name, designation title, company name date. protection for all life’s stages
Post on 23-Dec-2015
214 Views
Preview:
TRANSCRIPT
Name, DESIGNATIONTitle, Company NameDate
Protection for all life’s stages
Know your risks
Determine your risk level for: critical illness
disability
premature death
Conversation with Canadians
We asked … 1,000 Canadian homeowners
30 – 50 years of age
Household income $50K - $150K
They said … 70% told us they were concerned about the financial impact of
being unable to work because of illness or injury
60% were concerned about providing for their family if they were to die unexpectedly
Research was conducted online by Research House from March 7-15, 2011
We discovered …
Only 8% of consumers surveyed own all three risk protection products
Only 8% of consumers surveyed own all three risk protection products
Why not?
Maybe they haven’t been asked!
Historically
Three separate policies to apply for Life
Disability
Critical Illness
Three underwriting assessments
Three bills to pay
What are your priorities?
If you suffer from a disability or critical illness, what would you want to be able to do? Continue to make your monthly mortgage payments
Have the funds to allow your partner to take a leave of absence from work if you are recovering from a critical illness
Have extra money in case there are unexpected medical expenses, such as travel and accommodation costs
Receive a monthly income benefit in addition to your group long-term disability coverage
What are your priorities?
What if you die prematurely? What would your family want to be able to do … Pay off the mortgage
Pay off other debts
Create an emergency fund
Provide for final expenses
Establish a child care fund
Establish an education fund
Provide an amount of money to meet income shortage
An innovative new product
Synergy integrates life, critical illness and disability insurance
within a single product package
Synergy integrates life, critical illness and disability insurance
within a single product package
Life Insurance Policy
Disability Insurance Policy
Critical Illness
Insurance Policy
Synergy amount of insurance
Group insurance plan
Additional income
replacement needs
Typically life, long-term disability and sometimescritical illness insurance
Provides term life, disability and critical illness insurance in one easy to manage,
affordable package
A key level of coverage provided by most employers offering protection while employed
The Synergy amount of insurance provides protection from liabilities and obligations that would put you and your
family at risk if you were unable to work, suffered a critical illness or had an
unexpected death before age 65
Additional life insurance needed to provide income replacement in the
event of an unexpected death
Synergy is a key component of the risk management foundation
Pool of money – how it works
Purchase a Synergy amount of insurance between $100,000 and $500,000 creates a pool of money called your
available amount of insurance
Whenever a benefit is paid, your available amount of insurance reduces by that amount
Protection until available amount of insurance is reduced to zero or until age 65*
* The Synergy solution expires on the Synergy anniversary nearest the insured’s 65th birthday
Access to funds in three different ways
Disability Insurance Policy
Critical Illness Insurance Policy
Life Insurance Policy
The monthly disability benefit amount is the lesser of:
1.0.5% of the Synergy amount of insurance, and2.the available amount of insurance
The critical illness covered condition benefit amount is the lesser of:
1. 25% of the Synergy amount of insurance, and2.the available amount of insurance
The death benefit is 100% of the available amount of
insurance
Coverage and cost – male example
Age $100,000 coverage
$250,000 coverage
$500,000 coverage
35 $32.49 $63.12 $110.83
40 $39.66 $79.16 $139.16
45 $62.66 $126.66 $221.66
Monthly premium for male, non-smoker, 10-year renewable to 65
Coverage and cost – female example
Age $100,000 coverage
$250,000 coverage
$500,000 coverage
35 $41.66 $88.33 $159.58
40 $55.08 $117.08 $211.66
45 $66.66 $141.66 $256.24
Monthly premium for female, non-smoker, 10-year renewable to 65
A Synergy claims example – Lisa
Purchases $300,000 of Synergy
Covered condition benefit 25% of $300,000 = $75,000
Available amount of insurance becomes $225,000 ($300,000 – $75,000)
Death benefit = $225,000
Second Claim
Disability claim before age 65 eligible to receive monthly benefit of 0.5% of $300,000 = $1,500
Monthly benefits = $12,000
Available amount of insurance becomes $213,000 ($225,000 - $12,000)
Death benefit = $213,000
A Synergy claims example – Jason
Purchases $250,000 of Synergy
Injured after eight years claims a monthly benefit on his disability insurance policy
receives monthly benefit of 0.5% of $250,000 = $1,250
receives a total of $22,500 during disability time off work
Available amount of insurance is now $227,500
When Synergy expires Jason is able to convert this remaining amount, without medical underwriting*
*This option is not available if you have received a critical illness covered condition benefit.
Other Synergy features
Optional Riders Term Insurance
— 10 year renewable to age 65
Child Protection — Child Protection rider - Life
— Child Protection rider - CI
Access to Health Service Navigator Information about the Canadian health care system
Second opinion service
Available immediately – no need to make a claim
Protection into the future
The Synergy solution expires at age 65
Offers the option to purchase a Manulife permanent life insurance product if an available amount of insurance remains – with no medical underwriting required
This option is not available if you have received a critical illness covered condition benefit
Next Steps
Thank you
top related