Sun Life Illustrations Sun Critical Illness Insurance - case study one

Transcription

1 Case study Use Sun Life Illustrations to illustrate a critical illness insurance with the following information: Client is Samantha Jackson. She s a 40 year old single female and a non-smoker. She wants protection in case of serious illness during her working years and early retirement. She s also concerned about paying for any care she may require later in life. Samantha has a monthly budget of $ Important! We are continuously enhancing Sun Life Illustrations, therefore, the slides illustrated in this training material may differ from the software. Creating an illustration in Sun Life Illustrations: 1. Open your Sun Life Illustrations desktop or web version. 2. From the Sun Life Product Selector page, select the Sun Critical Illness Insurance link. Once you select the Sun Critical Illness Insurance product, the Sun Life Illustrations page opens and defaults to the PLAN DESIGN tab. 3. Under the Client section, enter Samantha s information. 4. Under the Coverage section for: Coverage term, select Term 75, Payment period, leave the default of To age 75, Premium frequency, leave the default set to Monthly, and Coverage amount, leave the default of $100,000. WS - IN E 1 September 25, 2017

2 5. Click the Refresh button to recalculate the premiums as you enter information. 6. Under the Optional benefits section: leave the default of Return of premium on death selected, select Return of premium on cancellation or expiry and from the Option drop down list select age 65, select Total disability waiver and leave the default Rating of Standard, select Long-term care conversion option, and 7. From the Illustration Summary, click Refresh. Additional details about the Long-term care conversion option are displayed in the Illustration Summary. WS - IN E 2 September 25, 2017

3 8. Under the Coverage section, select Solve by payment, in the Specify payment field, type and from the Illustration Summary click Refresh. Important! Solve by payment gives you the option to specify the premium and have the illustration calculate the coverage amount. The premium you specify will be the total policy premium. The illustration deducts the cost of any optional benefits from that amount and determines the amount of insurance that can be purchased with the amount remaining. At this point, you would review the payment based on her monthly budget of $ and the Coverage amount coming out to $118,787. We ll now go back to the Coverage section and remove the Solve by payment option so we can use the Quick Compare feature. The feature isn t available for illustration when the Solve by payment option is used. 9. From the Coverage section, click Solve by payment to remove the checkmark. 10. From the Illustration Summary, click Refresh. WS - IN E 3 September 25, 2017

4 11. From the Illustration Summary for Quick Compare, select Show. 12. Based on the Quick Compare, you decide to change the Return of premium on cancellation or expiry option to age 75. From the Optional Benefits section, beside Return of premium on cancellation or expiry, select age From Illustration Summary, click Refresh. 14. You are now under budget so let s go back to the Coverage section, select Solve by payment and in the Specify payment field, type From Illustration Summary, click Refresh. The coverage has now increased to $126, From the Save illustration dialog box, in the Illustration name field give the recommended name of Firstname Lastname Product Coverage amount and then click Save. WS - IN E 4 September 25, 2017

5 17. Select the SPREADSHEET tab and review to ensure the ROPC/E value becomes available at age Select the REPORT DESIGN tab, and select all the options under Client Report Options. 19. From the Report durations drop down list, select First 10 years and every 5th after. 20. From the Quick links section, select the Guide to critical illness definitions link and print it for the client. 21. Click the View Client Report button and from the View Downloads window click Open. 22. The report opens in Adobe Reader. If you need to print the report, click the Print button. 23. From the File menu, select Save As. 24. From the Save As PDF window, in the File name field enter the recommended name of Firstname Lastname Product name report. WS - IN E 5 September 25, 2017