Start the CI conversation and maximize your sales opportunities - PowerPoint PPT Presentation

Start the CI conversation and maximize your sales opportunities Presented by: ADELINE THOMSON, CLU, CH.F.C, CHS

COMPANY HISTORY & STRENGTH  In business since 1944  Over 2,000 employees  Offices in 6 major Canadian cities  Over $2 billion premium income  $11 billion in AUM  Over 1 million insureds  AM Best Credit Rating A-Excellent

SSQ SALES TEAM PRAIRIES Business Development Director • Adeline Thomson Inside Sales Representative • Gordon Chan

Critical Illness  Building the case for CI  Breaking through client misconceptions  Advisor perceptions  Key Product Features  Case studies  Advisor tools 5

Critical Illness  Building the case for CI  Breaking through client misconceptions  Advisor perceptions  Key Product Features  Case studies  Advisor tools 6

Ask your clients In case they are diagnosed with a critical illness…  could they take time off work for an extended period of time?  what degree of financial trouble would they experience? 7

Ask your clients In case they are diagnosed with a critical illness…  would they be able afford treatment or the necessary care?  could they keep paying their bills on top of additional expenses due to illness? 8

”It won’t happen to me” 30% of new cancers will occur in young and middle-aged adults 1 in 3 people , on average, will be disabled for Almost 50% of Canadians admit that they are NOT financially In case of premature death, 30% of families with dependent LTC costs can reach up to $2,000/mo . depending on (ages 20 to 59) in their most productive years 90 days or longer at least once before age 65 prepared for retirement children admit they will have immediate trouble province and accommodation type chosen with average length of almost 3 years meeting everyday living expenses Retirement Premature Long term Disability Critical death care Illness 9 2 3 4 5 1

“Government healthcare will cover me” Does your client know what’s NOT covered?  Accommodation, meals, traveling to/from treatment expenses, child care, spouse taking time off work etc.  Cancer prescription drugs, especially experimental ones  Advanced medical care (ex. out of country care)  Recovery in long-term care facility 10

“I have enough saved up”  Personal savings or RRSPs could be quickly depleted  Replacing a spouse's income  Maintaining current lifestyle 11

Is your client protecting the important things in life? Car accident Car insurance Home insurance Home fire Life insurance Death Disability insurance Disability What if your client suffers a stroke or is diagnosed with lung cancer ? 12

Include CI in your client’s financial plan 13

Which option will your client choose? WITHOUT CI coverage WITH CI coverage Loss of income Take a prolonged leave of absence Deplete RRSPs and savings Tax-free lump-sum benefit Liquidate the estate Maintain current lifestyle Go into debt or borrow from family and Payout to be used however the insured friends wants Go without the necessary treatment Get the necessary treatment Choices 14

Critical Illness  Building the case for CI  Breaking through client misconceptions  Advisor perceptions  Key Product Features  Case studies  Advisor tools 15

“The coverage is too expensive”  Cost depends on product chosen, age and lifestyle of the insured  CI rider - great alternative to keep costs down  ROPs 16

“CI coverage is too complicated”  Industry standard definitions  Simple and basic plans available:  Term 10 & Term 20 plans  CI Rider 17

“Other insurance plans are more important”  CI serves as a complementary benefit to any financial plan  Not based on the ability to work  Financial security while living 18

Critical Illness  Building the case for CI  Breaking through client misconceptions  Advisor perceptions  Key Product Features  Case studies  Advisor tools 19

Critical illness insurance Enhanced Plan – 25 illnesses Basic Plan – 3 illnesses – Cancer – Heart Disease – Stroke 20

Critical illness insurance T10 T20 T75 T100 T100 paid up 20 years 21

Critical illness insurance Juvenile CI - under age 17 - no need for CI coverage on parents T75, T100, T100 paid up 20 yrs 30 days to 17 years 28 illnesses 22

Additional benefits • Child CI Rider – Max $50,000 per child – Min $5,000 – Expires at age 25 23

