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Introducing The Everest Package

Introducing The Everest Package. What is The Everest Package. Whole Life Insurance. Plus. Who is Everest?. A Vision for change. OUR VISION. To revolutionize the way consumers interact with the funeral industry.

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Introducing The Everest Package

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  1. Introducing The Everest Package

  2. What is The Everest Package Whole Life Insurance Plus

  3. Who is Everest?

  4. A Vision for change OUR VISION To revolutionize the way consumers interact with the funeral industry For more than a decade we’ve been working towards this vision and now almost 25 million people in North America have Everest

  5. The Everest Offering • 24/7 Advisor Planning Assistance • Funeral planning issues • Creating a personal funeral plan for the client • Everest PriceFinder Research Reports • Detailed, local funeral home price comparisons • Available on demand via our website • Online Funeral Planning Tools • Includes: Personal Profile, 10 Key Decisions Planner, Reference Guide, “My Wishes” Planning Guide and more • Information stored and maintained in a secure data warehouse

  6. The Everest Offering • At-Need Family Support • Family Assistance and Plan Implementation • Communicate the client’s Personal Funeral Plan to the funeral home, removing the family from a sales-focused environment • Provide 24 hour assistance throughout the funeral process • Negotiation Assistance • Gather pricing information and present to client in an easy-to-read format • Negotiate funeral service pricing with local funeral homes • Help the family compare prices of caskets and other products

  7. What Everest IsNOT Everest is NOT a funeral home Everest does NOT have a network of funeral homes it deals with Everest does NOT sell funeral goods or services Everest does NOT sell funeral pre-arrangements Everest does NOT receive commissions or profit in anyway from a client’s decision

  8. Research

  9. Research findings • Canadians are unprepared and underinsured • 64% have never planned a funeral • Only 10% have pre-planned their funeral • Only one-third of Canadians have insurance to cover funeral costs • Canadians’ funeral concerns and priorities • Not being able to afford it 46% • Not knowing where to start 37% • Being taken advantage of 36%

  10. Research findings • Canadians want to be prepared • 74% say that having the option to pay for their funeral in advance as a part of their life insurance package in appealing • Two-in-five say they are likely to pre-plan for their own funeral within the next five years • Canadians are interested in the Everest service • Over half are interested in hearing more about Everest • 83% would purchase a service like Everest for themselves

  11. Research findings • Everest’s unique service addresses Canadians’ needs and concerns • Not being able to afford it • Solution: Everest offers a source of funding through life insurance, the expertise to research and negotiate the costs, plus assistance with expediting the claims process • Don’t know where to start • Solution: Everest’s planning information and helpful advisors provide families access to unbiased third party advice and someone to execute all the details per the client’s request • Fear of being taken advantage of • Solution: Everest’s independent advocates work for the client, not the funeral home, allowing the family time to focus on what’s important as opposed to making arrangements

  12. Target market MORE

  13. TARGET MARKET • Women in the workforce – 73% • Women delaying marriage – 27.4 yrs. • Women out-earning husband – 30% • Women manage the budget – 87% • Women having fewer children – 1.6 • Women getting divorced – 40% • Women living longer – 82.7 vs. 77 yrs. Source: Statistics Canada 2009-2011; The Richer Sex, Maclean’s March 2012

  14. TARGET MARKET • Women are overwhelmingly making decisions for their household: • Vast majority of healthcare decisions (~85%) • For themselves • For their families • Sandwich Generation – Women Boomers • Responsible for own children • Increasingly responsible for parents • Boomer Women have more spending clout than any other demographic • But often feel overlooked Source: The Baby Boomer Woman, Brown & Osborn

  15. TARGET MARKET • Product categories WOMEN dread buying the most: 3. Healthcare 2. Autos 1. Financial Services Source: Women Want More, BCG Survey 2009

  16. TARGET MARKET • Dissatisfaction is prevalent: • Most dissatisfied • Of all industries that affect their daily lives, women are most dissatisfied with the Financial Services Industry • Insurance has a problem • 75% of women dissatisfied with service • 74% of women dissatisfied with product offering • Misunderstood • 85% of women feel misunderstood by investment marketers • Overwhelmingly, women willing to switch to provider who understands them better Source: Women Want More, BCG Survey 2009; Too Busy to Shop, by Kelley Skolda

  17. TARGET MARKET • Think about your business • Think about these trends • Think about your agents What do you need MOREof?

