Transcript Slide 1
Life Insurance in the “New” Market OVERVIEW Immigration in Canada Statistics Challenges Tapping into the “New Market” Who can apply? Underwriting Guidelines Visa Workers Student Visa Open Visa Convention Refugees Nannies or Caregivers Physicians Investors, Entrepreneurs and Self Employed Translation verification Eligible Products Golden Protection/Plus/Deferred FlexOptions/FlexTerm ParPlus Questions Canada The Homeland of New Canadians Canada is a cultural mosaic that respects and celebrates the uniqueness of countries around the world. • The population growth since 2006 is 2 million; 2/3 were immigrants • Canada welcomes about 250,000 immigrants each year • In 2012, Canada issued 1 million visitor visas; 40% increase since 2004 • By 2031, immigration will account for more than 80% of Canada’s overall population growth Immigrants by Province 158,780 Manitoba 3,520,268 Ontario 554,130 Alberta 52,770 SK 1,173,532 British Columbia Total Immigrants in Canada 6,452,305 900,475 Québec 92,350 Atlantic Provinces Why do you think the government of Canada is interested in attracting new immigrants? • Increase population • Ageing population; low birth rate • Sustain economic growth • By 2021, Canada will have only 2 working Canadians for each retiree; currently a 6:1 ratio. • Attract new skills/trades • Workers shortfalls in a vast range of occupations from doctors to brick layers. • Recruiting dynamic entrepreneurs will help Canada remain competitive in the global economy What does it mean? A New Market for you! What are the challenges? Aren’t fluent in one of the official languages Don’t have immigration documents Don’t have a S.I.N. Limited knowledge about insurance Awareness and understanding of culture Obtaining of APS Underwriting hurdles How do you tap into this new market? Tapping into the “New” Market • • • • • • • Gain greater understanding of the cultural market Support community events Create awareness of life insurance and what it does Explore appropriate insurance options Advertise - ethnic papers, flyers, bulletin boards Ask for referrals Utilize marketing tools available from Assumption Life MARKETING MATERIAL Who can apply? Work visa, Open visa, Student visa Convention Refugees Caregivers or Nannies Physicians Investors, Entrepreneurs and Self-employed Landed immigrants Underwriting Guidelines Visa/Work Permit Maximum of $500,000 on all our products (riders excluded) Must hold a visa permit for a minimum of 1 year; however, it must not expire within the next 3 months (otherwise, requires proof of renewal request) A copy of valid visa is required for all products < 6 months to 1 year, in Canada: paramedical, blood profile including hepatitis B & C screening > 1 year in Canada regular underwriting requirements Confirmation that the person intends to stay in Canada All nationalities; however, risk of return to country of origin will be considered Student Visa Maximum of $250,000 on all products when a student is enrolled in a program with a duration of 6 months to 2 years (riders excluded) Student must be registered full-time in a college or university Valid student visa < 1 year in Canada: paramedical, blood profile including hepatitis B & C screening > 1 year in Canada: regular underwriting requirements All nationalities; however, risk of return to country of origin will be considered If visa expires within 3 months, student may not be eligible Open Visa Maximum of $500,000 on all products (riders excluded) All nationalities considered Convention Refugees Applicant must have resided in Canada for 6 months or more Application has been made for permanent status (we require a copy of the application) Applicant must be employed with fixed address Copy of government status letter Any rating may not exceed 200% Country of origin and return risk is considered Maximum of $250,000 on all products (riders excluded) < 6 months to 1 year, in Canada: paramedical, blood profile including hepatitis B & C screening > 1 year in Canada regular underwriting requirements Caregivers or Nannies From Philippines Maximum of $250,000 on all products (riders excluded) < 1 year in Canada: Para, BP incl. hepatitis B & C screening > 1 year in Canada regular underwriting requirements Other than Philippines Maximum of $250,000 on all products (riders excluded) < 1 year in Canada: Para, BP incl. hepatitis B & C screening > 1 year in Canada: regular underwriting requirements Copy of the work permit confirming the applicant is part of the live-in care program Country of origin and return risk is considered Physicians Resided in Canada for a minimum of 3 months Canadian authorization to practice medicine Copy of the employment contract Any rating may not exceed 200% Country of origin and return risk is considered Maximum amount of life insurance of $1 million on all products (riders excluded) Para, BP incl. hepatitis B & C screening will be requested Investors, Entrepreneurs and Self-employed Resided in Canada for a minimum of 3 months Is an investor, entrepreneurs and self-employed and is in Canada under a special program Annual income minimum of $50,000 Copy of the government authorization letter confirmation that the person can be in Canada under a special program is required Any rating may not exceed 200% Country of origin and return risk is considered Maximum amount of life insurance of $1 million on all products (riders excluded) Para, BP incl. hepatitis B & C screening will be requested Translation verification Brokers who speak client’s language may translate For all products for amounts up to $250,000 Amounts over $250,000 require a paramedical completed by a nurse who can translate in their language If the broker does not want to be responsible for the translation for all products under $250,000, broker must hire a certified translator at broker’s expense Simplified life insurance solution for clients who want peace of mind and NO MEDICAL EXAM • Permanent life insurance guaranteed level premium • 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 multi-life discount • Simplified medical questionnaire • Insurance amount doubles in case of accidental death • In case of accidental death in a public transportation vehicle, beneficiaries receive 5 x the original insurance amount. • Issue ages: 40 to 85 • Policy Face Amount: $1,000 to $50,000/$80,000 (GP Plus) • Guaranteed cash value and guaranteed reduced paid-up option after 3 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 – rider (spouse) $60 $30 • Insurance coverage is immediate • Online application approved in 24-48 hrs • FYC 45% • 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 • FYC 35% Term Life Insurance Protection Decreasing Level Minimum $50,000 $50,000 Maximum $4,000,000 $4,000,000 Premiums Guaranteed level Guaranteed level Up to $250,000 Up to $250,000 $50,000 to $250,000 Over $250,000 $50,000 to $199,999 $200,000 to $250,000 $250,001 to $4,000,000 Simplified Issue Rate Banding Term Life Insurance Conversion Yes, after 1st anniversary Yes, after 1st anniversary Renewable No Yes Joint policy Yes, joint first-to-die No Commission 35% FYC 45% FYC • Issue age: 18-75 • Online product - no paper apps • Guaranteed level premiums • Permanent, life-pay or 20-pay whole life insurance • Coverage type: single or Joint-first-to-die • Coverage amount: minimum of $5,000 • Policy fee: $80 Dividend options: • • • • Enhanced 15 or 100 Paid-Up Addition Accumulation Cash / Reduced premium • Issue age: 0-17 • Online product - no paper apps • Guaranteed level premiums • Permanent, 20-pay life insurance • Coverage type: single • Coverage amount: minimum of $5,000 • Policy fee: $80 Dividend options: • • • • Enhanced 15 or 100 Paid-Up Additions Accumulation Cash / Reduced premium Generate more business in less time with Assumption Life • Opportunity is there • Easy to understand • Quick to issue • Quick to pay Sources • Census 2006, 2011 • www.cic.gc.ca • The Globe and Mail Article – Why Canada needs a flood of immigrants (04/05/2012) • MarketWire Article – Canada Issues Record Number of Visitors Visas in 2013 (20/02/2012)