Sun Life Illustrations - Sun Par Protector II case study

Transcription

1 Case study Important! Please read the Sun Life Illustrations module before completing this case study. Use Sun Life Illustrations to illustrate a Sun Par Protector II with the following information: Mary Roy is interested in creating a financial foundation for her granddaughter, Sylvie Roy. Mary would like the financial foundation to have a participating permanent life insurance policy that will protect her granddaughter now and in the future. During your meeting, you heard the following needs and circumstances that need to be considered when proposing a solution: Mary is interested in a participating permanent life insurance policy that is fully guaranteed to be paid up in 10 years. She would like to transfer ownership to her granddaughter in the future, without passing on premium obligations. She is also looking at a $50,000 guaranteed death benefit with potential for long-term taxpreferred cash value and death benefit growth. Mary also likes the idea of having access to cash values that could help fund her granddaughter s post-secondary education. Plan & client details Plan type is Single life. 0-year-old female, with no ratings. Coverage details Coverage amount is $50,000. Dividend option is Paid up additional insurance (PUA). Premium option is 10 Pay. Payment frequency is Monthly. Assumptions Primary dividend scale is Current. Marginal tax rate is 45% for life. Withdrawals Requested amount is Level maximum withdrawals from ages Important! 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. WS IN E 1 November 21, 2016

2 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 Sun Par Protector II link. The Sun Life Illustrations page opens and defaults to the PLAN DESIGN tab. 3. Under the Plan & client details section, select Single life, and enter Sylvie s information. WS IN E 2 November 21, 2016

3 4. Under the Coverage details section: in the Coverage amount field, enter the $50,000. for Dividend options, leave the default of Paid Up Additional Insurance (PUA) selected. from the Premium options drop-down list, select 10 pay. for Premium frequency, leave the default of Monthly selected. As you enter information, the Illustration Summary displays the details of the plan and any important messages. 5. From the Assumptions section: for Primary dividend scale, leave the default of Current selected. for Marginal tax rate, leave the defaults of Year, 45.00%, and in the To year field 65. WS IN E 3 November 21, 2016

4 6. From the Withdrawals & loans section: for Withdrawal or loan? select Withdrawal. for Based on, select Age. for Type, leave the default of Level maximum selected. in the From age enter 18 and the To age enter From the Illustration Summary section, click the Refresh button. 8. 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. WS IN E 4 November 21, 2016

5 9. Click the REPORT DESIGN tab. 10. For the Designed for field enter in Mrs. Mary 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 field. 11. Click View Client Report to open the report in Adobe Reader. 12. From the File drop-down menu, click Save As. 13. From the Save As dialog box, in the File name field, enter Firstname_Lastname_Product_Coverage amount and then click Save. WS IN E 5 November 21, 2016

6 Important! 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. 4. Click Delete and then click Delete to confirm. WS IN E 6 November 21, 2016