  18. TARGET MARKET The Everest System Gateway to MORE

  19. TARGET MARKET • Everest was designed with women in mind: • Provides personal touch at a sensitive time • Removes her from a high pressure sales environment • Female-focused communication • Designed to resonate with her • Service focus • She demands higher service levels • Everest delivers

  20. TARGET MARKET • The Everest System Features: • Recruiting to a program • Attractive compensation • 3 sales/week = $100,000 commission/year • Professional training • Powerful in-home presentation • Unique Door Opener • Needs Analyzer

  21. TARGET MARKET The Everest System: Gateway to MORE • MORERecruits • MOREClients • MORESales

  22. CONSUMERS CHOICES • Do nothing – leaves family with emotional and financial burden • Buy a “Pre-Need” Funeral from a Funeral Home • Expensive - Limited choice and information • Locked into single provider - Not portable • Does not address fear of being taken advantage of • Funeral home is the beneficiary • Have ready cash or credit card with high limit • Buy “Final Expense” Insurance • No planning element is offered • No support to relieve family of emotional burden

  23. COMPETITIVE LANDSCAPE • Pre-Need Insurance offered mainly through Foresters Life and Assurant Life • Reliant on funeral homes as primary distribution • Final Expense Insurance offered mainly by: • BMO Life • Manulife – “Cover Me” • RBC Insurance • Canada Protection Plan – Broker not Carrier • No one offers The Everest Package until now

  24. Insurance product overview Whole Life Insurance • Simplified Issue • Guaranteed Issue

  25. FEATURES & BENEFITS OF SIMPLIFIED ISSUE • Whole Life Insurance coverage - $5,000, $7,500, $10,000, $15,000, $20,000, $25,000 & $30,000 • Apply between ages 18 and 80 • Four simple health questions - No Medical Exam • Short application form • Suicide within first 2 years – not covered • Guaranteed 48-Hour Payout • Tax Free Proceeds • Easy to purchase • Cash Surrender Value • Paid Up Date – 100 • Single Premium Option

  26. FEATURES & BENEFITS OF GUARANTEED ISSUE Whole Life Insurance coverage - $5,000, $7,500 & $10,000 Guaranteed Acceptance Apply between ages 18 and 80 Accidental death benefit before age 85 – coverage amount doubles regardless how many years in force If death, other than accidental, occurs within 2 years – premiums will be refunded Guaranteed 48-Hour Payout Tax Free Proceeds Easy to purchase Cash Surrender Value

  27. REGULATORY ENVIRONMENTOntario Only • Two Acts amended July 1, 2012 and are connected • Funeral, Burial and Cremation Services Act 2002 (FCB) and Financial Services Commission of Ontario (FSCO) • Ontario Regulation 347/04 – Agents Regulation Under the Insurance Act • Life insurance to fund expenses for funeral, cemetery, etc.

  28. REGULATORY ENVIRONMENTOntario only • An agent who holds a life insurance license • Shall not contact, by telephone or in person, any person for the purpose of soliciting the making or negotiation of a contract to fund funeral, burial or cremation expenses unless the person has requested the agent to contact him or her for that purpose • Shall not contact by any means any person who is in a hospital, nursing home, home for the aged or hospice for the purpose of soliciting the making or negotiation of a contract to fund funeral, burial or cremation expenses unless the person has requested the agent to contact him or her for that purpose • Shall disclose in writing to every prospective purchaser of a contract to fund funeral, burial or cremation expenses that the purchase under the contract does not constitute the purchase of licensed services or supplies as defined in the FCB Act

  29. REGULATORY ENVIRONMENT • Everest Package is whole life insurance from Western Life plus Everest independent funeral planning advice and concierge service • Proceeds can be used for any purpose • A beneficiary is named – not a provider of funeral, burial or cremation services • Agents meet with clients and potential clients in their homes discussing the Western Life insurance as part of an overall needs analysis

  30. Thank You

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