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Term Plus: A Multi-Purpose Insurance Solution

Discover Term Plus, a flexible, comprehensive, and competitive insurance solution tailored to meet the personal and business protection needs of your clients. This all-in-one solution offers coverage for Life, Disability, and Critical Illness, making it a great alternative to bank products. Experience highly competitive pricing and explore the advantages of Term Plus Life, including available terms, face amount options, renewability, and the inclusion of the Extreme Disability Benefit (EDB).

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Term Plus: A Multi-Purpose Insurance Solution

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  1. Term Plus: A Multi-Purpose Insurance Solution Barry Rubin Director, Business Development Individual Insurance Products

  2. AGENDA • Company History & Strength • Market Conditions • Understanding Term Plus Insurance • SSQ’s Unique Extreme Disability Benefit • Case Study • Illustration Software

  3. COMPANY HISTORY & STRENGTH • In business since 1944 • Over 2,200 employees • Offices in 6 major Canadian cities • Business volume of $3 billion • $11 billion in assets under management • Over 1 million insureds • AM Best Credit Rating A-

  4. TOP LIFE INSURER RANKINGS

  5. FINANCIAL STABILITY

  6. SSQ STRENGTH

  7. MARKET CONDITIONS IS THERE A NEED FOR A MULTI-PURPOSE PRODUCT?

  8. WHAT THE NUMBERS TELL US • Typical Canadian owed $27,348 in consumer debt at the start of 2016 *TransUnion • This figure has jumped 2.7 percent in the past year and doesn’t include mortgage debt • Canadians now have more of virtually all forms of debt, including credit card debt, instalment loans, car loans and personal lines of credit • Canadians debt to income ratio sets new high at 171% *Statistics Canada

  9. DID YOU KNOW THAT… • In the event of premature death, 30% of families with dependent children admit they will have immediate trouble meeting everyday living expenses (LIMRA) • 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 (CLHIA) • Almost half of all Canadians (41% of females and 46% of males) will develop cancer in their lifetime and a quarter of all Canadians are expected to die of the disease.

  10. ASK YOUR CLIENTS • What would happen to your home in the event of: • Premature Death • Disability • Critical Illness Diagnosis • How long would you be able to cover your outstanding loan payments before you start experiencing financial difficulties?

  11. THE SOLUTION…TERM PLUS! A flexible, comprehensive and competitive solution tailored to meet the personal and business protection needs of your clients. • All-in-one solution offering coverage for Life, Disability and Critical Illness • Great alternative to bank products • Highly competitive pricing

  12. ADVANTAGES OF TERM PLUS LIFE • Available Terms – T10, T15, T20, T25, T30, T35 • Face Amount Options • Level • Decreasing to 50% of initial amount • Renewable every 5 years, after the initial term, up to age 85 • Convertible • Built-in Guaranteed Insurability Feature • 25% of initial insurance amount (max $100,000) • Up to age 60 • Extreme Disability Benefit (EDB) included

  13. TERM 10 vs TERM PLUS 10 RENEWALS Male, 45 Non-Smoker $1,000,000 Term 10 – $6,840 annual premium (years 11-20) Term Plus 10 – $5,250 annual premium (years 11-15) Annual savings $1,590

  14. TOTAL DISABILITY RIDER • Accident & Sickness • No Financial Documents Needed • Not an Income Replacement Benefit

  15. TOTAL DISABILITY RIDER Ask your clients questions

  16. ASK YOUR CLIENT • Do you owe money on a monthly basis? • Eligible Loans • Mortgage loan • Mortgage line of credit • Personal loan • Personal line of credit • Loan for the purchase or lease of a vehicle • Student loan • Loan for investment purposes • Farm loan • Commercial loan • Provide a monthly indemnity • $300 to $3500 per month • 1.5% of life amount

  17. ASK YOUR CLIENT • How much do you work per week? • Eligibility • Employed 21 hours or more per week, 8 months per year

  18. ASK YOUR CLIENT • What do you do for a living? • List of Non-Insurable Occupations (software library) • Stay-at-home-spouse or a spouse on parental leave • Up to $1,000

  19. BENEFIT PERIODS • 2 or 5 year benefit • can be changed to age 65 option (evidence required, attained age) • Up to age 65 Benefit

  20. WAITING PERIODS • 2 or 5 year Benefit • 90 days (none retroactive) • 30 days – if disability occurs following an accident, hospitalization of min. 72 hrs or day surgery • Up to age 65 Benefit • 90 days (none retroactive) • Line of credit, vehicle lease: maximum 120 payments