Critical illness insurance • Supplementary Benefit (Early Detection) • 10% Max $50,000 • Paid from SSQ – does not reduce coverage • Coronary Angioplasty • Early stage Breast cancer • Early stage Prostate cancer • Malignant Melanoma 24

Critical illness insurance • Riders – Refund of premiums 100% • On Death • On Expiry • On Cancellation 25

Critical illness Offer  $20,000, 3 illnesses, no CI underwriting  Life Standard & Apply at time of application  No price increase  Expires at Age 85 (rider is maintained on inforce life policy) 26

Built-in Assistance Benefit (CI & DI)  No extra cost  Most services available 24 hours a day, 7 days a week  Services provided even if a claim is pending or has been refused  Services offered:  Second medical opinion  Hospital admission and accommodation assistance outside the province or country  Medical referral  Administrative services  Psychological assistance  Medical assistance  Convalescence assistance  Concierge services  Legal assistance

Critical Illness  Built-in Assistance Benefit  Built-in Supplementary Benefit - 10%, max. of $50,000  Children Endorsement rider – 15 covered illnesses  Waiver of premium (optional)  Built-in Loss of Independent Existence  Enhanced and Child coverage 28

Critical Illness  Building the case for CI  Breaking through client misconceptions  Advisor perceptions  Key Product Features  Case studies  Advisor tools 29

Consider the following example Egg freezing……………….. $5,000 Fertility drugs……………… $3,500 Storage fee (5 yrs )…………$1,000 Medications (5 pills)………$100 IVF(per cycle)……………… $4,000 Wig……………………….. $1,000 _______ Total before considering 34-year-old woman with any other costs………….. $15,000 breast cancer Married, wants kids 30

Second Medical Opinion (SMO) Case SMO Result 54-year-old male Global Expert, The next day, after obtaining the based on Diagnosis: colorectal opinion, the patient provided medical cancer was admitted to documentation, hospital and started Underwent surgical explicitly ordered treatment, which treatment, had a to implement brought recurrence classic unexpectedly chemotherapy 2 methods (classic excellent result. immediately. vs. experimental) of chemo treatment proposed 31

Second Medical Opinion (SMO) Case SMO Result 41-year-old female Global consultant She could sleep better having confirmed Diagnosis: breast obtained correctness of the cancer confirmation from treatment. another source. Treatment: chemo, radiotherapy and In addition, the Was recommended surgical removal of to examine her SMO provided tumor daughter for other valuable predisposal to information Need: confirmation occurrence of the regarding of diagnosis from neoplastic diseases. prognosis. another source 32

Critical Illness  Case Studies  1.Family Market  2.Business Market  3.Estate Planning 33

Critical Illness  Case Studies  1.Family Market  2.Business Market  3.Estate Planning 34

Term Plus Life-DI-CI 35

Layering Solutions - 36 36 36

EDB – unique to SSQ Extreme disability means that the insured is in a state of total and irrecoverable disability as a result of which the insured is wholly unable to work, and that this condition has been declared permanent by a physician. • No extra cost • 50 % of the sum insured up to a max. of $250,000 • Payable before age 60 37

Critical Illness  Case Studies  1.Family Market  2.Business Market  3.Estate Planning 38

Term 10 Index • Same rates as stand alone Term 10 • Double insurance coverage over the next 5 years • Rates at original issue age • Lower COI for new Band Year 1 30% Year 2 25% Year 3 20% Year 4 15% Year 5 10% 39 39 39

Business Owners - 40 40 40

Critical Illness  Case Studies  1.Family Market  2.Business Market  3.Estate Planning 41

CI ROP

CI ROP on Death

UL Layering Coverage 44

Juvenile Policies

Critical Illness  Building the case for CI  Breaking through client misconceptions  Advisor perceptions  Key Product Features  Case studies  Advisor tools 46

“Underwriting”  Use tools available - SSQ Library in software  Preliminary Check Lists  CI underwriting guides  No critical illness underwriting for Basic coverage – CI RIDER  CI offer with preferred underwriting – NS1 47

Illustration Software 48

49

50

51

52

53

Illustration software 54