Sun Life Illustrations - SunUniversalLife II case study

Transcription

1 Case study Please read the Sun Life Illustrations module before completing this case study. Use Sun Life Illustrations to illustrate a SunUniversalLife II with the following information: Clients are Bernard and Suzanne Roy. They both have successful careers and have maximized contributions to their RRSPs and TFSAs. They are looking for additional tax-preferred savings opportunities. They also expect that their estate will incur a significant tax-liability after the death of the second spouse. They want to minimize the impact of taxes while they are living and at death. The taxpreferred investment growth advantages and tax-free death benefit available with SunUniversalLife II offer a solution to help them meet their financial objectives. Plan & client details Plan type is a Joint life. Bernard is a 52-year-old male, non-smoker with no ratings. Suzanne is a 50-year-old female, non-smoker with no ratings. Policy details Death benefit option is Insurance amount + policy fund. Exempt maintenance is Increase and reverse. Province is Ontario. Coverage details Joint coverage type is Joint last-to-die, COI to first death. COI type is Yearly renewable term to 85. Coverage amount is $500,000. Payment details Payment frequency is set to Yearly. Type is set to Specified with payments of $25,000 for 1 to 10 years. Rate & investment assumptions Primary interest rate type is set to Portfolio. Optional benefits Investment account options Allocation Interest rate Sun Life Granite Enhanced Income Portfolio 30% 3.00% Sun Life Dynamic Strategic Yield 30% 3.50% Sun Life MFS Global Value 40% 4.00% Both insured s will add term coverage to their policy to provide additional income replacement protection while they are still working, which may extend beyond age 65. Bernard: Term 20 for $500,000 and Specify benefit duration of 20 years. Suzanne: Term 20 for $500,000 and Specify benefit duration of 20 years. WS IN E 1 November 21, 2016

2 The screen shots in this document may differ from when you run the case study. We ve completed this illustration using version of Sun Life Illustrations along with system defaults. Also, if you complete the steps in a different order, the information in your illustration may be different than what s displayed in the screen shots. Creating an illustration in Sun Life Illustrations: 1. From your desktop, double click the Sun Life Illustrations icon. 2. Under the Choose a Product to illustrate section, select the SunUniversalLife II link. The Sun Life Illustrations page opens and defaults to the PLAN DESIGN tab. 3. Under the Plan & client details section, select Joint life, and enter Bernard and Suzanne s information. WS IN E 2 November 21, 2016

3 4. Under the Policy details section for: Death benefit option, leave the default Insurance amount + fund selected. Exempt maintenance, leave the default Increase and reverse selected. For Province, select ON. 5. Under the Coverage details section: from the Joint coverage type drop-down list, select Joint last-to-die, COI to first death. from the Cost of insurance (COI) type drop-down list select Yearly renewable to age 85. in the Coverage amount field, enter the $500,000. As you enter information, the Illustration Summary displays the details of the plan and any important messages. 6. From the Payments section: for Payment frequency, leave the default of Yearly. from the Type drop-down list, select Specified. in the Payment field, enter $25,000. in the From year field, leave the default of 1 and for the To year enter 10. WS IN E 3 November 21, 2016

4 7. From the Rate & investment assumptions section: for Primary interest rate type, select Portfolio. from the Investment option(s): Investment account fact sheets drop-down list, select Sun Life Granite Enhanced Income Portfolio, from the Allocation dropdown list, select 30% and from the Interest rate field enter 3.00%. Click the Add an investment option button. from the Investment option(s): Investment option information drop-down list, select Sun Life Dynamic Strategic Yield, from the Allocation drop-down list, select 30% and from the Interest rate field enter 3.50%. Click the Add an investment option button. from the Investment option(s): Investment option information drop-down list, select Sun Life MFS Global Value, for Allocation leave the default of 40% and from the Interest rate field enter 4.00%. 8. From the Optional benefits including Term insurance section: select Bernard Roy and from the Coverage term drop-down list, select Term 20 and in the Coverage amount field enter $500,000. for Illustrate early expiry of this benefit, click Include and leave the default of 20 years. select Suzanne Roy and from the Coverage term drop-down list, select Term 20 and in the Coverage amount field enter $500,000. for Illustrate early expiry of this benefit, click Include and leave the default of 20 years.

5 9. From the Illustration Summary, click the Refresh button. 10. Click Save, and 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. 11. Click the REPORT DESIGN tab. 12. For the Designed for field enter in Mr. & Mrs. Bernard Roy and then select Cover Page. The Client Report Options that are greyed out are mandatory and will always print on a report. If you select Business card information to be printed on the report, ensure your name shows above the manage business cards link. 13. Click View Client Report to open the report in Adobe Reader. 14. From the File drop-down menu, click Save As. 15. From the Save As dialog box, in the File name field, enter Firstname_Lastname_Product_Coverage amount and then click Save. Sun Life Illustrations does not have a training database, therefore, you will need to delete any reports that you have saved and follow these steps to delete this illustration: 1. From the top tool bar, click Open. 2. From the Saved illustrations dialog box, click the checkbox in front of the name to select. 3. Click Delete and then click Delete to confirm. WS IN E 5 November 21, 2016