Life Insurance Made

Easy
Simplified Issue Products

Agenda
Canadian Life
Insurance Market
Simplified Issue
Products
What is it and for whom?
Underwriting
Purpose

Insurance Needs
Covered
Funeral and final expenses
Probate fees
Income tax surprises

Your Business
Golden Protection

Canadians Underinsured

Almost HALF of Canadian households (6 million) admit they would

have immediate trouble meeting expenses if a wage earner died.

Not only are they underinsured They Know It !!!

Source: LIMRA

About 2 in 10 households have NO life

insurance at all.

Of those that have coverage over 30%

believe they need additional coverage.

Only 23 percent of all households had an

opportunity to buy through a personal
meeting with a life agent .

Many Options
Term Insurance

Mortgage Insurance

How do simplified issue products fit

in the picture?
Participating Insurance
Universal Life Insurance

Whole Life Insurance

What is it?
Does not require a medical exam, blood
test, fluid samples or doctors report.
Easier to qualify for this type of life
insurance than for traditional insurance.
One of the fastest ways to get life
insurance because of the simplified issue
process.

Who is it for?
People
with certain issues that may cause a premium to
be rated or a refusal on a traditional life insurance;
or
who genuinely dislike needles or any type of
medical exam; or
looking for a simple and fast process to get life
insurance; or
who dont want the value of their estate diminished
by funeral costs and other final expenses; or
who want the tax-free death benefit to be paid
quickly.

Addressing Procrastination
Many Canadians put off buying insurance
because they anticipate a difficult process,
thinking its complex and confusing.1
Simplified issue products are:
easy to understand;
easy to apply for.
1. Source: Billion Dollar Baby - The Sales Potential of the Underinsured Life Market in Canada (2007), LIMRA

Underwriting
With simplified issue products like Golden
Protection, the questionnaire on the
application represents the underwriting
process.
If all the answers to the questions are no, the
client is insurable.
Clients dont have to wait for weeks before
finding out whether theyre insured or not.
No premium rating.

Underwriting Issues
Some of the elements that make it hard for people to
get insurance:
Height and weight
restrictions
Diabetes
DUI / Driving record
Drug or alcohol abuse

Depression / Anxiety
MS / Parkinsons
High blood pressure
High cholesterol
Family health history

Who do you know are affected by one or more of these issues?

A simplified issue life insurance like Golden Protection could be
the solution for them.

What about cost?

Premiums for a simplified issue life
insurance are higher than those of a
traditional whole life policy issued at the
regular rate.
This is due to the higher risk taken by the
insurance company on this type of
product.
However, premiums for a simplified issue
product may be lower than you think!

Cost Example
Annual premium for $25,000 face amount
for 65 year-old male non-smoker

*Lowest premium in LifeGuide October 2015 edition for the WL/Guaranteed Life Pay ca

Cost Example
Annual premium for $25,000 face amount
for 50 year-old male non-smoker

* Lowest premium in LifeGuide October 2015 edition for the WL/Guaranteed Life Pay c

Cost Example
Annual premium for $25,000 face amount
for 65 year-old female non-smoker

* Lowest premium in LifeGuide October 2015 edition for the WL/Guaranteed Life Pay c

Cost Example
Annual premium for $25,000 face amount
for 50 year-old female non-smoker

* Lowest premium in LifeGuide October 2015 edition for the WL/Guaranteed Life Pay c

What is it for?
Due to the simple underwriting process,
face amounts available are lower than
traditional products.
Mostly used to cover funeral costs and
other final expenses.
They can also be used to:
Cover small debts;
Grow the estate to be passed on to loved-ones;
Give to a charitable organization.

Final Expenses
Can include:
Probate fees

(based on
estate value, varies by province
and territory)

Other legal fees

Accounting fees
Executor
compensation
Income taxes

Probate Fees in Canada

Value of Estates

Probate Fees

British
Columbia

$0 to $25,000
$25,001 to $50,000
$50,001 or more

$0
$208 + 0.6% of value in excess of
$25,000
$358 + 1.4% of value in excess of
$50,000

Alberta

$0 to $10,000
$10,001 to $25,000
$25,001 to
$125,000
$125,001 to
$250,000
$250,001 or more

$25
$100
$200
$300
$400 Maximum

Saskatchew
an

Any amount

0.7% of estate value

Manitoba

$0 to $10,000
$70
Source: Financial $10,001
Advisors Pocket
Reference 2011-2012,
or more
$70 +CCH
0.7% of value in excess of

Probate Fees in Canada

Value of
Estates

Probate Fees

Ontario

$0 to $50,000
$50,001 or more

0.5% of estate value

$250 + 1.5% of value in excess of
$50,000

Qubec

Any amount

N/A (court verification fee only for nonnotarial will)

New
Brunswick

$0 to $5,000
$5,001 to $10,000
$10,001 to
$15,000
$15,001 to
$20,000
$20,001 or more

