping Diplomacy Journalism Foreign aid

9 Travel

10 Equinet Advisor Website Over 80% of the site is viewable without a username and password. Find marketing materials, advisor guides, administration guide, sales tools, sales concepts, sample contract policy pages, FAQ pages, on-line needs analysis tools and fund rates and performance. When logged in you can view your new business pending report or your entire Equitable book of business.

11 Mobile Equinet (NB Pending) 1. What is Mobile EquiNet 2. Devices Supported 3. How do I Access? 4. Rollout and Support Available 5. Q&A

12 Mobile Equinet Mobile Equinet Life New Business Pending Inquiry Easy access to Equinet's New Business Inquiry from your Smartphone or Tablet. Formatted for Smartphone screens No new passwords to remember Available anywhere the internet is Link on Equinet (Online tools & info)

13 Devices Tested IPhone Android Playbook Blackberry, Bolds, Torch views better with O/S 5 or newer Blackberry Curve views better with O/S 6

14 Equinet

15 Mobile Equinet

16 It s this easy..

17 Change to Non Smoker Policy change form and saliva for life insurance If Critical Illness insurance = urine

18 Juvenile CI:Smoker/Non-Smoker Smoker/NonSSSmoker Smoker Issue Ages 30d 17 years: Rates set as non-smoker, but loaded as smoker on the system Declaration sent on the anniversary following 16th, 17 th and 18 th birthday The insured has up to 60 days after the anniversary following age 18 to return the form If form is not returned: Premiums will increase to smoker rate on anniversary nearest age 18 If form is returned: Premiums remain the same

19 Built-in Benefits: CI Early Detection Benefit Payment Paid as a lump sum Requires satisfaction of survival period (30days) Diagnosis of an Early Detection Benefit covered condition as defined in contract required Early Stage Prostate, DCIS, Superficial Malignant Skin Cancer, Coronary Angioplasty less than or equal to 1.0 mm in depth

20 Built-in Benefits: CI Early Detection Benefit Amount payable is equal to the lesser of: 15% of the current Sum Insured to a maximum of $50,000 It can be paid twice during the lifetime of a policy but only once for any one Early Detection Benefit covered condition. Loss of Independent Existence - is a covered condition

21 Best Doctors Client access to Best Doctors initiated at claim time Client is given toll-free Best Doctors telephone number Client simply makes the call to access the service Access to Best Doctors applies, even if claim is denied

22 InterConsultation Service Assists client & treating physician in submitting necessary medical information In-depth review of client s medical file by experts Creates profile of key issues Findings and recommendations documented in a report to client and treating physician

23 FindBestDoc Service Customized search of specialist(s) made from Best Doctors database 3 leading physicians identified; Best Doctors determines availability Client receives report listing physicians Client selects physician, Best Doctors coordinates arrangements

24 FindBestCare Service Recommendation of facilities and cost estimates provided Coordination of appointments and travel arrangements Client contacted in preparation for medical appointment(s) Best Doctors monitors and coordinates client s care delivery

25 Other features Non-Smoker Definition: the Person Insured has not used any tobacco, nicotine, or marijuana products in the twelve (12) months preceding the application for this Policy. Up to one cigar or cigarillo is permitted per month, subject to a negative cotinine test. Rescission right now 10 days

26 Older Issue Ages Critical illness insurance = Age 65 T10 and Permanent to Age 100 Term 20 Life Insurance = Age 65 And T10 Life issue age maximum 75

27 Rescission Right 10 days all products including Equimax Whole Life

28 Enhancements to Equimax Re-launched in Feb 2012 Now 2 kinds: Wealth Accumulator or Estate Builder Two ways to pay: Life Pay or 20 Pay Adult or Child coverage available Increased flexibility on Excelerator Deposit Option (EDO) EDO available on substandard ratings up to 200%

29 Increased flexibility on EDO No additional evidence required if policy owner: Skips up to 2 years of EDO payments Adds EDO within 12 months of policy issue Increases EDO payment amount within 12 months of issue (within maximum tax exempt room limits) 4.0% commission

30 Term Life Upsell

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32 CI Special Offer - If your clients are 50 or under and qualify for a preferred risk class on term coverage, they will be automatically underwritten for CI. - If they qualify, their term approval notice will be accompanied by an offer to purchase CI in an amount equal to 25% of the amount of their term coverage to a maximum of $250K.

