Futura. Joanna Leung. Presented by Joanna Leung. To be used by Zurich International Life employees and relevant financial professionals only

Transcription

1 Futura Joanna Leung Presented by Joanna Leung To be used by Zurich International Life employees and relevant financial professionals only

2 Agenda Sales Angles Features Illustration System Demo Underwriting 2

3 Asset Pyramid Risk Medium term savings Speculation Short term savings Cash Property Long term savings Protection 3

4 The Facts 4

5 Can your clients cover the cost? 5

6 Why is protection so important? Foundation of financial planning Market penetration is low => Business opportunity Profitable - financial benefits to you Reinforces the partnership between client and adviser 6

7 Reasons why your clients will need life insurance Cash payment in case of death that can be used towards maintaining a family s lifestyle and living expenses funeral expenses repaying a mortgage childcare, educational and other costs paying off debts and protecting family assets 7

8 Selling insurance - practical hints and tips 8

9 TELL ME and I may forget, SHOW ME and I may remember, INVOLVE ME and I will understand 9

10 Open questions are vital Why is that important? How important is it to protect against that? What will be the first thing you will give up? How would that affect your standard of living? How does that make you feel? When will you take action? Who would pay the monthly bills? By asking open questions you identify client motivators and priorities. 10

11 Silence is the best sales aid you have You are trying to help your clients to discover their problems for themselves, and take ownership It is their problem not yours Silence is the best sales aid you have. Don t break it You must resist the urge to offer a solution 11

12 Zurich s solution 12

13 Futura What is Futura? - product basics Flexible Premium Payment Level/Duration, Riders Combination Level Unit linked Whole Life Protection Wide Range of Riders 13

14 Futura How does it work? - whose life can be covered Provides cover for: - Own Life - Joint Life : First Death / Both Death 14

15 Futura How does it work? - premiums Quote options: Minimum - to support cover for 20 years Mid-range - to support cover up to age 80 Lifetime You can move between these options allowing flexibility to suit different and changing client circumstances 15

16 Encashment values on different quote options HK$2M sum assured $ Minimum Cover Mid range Lifetime 20 yrs age 80 age 95 Nil allocation period Time 16

17 Futura How does it work? - premiums Payment options: - Regular Premium Currency Annual HKD 12,000 USD 1,500 EUR 1,500 Monthly 1, Single Premium Currency Lump Sum Only HKD 120,000 USD 15,000 EUR 15,000 With Regular Premium 48,000 6,000 6,000 17

18 Futura How does it work? - premiums Vanishing premium Pay a higher premium for a shorter period of time Payment option terms of between 7 and 15 years 18

19 Futura How does it work? cover flexibility Increments: - Increase cover at any premium due date - Flexibility to increase cover as circumstances change - Indexation of premiums and benefits at a rate of 5% annually to automatically offset the effects of inflation Decrements - Decrease cover at any premium due date - Flexibility to decrease cover if personal circumstances change - No need to cancel the whole policy 19

20 Futura How does it work? - premiums Choice of Currencies HKD USD GBP EUR JPY CHF Contributions in any freely convertible currency Premium Option Credit Card Direct Debit Bank Standing Order Cheque Bank Draft Telegraphic Transfer 20

21 Futura What does it cost? - charges HK$2M sum assured $ Lifetime cover - Cost of Insurance - Policy Fee HKD60/mth Nil allocation period (first 2 years) 93% allocation (after 2 years) Time 98% allocation (after 10 years) 21

22 Futura How does it work? - riders Futura provides access to the following riders*: - Critical Illness - Long Term Care - Accidental Death - Dismemberment - Hospitalisation - Family Income - Waiver of Premium - Permanent Total Disability - Aeroplane Cover YOUR Opportunities *full terms for all benefits are detailed in the policy terms and conditions 22

23 Futura How does it work? - riders Family income - provides the beneficiary with an income, for a pre-determined period, after the death of the life insured What does this mean for the client? - income replacement for family for a pre-determined period - an income which is regular rather than lump sum - provides a guaranteed income 23

24 Illustration System Demo 24

25 Illustration System Illustration System Icon Click 25

26 Illustration System 26

27 Illustration System Click 27

28 Illustration System 2 Click OK OK 1 Input premium amount 28

29 Illustration System 1 Click FULL FULL 2 Click OK OK 29

30 Illustration System 30

31 Business Protection Case 1: Keyman Insurance Key Director Sum Insured: Multiple of profits i.e. 3 x average gross profit Case 2: Partnership Protection Company s Value HK1M Partner A - 60% share Sum Insured: HKD600,000 B & C take plan on A Partner B - 30% share Partner C - 10% share Sum Insured: HKD300,000 A &C take plan on B Sum Insured: HKD100,000 A &B take plan on C 31

32 Underwriting Non-Medical Limit <= Age : USD300,000 Life Cover / Critical Illness USD250,000 <= Age 40 : USD350,000 Life Cover / Critical Illness USD250,000 For HK Residents: <= Age 45: USD400,000 Medical Services 1) MediFast (HK) Limited - Causeway Bay - Mongkok 2) Quality Healthcare Medical Services Limited - Central - TST 32

33 Underwriting - Flowchart In 2008, 98% of cases are within underwriting service standard 33

34 Don t predict the future. Protect it. zurichhkfunds.com

35 Any questions? 35

36 Important information This presentation is only for use by relevant financial professionals. Zurich International Life Limited is fully authorised under the Isle of Man Insurance Act 1986 which ensures that the Company has sound and professional management and provision has been made to protect policy owners. Owners of policies issued by Zurich International Life Limited will be protected by the Isle of Man Life Assurance (Compensation of Policyholders) Regulations 1991 if the Company should be unable to meet its liabilities. This presentation is not intended as an offer to invest. This information is only a summary and may be subject to change without notice. It was obtained from what we believe to be reliable sources. However, its accuracy and completeness cannot be guaranteed. Neither Zurich International Life Limited nor any associated companies nor representatives, can accept responsibility for any errors or omissions. Zurich International Life is only able to give information on the products of Zurich International Life Limited. Zurich International Life is a business name of Zurich International Life Limited which provides life assurance, investment and protection products and is authorised by the Isle of Man Government Insurance and Pensions Authority. Zurich International Life is registered (Registration No.63, February 17, 1991) under the UAE Federal Law No.9 of 1984 and its activities in the UAE are governed by such law. Zurich International Life Limited is registered in Bahrain under Commercial Registration No Registered in the Isle of Man number Registered Office: Athol Street, Douglas, Isle of Man, IM99 1EF, British Isles. Telephone Telefax Calls may be recorded for quality and training purposes. MSP(D) /06 (EM) 36