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

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

Mar 12, 2024 24 likes •628 views

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

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Presented by: ADELINE THOMSON, CLU, CH.F.C, CHS

Start the CI conversation and maximize your sales opportunities

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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

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SSQ SALES TEAM

Business Development Director

PRAIRIES

  • Adeline Thomson

Inside Sales Representative

  • Gordon Chan
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Critical Illness

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

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  • Building the case for CI
  • Breaking through client misconceptions
  • Advisor perceptions
  • Key Product Features
  • Case studies
  • Advisor tools
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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?

Ask your clients

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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?

Ask your clients

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Long term care Critical Illness Disability

Retirement

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

”It won’t happen to me”

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“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
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  • Personal savings or RRSPs could be quickly depleted
  • Replacing a spouse's income
  • Maintaining current lifestyle

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“I have enough saved up”

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Car accident Home fire Death Disability

Is your client protecting the important things in life?

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What if your client suffers a stroke or is diagnosed with lung cancer?

Car insurance Home insurance Life insurance Disability insurance

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Include CI in your client’s financial plan

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WITHOUT CI coverage WITH CI coverage

Loss of income Deplete RRSPs and savings Liquidate the estate Go into debt or borrow from family and friends Go without the necessary treatment Take a prolonged leave of absence Tax-free lump-sum benefit Maintain current lifestyle Payout to be used however the insured wants Get the necessary treatment Choices

Which option will your client choose?

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Critical Illness

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  • Building the case for CI
  • Breaking through client misconceptions
  • Advisor perceptions
  • Key Product Features
  • Case studies
  • Advisor tools
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  • Cost depends on product chosen, age and lifestyle of the

insured

  • CI rider - great alternative to keep costs down
  • ROPs

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“The coverage is too expensive”

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  • Industry standard definitions
  • Simple and basic plans available:

 Term 10 & Term 20 plans  CI Rider

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“CI coverage is too complicated”

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  • CI serves as a complementary benefit to any financial plan
  • Not based on the ability to work
  • Financial security while living

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“Other insurance plans are more important”

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Critical Illness

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  • Building the case for CI
  • Breaking through client misconceptions
  • Advisor perceptions
  • Key Product Features
  • Case studies
  • Advisor tools
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Critical illness insurance

Enhanced Plan – 25 illnesses Basic Plan – 3 illnesses – Cancer – Heart Disease – Stroke

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Critical illness insurance

T10 T20 T75 T100 T100 paid up 20 years

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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

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Additional benefits

  • Child CI Rider

– Max $50,000 per child – Min $5,000 – Expires at age 25

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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
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Critical illness insurance

  • Riders

– Refund of premiums 100%

  • On Death
  • On Expiry
  • On Cancellation
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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)

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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
  • r country
  • Medical referral
  • Administrative services
  • Psychological assistance
  • Medical assistance
  • Convalescence assistance
  • Concierge services
  • Legal assistance
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  • 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

Critical Illness

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Critical Illness

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  • Building the case for CI
  • Breaking through client misconceptions
  • Advisor perceptions
  • Key Product Features
  • Case studies
  • Advisor tools
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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 any other costs………….. $15,000

Consider the following example

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34-year-old woman with breast cancer Married, wants kids

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Second Medical Opinion (SMO)

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54-year-old male Diagnosis: colorectal cancer Underwent surgical treatment, had a recurrence 2 methods (classic

  • vs. experimental) of

chemo treatment proposed

Global Expert, based on provided medical documentation, explicitly ordered to implement

classic

chemotherapy immediately.

The next day, after

  • btaining the
  • pinion, the patient

was admitted to hospital and started treatment, which brought unexpectedly excellent result.

SMO Case Result

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Second Medical Opinion (SMO)

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41-year-old female Diagnosis: breast cancer Treatment: chemo, radiotherapy and surgical removal of tumor Need: confirmation

  • f diagnosis from

another source

Global consultant confirmed correctness of the treatment. In addition, the SMO provided

  • ther valuable

information regarding prognosis.

She could sleep better having

  • btained

confirmation from another source. Was recommended to examine her daughter for predisposal to

  • ccurrence of the

neoplastic diseases.

SMO Case Result

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Critical Illness

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

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  • Case Studies
  • 1.Family Market
  • 2.Business Market
  • 3.Estate Planning
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Term Plus Life-DI-CI

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Layering Solutions

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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

EDB– unique to SSQ

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Critical Illness

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  • Case Studies
  • 1.Family Market
  • 2.Business Market
  • 3.Estate Planning
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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%

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Business Owners

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Critical Illness

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  • Case Studies
  • 1.Family Market
  • 2.Business Market
  • 3.Estate Planning
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CI ROP

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CI ROP on Death

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UL Layering Coverage

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Juvenile Policies

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Critical Illness

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  • Building the case for CI
  • Breaking through client misconceptions
  • Advisor perceptions
  • Key Product Features
  • Case studies
  • Advisor tools
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  • 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

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“Underwriting”

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Illustration Software

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Illustration software

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Application Form

  • All-in-one application

– Combines Life, CI and Term Plus Insurance

  • Printable version available

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Preliminary questionnaire

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Financial needs analysis in software

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Marketing documents

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SSQ’s Merit Plan for Advisors

Life & Health insurance: $1 in NFYC = 40 sales credits $25,000 NFYC = 1,000,000 credits SSQ GIF Funds: $1 in sales* = 1 sales credit $1 Million = 1 Million Credits 1 Million credits = $1,600 Over 5 Million credits = $20,000 January 1st to December 31st, 2018

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SSQ SALES TEAM

Business Development Director

PRAIRIES

  • Adeline Thomson

Inside Sales Representative

  • Gordon Chan