33 Term U/W Classifications Preferred u/w is available for face amounts of $250K+ (including riders) -Class 1 Preferred Plus N/S -Class 2 - Preferred N/S -Class 3 - Standard Non-Smoker -Class 4 Preferred Smoker -Class 5 - Standard Smoker

34 T10 to T20 Exchange Option Effective June 29, 2009: All 10YRCT coverages issued after July 14, 2008 are eligible to exchange their T10 coverage to a T20 coverage with no medical evidence! Allowed after: 1 st coverage anniversary but Before 5 th coverage anniversary or until insured reaches age 65 (on joint when oldest insured reaches 65)

35 New T20 plan is based on: 20 YRCT rates in effect at the time of the change Insured person s age nearest the new coverage date Any insurance ratings on original 10 YRCT

36 Exchange Option Example Male, Class 3 (standard non-smoking risk), $500,000 Face amount Age Premium * 1 st Years 1-10 T10 renewal premium Years T10 renewal premium years T20 Premium 5 th anniv. Years 1-20 Total Savings over 25 year period 40 $34 $248 $614 $95 $45,807 At age 45 locks in great new monthly rate for a new 20 year period! All premiums quoted are monthly PAC and rounded to nearest dollar based as at November 2011

37 Commission on Exchanges Competitive compensation on exchanges: FYC: 25% on base T20 premium upon exchange Riders carried over from T10 to T20 get renewal premium but no FYC No chargeback on original T10

38 Commission Differences Term 10 $380 x 40% $190 FYC Rewrite 45 $570 x 40% $228 FYC Term 20 $670 x 45% $302 FYC T10 $380 x 40% $190 FYC Exchange $1,055 x 25 $264 FYC $500K T10 Male 40 NS at Nov 2011

39 Term Conversions Convert 50% of the Term life insurance Remaining Term can be moved to new permanent plan, current age and rates, starts term period from year 1 again, no underwriting

40 Waiver definitions 2 year regular occupation definition Then any occ definition No gainful employment

41 Conversion if on WP If disability occurs prior to age 60 and still disabled at age 65, the Term policy or rider will automatically convert to a permanent insurance policy

42 Illustrations Add Calc Sales concepts UL alternate investment scenario WL/UL Multiple Scenario availability to show how the different options impact the policy. Ability to customize report to your preference (ie: show IRR s etc)

43 Why a mutual company? New Client Brochure #1164 (PDF only)

44 DeMutualization #s Sun Life 2000 $1.20 billion Manulife 1999 $2.50 billion Prudential 2001 $3.025 billion MetLife 2000 $7.04 billion

45 Annual Leader s Conference 55,000 conference credits 7 settled cases San Francisco June 2-5, 2013

46 Disclaimer This presentation is for educational purposes only. It should not be construed as legal, tax or accounting advice. Equitable Life has made every effort to ensure the accuracy of this presentation, however accuracy is not guaranteed. If the information presented here differs from that contained in any Equitable Life policy contract, the policy contract prevails in all cases. If this presentation contains competitive information, we've made every effort to ensure its accuracy as of the date of the original oral presentation. We cannot, however, guarantee the accuracy and, if you have any questions regarding this information, you should contact the competitor directly. denotes a trademark of The Equitable Life Insurance Company of Canada. Reproduction or redistribution of this presentation, in whole or in part, without permission from Equitable Life is forbidden The Equitable Life Insurance Company of Canada. All Rights Reserved.

47 Questions?