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Top Critical Illness Sales Ideas

Top Critical Illness Sales Ideas. Ryan Faiella, BA, MIB, CHS Manager, Living Benefits Sales Southwestern & Northern Ontario. Living Benefits Solutions at Manulife . Disability Insurance Proguard Venture ExpenseComp Buy-Sell Plus Critical Illness Lifecheque. Long Term Care LivingCare

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Top Critical Illness Sales Ideas

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  1. Top Critical Illness Sales Ideas Ryan Faiella, BA, MIB, CHS Manager, Living Benefits Sales Southwestern & Northern Ontario

  2. Living Benefits Solutions at Manulife • Disability Insurance • Proguard • Venture • ExpenseComp • Buy-Sell Plus • Critical Illness • Lifecheque • Long Term Care • LivingCare • Synergy • Combination Insurance • Life, CI, DI

  3. The Risks are Real

  4. Opportunities • Generally early 30’s to early 50’s • Families with higher incomes >$100,000 • Employees whom are underinsured • Professionals • Business Owners • High Net Worth Clients • Clients you are doing pre-retirement planning with

  5. “What’s your risk?” www.insureright.ca 30 year old female; non-smoker 40 year old female; non-smoker 50 year old female; non-smoker

  6. Selling is 4 Questions • Do you know someone? • Was it planned or unexpected? • Was there emotional or financial strain on the person and their family? • How would cash have helped?

  7. Mortgage/Loan Protection • Old vs New Insurance Planning • Better coverage than the offering at the bank • Cover the monthly payment or amount of the loan • Term 20 CI coverage

  8. Matching Luggage – Bundling Life & CI Sales • Think of your Life Insurance clients…What would you offer? • Term Life Insurance  Term Critical Illness • Permanent Life Insurance  Permanent Critical Illness • Male, 30, NS, HS3 • $250,000 T20 Family Term = $21.83/month • $250,000 T20 Lifecheque = $79.19/month • TOTAL Premium = $101.02/month • Risk of dying before age 65 is 7% • Risk of becoming critically ill is 27%.

  9. Investors – Speak their Language • Impact of withdrawal and ERR • Diversification • The software can do this for you!

  10. Crash/stress test their plans For illustration purposes only

  11. The “Graduation Gift” • “Millennial” son/daughter – grandson/granddaughter • In school – or just graduated – may have a job • No substantial savings • No group benefits • Sudden illness • Our adult children are STILL our children • Is client going to use their own retirement funds?

  12. Protecting the Insurance sale • Protect your estate planning solutions in the event of a serious illness for as little as 3% of the annual premium. • The strategy – Put CI protection in place to protect planned premium deposits • Term 10 or 20 to match the annual premium • Provides coverage for 24 conditions and built in long term care protection! • Some will like the idea of creating another asset

  13. The Numbers Sample Rates - $10K of annual PAR funding Male NS 10 Pay ($100K)Male NS 20 Pay ($200K) Age 30 $ 353.40 $ 752.88 Age 35 $ 414.36 $1,024.92 Age 40 $ 562.08 $1,487.04 Age 45 $ 788.16 $2,280.36 Age 50 $1,171.92 $3,526.20 Sample Rates - $20K of annual PAR funding Male NS 10 Pay ($200K)Male NS 20 Pay ($400K) Age 30 $ 631.92 $1,426.92 Age 35 $ 753.71 $1,965.48 Age 40 $1,049.28 $2,894.04 Age 45 $1,501.44 $4,477.44 Age 50 $2,268.96 $6,974.04

  14. Putting it in Perspective Sample Rates - $10K of annual PAR funding Male NS 10 PayMale NS 20 Pay Age 30 +3.5% +3.8% Age 35 +4.1% +5.1% Age 40 +5.6% +7.4% Age 45 +7.9% +11.4% Age 50 +11.7% +17.6% Sample Rates - $20K of annual PAR funding Male NS 10 PayMale NS 20 Pay Age 30 +3.1% +7.1% Age 35 +3.8% +9.8% Age 40 +5.2% +14.5% Age 45 +7.5% +22.4% Age 50 +11.3% +34.9%

  15. Let’s look at the claims Disability Claims Critical Illness Claims

  16. Why Manulife Lifecheque? • 24 covered conditions • 6 different plan choices – T10, T20, T65, T75, T100 and T100 (15 pay) • Highest payout for early intervention benefit (25% to a max of $50,000) • Built In Living Care Benefit • 90 day wait • 1% of face (max $5,000). Double if client is in a facility (max $10,000) • Health Service Navigator • Recover Benefit – 10% up to $10,000 • Simple Issue Lifecheque offer • Life insurance healthstyle 1 or 2 offered CI (50% of face amount up to max of $250,000)

  17. Next Steps “I want to start selling Living Benefits, now what?” • Team at Manulife • Repsource • Practice on yourself • Do YOU own DI or CI? • Prospects & Clients – LB Opportunities Listing

  18. Contact Us! • Ryan Faiella, Living Benefits Specialist • Southwestern & Northern Ontario • ryan_faiella@manulife.com • Phone: 1-226-747-6799 • Insurance Wholesaling Team • Cindy McNeill • Cameron Curry

  19. Thank You!

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