It s finally here! Assumption Life s

Transcription

1 It s finally here! Assumption Life s

2 History of critical illness insurance Critical illness insurance was created in 1983 by Dr. Marius Barnard in South Africa. As a heart surgeon, Dr. Barnard noticed that financial issues often hindered the recovery of his patients. Since 1983, critical illness insurance has continued to gain acceptance and popularity in several countries including Canada.

3 Why the need for CI insurance? 50,000 Canadians suffer a stroke each year, and 75% survive a first stroke. 82% of victims survive a first heart attack, and 50% of victims are younger than age 65. Two in five Canadians will develop cancer in their lifetime. Canadian Cancer Society, Canadian Cancer Statistics 2013 Heart and Stroke Foundation of Canada

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5 Canadian Cancer Society Canadian Cancer Statistics 2013 We are all at risk

6 How many will get cancer in Canada? Lifetime probability of developing cancer Canadian Cancer Society, Canadian Cancer Statistics 2013

7 Who gets Cancer in Canada? Geographic distribution of new cancer cases Canadian Cancer Society Canadian Cancer Statistics 2013

8 The Heart Truth on cardiovascular disease Source: Heart and Stroke Foundation

9 Other interesting facts Coronary artery bypass performed out of country, including a 7-day hospital stay, costs approximately $100,000. Paralysis Over 30,000 Canadians suffer from paralysis of 2 or more limbs The most common causes of spinal cord injury are car collisions and falls Kidney Failure Kidney disease ranks 6th among diseases eventually causing death in Canada Approximately 2,000 Canadians are on a waiting list for a kidney transplant Each day an average of 8 Canadians learn that their kidneys have failed

10 Life Expectancy of Canadians

11 Life Expectancy of Canadians PROJECTED HISTORICAL

12 chance of house fire 1 in 1200 chance of car accident 1 in 240 chance of death before 40 1 in 14 chance of critical illness 1 in 3

13 Questions 4 you and your client» who do you know who has been diagnosed with» was is expected?» was it tough for them, their family, their business» if someone could have given them some money, do you think it would have helped? 13

14 2 STRESSERS EMOTIONAL FINANCIAL

15 The need for CI insurance a client s perspective Family Retirement Travelling Education Children s education Children s extracurricular activities College fund Vacation fund Savings account RRSPs, TFSAs The list is endless!

16 What are the options? Self-insurance Critical Protection Net worth reduction Depleting savings and retirement accounts Liquidation of assets, estate Going into debt Bankruptcy Not getting the proper treatment or care Outcome Benefit paid 30 days after diagnosis of covered CI benefit* Absolutely no restriction on how funds are used No impact on other benefits, such as health insurance, disability income, Medicare, etc. Benefits are tax free. Outcome Peace of Mind & Financial Security

17 Impact on personal finances Most are unprepared for the unthinkable Medical problems count for 11.3% of personal bankruptcies in Canada $ Drugs Gas Hotels Meals Parking Child Care Housekeepin g Home care Palliative care

18 Financial impact on businesses most are unprepared for the unthinkable Can a business survive a critical illness? # Melbourne School of Law Trends in Insolvency 2009 Research Paper no. 390

19 What would your client have to sacrifice? Case 1 Mother of 2, age 38 Diagnosed with a CI and needs to take 6 months off from work. Amount of coverage Term Monthly cost $25,000 T-15 $18.07 $25,000 T-20 $19.37 $25,000 T-25 $21.82 $25,000 T-75 $25.63 An amount of $25,000 is enough to cover her salary for 6 months, allowing her to recover without the children s lives being turned upside down and without draining their college fund.

20 What would your client have to sacrifice? Case 2- Single man, age 28 Working on his master s degree but has to take time off because of a critical illness. Amount of coverage Term Cost $50,000 T-15 $19.80 $50,000 T-20 $20.93 $50,000 T-25 $23.04 $50,000 T-75 $36.54 An amount of $50,000 could pay for medication, transportation, home care and car payments without having to drain his education fund, RRSPs or vacation fund. It doesn t have to be much, as it can get expensive, but a little goes a long way!

