10 Things to Know About Sun LTCI

1. 10 things you need to know about Sun Long Term Care Insurance (Sun LTCI) Sue De Sousa, CLU, CHS, ACS, AIAA Regional Sales Associate

2. Today’s objective Making sure you understand the key features of Sun LTCI and how they can be of value to clients

3. Agenda • Clarifying the purpose of Sun LTCI • 10 things you need to know about Sun LTCI • Support Materials

4. Clarifying the purpose of Sun LTCI

5. Why offer Sun Long Term Care Insurance? • Its easy to take our ability to perform day-to-day activities for granted… • ….but as time goes on, health changes and new needs emerge. • We gradually begin to spend more on medical, physical and personal care. • Are clients prepared?

6. Independence is gradually lost as we age - video

7. Why offer long term care insurance? • Protects against significant health and personal care costs in retirement • Added security of protection against the impact of a severe illness or accident that can happen at any time

8. What is the Sun LTCI target market? • 50 to 71-year-olds • making retirement income decisions in 5 to 10 years • asset rich with income available to pay insurance premium • desire to leave a meaningful estate

9. LTCI – An important part of Money for Life

10. 10 things you need to know about Sun Long Term Care Insurance

11. 1. Comprehensive, income-style benefit with the choice of an unlimited benefit period • Sun LTCI offers an income-style benefit: • It’s flexible – the benefit can be used for any purpose. • It’s simple – there’s no need to submit receipts for proof of services • A choice of benefit period to meet specific needs or budget. • An unlimited benefit period means additional protection against a catastrophic need.

12. 2. First payment bonus When we approve a new claim, the first payment includes a bonus amount equal to 12 times the weekly benefit amount. • This bonus can help offset some of the costs incurred while satisfying the waiting period.

13. 2. First payment bonus - Meet Elizabeth Her Sun LTCI policy: • 90 day waiting period • $750 weekly benefit • Unlimited benefit period First payment bonus: $750 x 12 weeks = $9,000 When she qualifies for a new LTCI claim she’ll receive a First payment bonus of $9,000

14. 3. Inflation protection option It’s important to consider the impact of inflation on the amount of coverage selected Sun LTCI offers two options: • 2% annually increasing to 3% while on claim • 3% while on claim

15. How much can care cost?

16. Monthly cost of a private room in a nursing home in Canada $1006 - $3,199 $2,800 $1,076 – $2,046 $1,811 $1,047 – 2,448 $2,478 $1,950 $2,563 $3,300 $3,437 Source: Sykes Assistance Services, 2015

17. 4. Return of premium on death (ROPD) • Clients can enhance their coverage with a simple, easy-to-understand ROPD. • Adding the ROPD option guarantees that 100% of premiums paid into the policy will be returned • ROPD enhances the estate protection provided by LTCI.

18. 5. Coverage extended outside Canada or the United States • Most insurers will not pay benefits if the insured person is located outside of Canada or the United States • Sun LTCI provides coverage for eight consecutive weeks of travel outside either country.

19. 6. Spousal waiver of premium • A unique feature to Sun LTCI • Premiums may be waived if: • we are paying benefits on either policy, or • one spouse dies

20. 6. Spousal waiver of premium • To qualify, both policies: • must have spousal waiver • must have been continuously in effect with no approved claims until: • both have reached their 10th policy anniversary, or • both spouses have had their 86th birthday.

21. 6. Spousal waiver of premium – Meet Frank and Lois • Each purchase a Sun LTCI policy with built-in spousal waiver of premiums at age 60. • At age 75, Frank suffers a stroke and becomes dependent for bathing and dressing. When Frank’s claim is approved, we will also waive premiums for Lois’ policy because both policies have been in-force for more than 10 years without a claim.

22. 7. Palliative or end-of-life care • Regardless of the waiting period, clients can submit a claim 30 days after: • they’ve been diagnosed with a terminal disease or illness, • they require substantial physical assistance for at least 4 activities of daily living, and • they’ve received palliative care that is supportive and provides comfort.

23. 8. Extended term insurance (ETI) • With ETI, if the client can’t pay premiums, their Sun LTCI policy may stay in force for a specified time. • The benefit amount, benefit period and waiting period don’t change.

24. Sample ETI schedule

25. 9. Premium guarantee • LTCI premiums are adjustable • All insurers guarantee rates for the first five years but may change them at any time after that • Sun Life adds an extra layer to the guarantee: If rates are adjusted they become guaranteed again and cannot be adjusted for at least five years.

26. Premium guarantee How the premium guarantee works

27. 10. LifestageCare services A national, bilingual service, available by phone or online, 24 hours a day, 7 days a week. • Offers unbiased information about local, qualified health care and personal care providers that meets individual and family needs, at every stage of life. • Clients can access the service as soon as the policy is issued.

28. Support Materials

29. Product feature sheet Order on-line: 810-3350 Support Materials Advisor Guide Download the PDF

30. Support Materials Your health in retirement 810-3346 Lifestage Care brochure 810-3724

31. Support MaterialsReaching out to clients

32. Support Materials Fact sheets to support you with the underwriting process

33. Choosing the right LTCI plan (810-4099) Interactive brochures LTCI helps take the risk out of your retirement plans (810-4101)

34. Let’s review

35. The need for Sun LTCI • You’ve helped clients build their savings so that they can enjoy life today and in retirement. • Having a plan that includes LTCI helps protect client’s savings against long-term care expenses during retirement. • It means having more control and flexibility when things change in retirement.

36. Strength of Sun Life Financial • With Sun Life, you’re working with Canada’s leading LTCI product and a market leader with experience paying over $55.9 million in benefits. • Remember, Sun LTCI offers: • First payment bonus • Spousal waiver of premiums • Extended term insurance

37. Valuable resources to help get you started • You’ll find advisor guides, product summaries and sales strategies on the advisor website. • You can also talk to me about additional training or informationsue.de.sousa@sunlife.com647-505-0170

38. The bottom line is Get to know Sun Life Financial health products and support materials You’ll be well equipped to educate your clients and successfully grow your sales

39. Here’s what we suggest you do next • Identify 10 clients you’re going to discuss Sun LTCI with. • Review today’s material and the additional resources available to you. • Prepare your conversation. Customize it to each client’s need or situation.

40. Sales Desk: salesdesk@sunlife.com 1-800-800-4786 (4SUN), Option 4,1 We’re here to help

41. Thank You!