Comparing the Options couples age 45 to 65 Source: 2008 Canadian Critical Illness (CANCI) tables published by the Canadian Institute of Actuaries, July 2012 trended to 2014 90% chance one will suffer a significant illness by 93 57% chance of cognitive impairment requiring constant supervision Source: 2008 Canadian Critical Illness (CANCI) tables published by the Canadian Institute of Actuaries, July 2012 trended to 2014 Health events and planning A confident conversation The product options “IF” “WHEN” • “If I get sick.” • “When I need care.” • Protecting against the unexpected • Planning for a high likelihood • At any age • In old age • Retirement planning interrupted • Disrupted retirement income plan • Asset withdrawal • Asset withdrawal • Market timing • Tangible asset disposal • Early retirement/delayed retirement • Mental capacity • Key person/succession planning/financial protection • Estate preservation • CII solutions • LTCI solutions maintaining CII helpful 50 35 85 Debt Protection Asset Protection Retirement Income Protection Estate Protection Start the STEP Ask a critical question Introduce three financial strategies STEP STEP Start the Make the decision STEP Understand your client’s STEP What do the look like? Eliminating debt/reducing expenses Changes in employment Poor market performance Source: Taking Care Inc., 2013 STEP What does There is no wrong choice The ‘Default’ Choice Long-term care facility or nursing home Your cost $25,000 annually The ‘Considered’ Choice Retirement residence or assisted living Your cost $72,000 annually + $36,000 annually The ‘Preferred’ Choice Care at home Your cost $72,000 annually Source: Taking Care Inc., 2013 The custom proposal Provincial Cost of Care Reports on Sunlife.ca STEP Ask a critical question Introduce three financial strategies STEP STEP Start the Make the decision STEP for health funding: Self-fund the risk Share the risk Fully transfer the risk STEP Ask a critical question Introduce three financial strategies STEP STEP Start the Make the decision STEP Using critical illness insurance: Self-fund the risk • No insurance purchase • Review investments risk profile • Assess current plan for vulnerability Share the risk • CII coverage to age 75 during accumulation • Self – insure later years • Include ROPC to help self-fund later years Fully transfer the risk • Lifetime CII coverage • ROPD but no ROPC STEP Using long term care insurance: Self-fund the risk • • No insurance purchase Establish a health fund • Review investments risk profile Share the risk • Self – fund emerging and initial care • Use Sun Retirement Health Assist for catastrophic need Or • Use limited benefit period Sun LTCI for initial need and selffund unexpected significant lasting need Fully transfer the risk • Lifetime, unlimited Sun LTCI coverage ROPD guarantees what’s paid into the plan is received in some form of benefit. About Sun LTCI, Sun RHA, and Holistic Planning • Visit Sunlife.ca/advisor - Health • IHPD@sunlife.com • Advanced case managers and SST 1-877-272-2020 option 6, 3, 1 SST@sunlife.com ISS@sunlife.com Explain and identify the risk – the unexpected “if”; the expected “when”. Have the conversation – self-fund, share or transfer the risk. Chose the product solution to fit the outcome of the conversation. • This information is presented with the understanding that it is intended for information purposes only. • Neither Sun Life Assurance Company of Canada nor the presenter has been engaged for the purpose of providing legal, accounting, taxation, or other professional advice. • No one should act on the examples/information without a thorough examination of the legal/tax situation with their own professional advisors after the facts of the specific case are considered.
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