21 Financial burden breaking the bank to stay alive..

22 Financial burden breaking the bank to stay alive.. Julie Easley had just graduated from the University of New Brunswick when she was diagnosed with Hodgkin's lymphoma. She was 23 and broke - with exactly $9 in her bank account. Thankfully, in Canada, her medical care was free of charge - or so she thought.. When her cancer treatment was done, Ms. Easley was $26,000 in debt. Twelve years later: "I'm all clear of cancer, but I'm still paying for my cancer treatment."

23 CI Insurance can help: With costly drugs and treatments not covered by other insurance. Compensate for reduced or lost income. Pay off your mortgage or other loans. Make necessary modifications to your home. Purchase a wheelchair or other specialized equipment. Cover the expense of nursing or domestic help. Compensate for a family member's leave from work to assist with care. With the cost of hiring someone to take over the running of your small business.

24 Product features

25 Terms available: T15, T20, T25 and T75 Underwriting process No medical requirement at point of sale. If all answers to medical questions are no, - simplified issue process. If one or more questions are answered yes, the application can be submitted; additional information may be required. The premium is guaranteed for the term of the policy.

26 Minimum coverage: $10,000 Maximum coverage: $100,000 The sum of all Critical Protection coverage and the critical illness rider for a single insured cannot exceed $100,000. This maximum amount will not take into account CI coverage placed before 2014 and still in effect. Automatic renewal until the policy or rider anniversary nearest the insured s 75th birthday. Rates available for smoker and non-smoker. Annual fees: $60/policy - $45/rider

27 Issue ages: 18 to 60 for T-15 and T to 55 for T to 50 for T-25 Riders: Return of premiums upon death If the insured dies and has never received CI benefits, premiums paid will be reimbursed.

28 Riders: Flexible return of premiums: Available for issue ages 18 to 55 Return of premiums according to the percentage indicated in the table below upon surrender of the policy if CI benefits have never been paid. Closest age on the policy anniversary date Percentage of total premiums Closest age on the policy anniversary date Percentage of total premiums 65 50% 71 80% 66 55% 72 85% 67 60% 73 90% 68 65% 74 95% 69 70% % 70 75%

29 What critical conditions are covered? Cancer Heart attack Stroke Coronary bypass Kidney failure Blindness Major burns Organ transplant Awaiting major transplant Coma Aorta surgery Replacement of heart valves Aplastic anemia Bacterial meningitis Paralysis caused by accident Accidental dismemberment

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34 Critical Illness Rider Available only upon purchase of the following life insurance products: FlexTerm FlexOptions ParPlus Minimum coverage: $10,000 Maximum coverage: $25,000 All critical illness rider coverage for a single insured cannot exceed $25,000. This maximum amount will not take into account CI coverage before 2014 and still in effect. A pre-existing 12-month clause may be applicable The covered illnesses are the same as for Critical Protection

35 Critical Illness Rider Possible combinations FlexTerm 15 years FlexTerm 20 years FlexTerm 25 years ParPlus CI 15 CI 20 CI 25 CI 15, 20 or 25 FlexOptions 15 years FlexOptions 20 years FlexOptions 25 years CI 15 CI 20 CI 25

36 Getting started with Assumption Life! 1 - Obtain a broker code: Complete the Broker Registration Form and send to your MGA. 2 - You will receive an from Assumption Life indicating your username, password as well as your broker code.

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47 Lia Benefits Reduces acquisition costs Speeds up process and commission payment Increases efficiency for everyone (broker, MGA and carrier) Is a straight-through process data enters directly into our administration system runs on almost any device* Is leading edge in the industry *Does not work on Lynux OS. Is not designed for smartphones.

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49 We pay 2 x WEEK

50 PERSONALIZED MARKETING SUPPORT

51 EXCLUSIVE VIDEO LEAD GENERATING TOOL

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