  21. TOTAL DISABILITY RIDER • Assistance benefit • Second medical opinion, medical referral, psychological assistance, legal assistance etc. • Claims • Proof of loan requiredat time of claim

  22. TOTAL DISABILITY RIDER • Guaranteed Insurability Benefit • Increase proportional to life increase, exercised simultaneously • Age 55 or less • Monthly indemnity:1.5% of life amount, max. $3,500

  23. NEEDS ANALYSIS YSIS

  24. START CONVERSATION ABOUT CI • Cancer is the leading cause of death in Canada and responsible for 30% of all deaths. (The Canadian Cancer Society) • Cancer accounts for 68% of payouts for CI policies, followed by heart attacks at 13%. • Significant decrease in CI sales in the industry since 2012.

  25. WHY ARE WE NOT TALKING ABOUT CI? • Poor field underwriting? • Premiums are too high? • Longer underwriting process? • Family history? • Want to first get prospect as client?

  26. CRITICAL ILLNESS RIDER • 3 covered illnesses: Cancer, Heart Attack and Stroke • Lump sum Tax-Free Payment - $20,000 • Offered on ALL life insurance products • Issue ages – 18 to 60 • End of coverage – age 85 • Levelized premiums • NO family history and longer underwriting times • Assistance benefit

  27. CRITICAL ILLNESS RIDER • Male, 35, Non-Smoker $20,000 Critical Illness Benefit • $94 per year guaranteed (expiry age 85) • 50 years of protection • .25 cents per day = $4700

  28. YOU’RE PROBABLY WONDERING… How?!

  29. TO BE APPROVED… • Underwritten Standard Life • Check box off at time of application

  30. EXTREME DISABILITY BENEFIT • Provides 50% of life insurance amount up to $250,000 • At NO additional cost • Offered on ALL individual life insurance products • Unique to SSQ

  31. EXTREME DISABILITY BENEFIT Extreme disability means the insured is affected by a medical condition that renders him or her in a state of total and irrecoverable disability (at least 6 months) as a result of which the insured cannot perform activities of daily living without a reasonable expectancy of recovery as determined by a physician

  32. EXTREME DISABILITY BENEFIT Insured cannot perform four (4) out of the following six (6) activities of daily living : 1. Bathing - the ability to wash oneself in a bathtub, shower or by sponge bath, with or without the aid of equipment; 2. Dressing - the ability to put on and remove necessary clothing including braces, artificial limbs or other surgical appliances; 3. Toileting - the ability to get on and off the toilet and maintain personal hygiene; 4. Bladder and Bowel Incontinence - the ability to manage bowel and bladder function with or without protective undergarments or surgical appliances so that a reasonable level of hygiene is maintained; 5. Transferring - the ability to move in and out of a bed, chair or wheelchair, with or without the use of equipment; 6. Feeding - the ability to consume food or drink that already has been prepared and made available, with or without the use of adaptive utensils.

  33. CASE STUDY

  34. BUT FIRST… • More than double your commission on next sale • Provide a married couple Life, Critical Illness and Disability Insurance • They pay less than $5 per day

  35. CASE STUDY • Your prospects • Scott, 29, and Cassie, 28, a young married couple purchasing their first home together ($425,000). • Combined they have $25,000 in debt (student loans and a car loan). • Both are working and have a combined income of $120,000 • Their need • To cover their mortgage • To cover their debt

  36. WHAT DID WE LEARN? • YOUR CLIENTS • Get coverage they need all for less than $5 per day • Only spend 1.25% of total gross income • YOU • Easily start the conversation about LI / CI / DI • Double your commission • Additional benefits earn more in renewals than life

  37. ONE MORE THOUGHT • What happens if your new clients have a baby down the road? • Simply add a Child Rider for just over $10 per month • Provide $25,000 per child no matter how many kids they have • Children have option to convert to permanent solution (max. $100,000)

  38. ILLUSTRATION SOFTWARE • Version 6.3 – Download at www.ssq.ca • Anyone can download software • Illustration tool • Product library • Insurance application • Electronic application • Financial needs analysis & • investor profile

  39. THANK YOU! SSQ ONTARIO EAST SALES TEAM Barry Rubin Sam Alves Director, Business Development Director, Business Development Individual Insurance Products Investment & Retirement 416-428-5060 416-949-3389 Barry.rubin@ssq.casam.alves@ssq.ca Safeena Silverman Business Development Associate 416-859-7174 Safeena.silverman@ssq.ca

  40. SSQ.CA / BETTER SERVE YOU

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