$25
$50
$75
$100
0.5% of the estate value

Source:
Financial Advisors Pocket Reference 2011-2012, CCH
Newfoundla

nd &

$0 to $1,000

$85

Probate Fees in Canada

Value of
Estates
Prince
Edward
Island

Nova
Scotia

$0 to $10,000
$10,001 to
$25,000
$25,001 to
$50,000
$50,001 to
$100,000
$100,001 or more

Probate Fees
$50
$100
$200
$400
$400 + 0.4% of value in excess of
$100,000

$0 to $10,000
$77.00
$10,001 to
$193.61
$25,000
$322.31
to Reference 2011-2012,
Source: Financial $25,001
Advisors Pocket
CCH
$902.03
$50,000
$902.03 + 1.523% of value in excess of
$50,001 to
$100,000

Probate Fees in Canada

Value of Estates

Probate Fees

Nunavut

$0 to $10,000
$10,001 to $25,000
$25,001 to $125,000
$125,001 to $250,000
$250,001 or more

$25
$100
$200
$300
$400

Northwest
Territories

$0 to $10,000
$10,001 to $25,000
$25,001 to $125,000
$125,001 to $250,000
$250,001 or more

$25
$100
$200
$300
$400

Yukon

$0 to $25,000
$25,001 or more

$0
$140

Source: Financial Advisors Pocket Reference 2011-2012, CCH

Income Tax Surprises

Deemed disposition rule at death.
Money in registered accounts is fully taxable.
Half of capital gains on assets are taxable.
No tax consequence if
assets are transferred
to spouse or spousal
trust.
Final return due April
30 of following year or
6 months after date of
death (later of the two).

Can
ada
R

Fina

l tax

eve
nu

retu
r

e Ag

enc $X
y XX X

Funeral Cost

Life
Insurance
Benefit

Can
ada
Rev
enu
Fina
e Ag
l tax
enc$XXX
retu
y X
rn

Final
Expenses

Preserve your clients estate value for their

loved-ones.

How does simplified issue

products fit in your business?
Need is there.
Easy to understand.
Time efficient application process, issued
quickly.
Good way to generate steady cash flow.

Generate more business in

less time with Assumption
Life
simplified issue products!
www.assumption.ca

Simplified life insurance solution for clients who

want peace of mind and NO MEDICAL EXAM

 Permanent life insurance guaranteed level premium

Life-pay and 20-year-pay (for issue ages 40-80)
No medical exam, no APS, no fluids or needles
Guaranteed cash values and excellent paid up value
Available for smokers and non-smokers
Available as a policy or rider (spouse)
Issued with limited proof of insurability

 Insurance amount doubles in case of accidental death

In case of accidental death in a public transportation
vehicle, beneficiaries receive 5 times the original
insurance amount.
Issue ages:
40 to 85
Maximum Sum Insured:
40 to 70 years of age: $100,000
71 to 85 years of age: $50,000

Guaranteed cash value and guaranteed reduced paidup option after 5 years.

Living benefit
50% of the sum insured in the event of a first-time occurrence of a
terminal illness

Transportation benefit
$2,000 payable when death occurs at a site over 200 km away from
primary residence

Annual fee
policy $60.00
rider (spouse) $30.00
Insurance coverage is immediate

On-line application approved in 24-48 hrs

FYC 45%

Deferred Option
If your client has been declined for insurance within the past 2
years, they may still qualify for Golden Protection at the same
rates.
Two-year waiting period for the death benefit for nonaccidental death.
Accidental death benefit is immediate.
Issue ages: 40-85
Life-pay and 20-year-pay (for issue ages 40-80)
Maximum amount: $50,000
FYC: 35%

Corporate
Overview
Excellent rating, Am Best (15 years
running)

Solvency ratio: 232% (2014)

Assets under Management: 1.5
billion

Getting Started
With Assumption Life
1 - Obtain a broker code:
Complete the Broker
Registration Form
and send to your MGA.
2 - You will receive an email
from Assumption Life
indicating your username,
password as well as
your broker code.

LIA Electronic sales tool

Multiplatform
(PC, Mac, Android, iPad, Cloud Technology)

Save to any device

Your device directly to our
underwriter
Online or offline

Signature Page
Dont forget to
fax
or email us the
signature form!

lia.
ass
um
ca ption
.

Non Face-to-Face Sales

Referrals
Replacement
Up sell/ Cross sell
Business where you want,
when you want, how you want!

Delivery Receipt
Remember no
delivery receipt
required!

Service - Second to none!

Quick to respond
Direct access to
underwriters
Free marketing materials
Online training
presentations
Video sales tool

Commission
2X

We pay
2X week

2X
2X

Producers Corner
Visit our
www.producerscorner.ca

Doing Business With Us is Easy

and Smart!