ivari Difference prosperity Simplified & Guaranteed …...對\爀屲The availability of customer information across all is the minimum required to offer self-service options and an

$Page 1: ivari Difference prosperity Simplified & Guaranteed …...對\爀屲The availability of customer information across all is the minimum required to offer self-service options and an$
ivari Difference

prosperity Simplified & Guaranteed Issue Products October 2019

Presentation Map

The Market Difference

The Underwriting

Difference

The Customer Difference!

The Marketing Business

Difference

01 02 03 04

3 For Advisor use only

The Underwriting Difference

Fully underwritten Non-medical Simplified Guaranteed

?

Presenter

Presentation Notes

What is the UW difference between all of these classifications. Fully underwritten mean fully underwritten expect your client to go through medical exam, blood or urine test or a request for an APS. Non-medical mean that depending on the age of the client and the amount selected there is no requirements up-front requested, but depending on MIB and information provided in the application the Underwriter will determine if requirements are needed in order to decision the case. Simplified underwriting is a simplified issue life insurance product offering quick comprehensive life insurance coverage without any need for a medical exam or blood test and is automatically issued if all the medical questions are answered correctly. Guaranteed underwriting product are for clients having trouble getting insurance coverage at any level. They may not qualify for simplified underwriting due to the risk involved due to their medical condition. Therefore they can still be insured but for a limited amount.


The Underwriting Difference

Landed immigrants, permanent resident and Canadian citizen

No APS, no medical exam, no fluids

No waiting –automatically approved in the proper class

Presenter

Presentation Notes

Prosperity SI/GI is a quick product offering that offers life insurance coverage without any need for a medical exam, blood test, APS or a reviewed by an Underwriter On top of offering the Everest offer it provide basic coverage for clients finding it hard to get life insurance or for clients who are healthy and do not want to go through medical exams either because they don’t have the time or because they think they won’t qualify for fully underwritten product. This is also for anyone who doesn’t want to be disturbed at home or anyone who doesn’t want to have their medical reports passed around. Prosperity SI/GI will surely please anyone who finds the traditional underwriting process too slow. Clients who want insurance right away without any waiting period. The fast-paced lifestyle may keeps client from taking the time to apply for a traditional life insurance policy. SI/GI prosperity offers a quick and easy way to get life insurance right away.


Market Opportunities


of Millennials do not have life insurance51%

2018 LIMRA and Life Happens Insurance Barometer study

38% 62% 44% 6 in 10of Millennials

believe they wouldnot qualify for

coverage

of Millennials havenot purchased lifeinsurance becauseof the cost of their

living expenses

of Millennials estimated the cost

of insurance

at over 5x the actual cost

Millennials do not have life insurance

because they do not know how much

coverage they need or what type of

insurance to buy

The Market DifferenceMillennials Potential and Life Insurance


The Market DifferenceTrend – Uninsured Households

Can SI/Gi be one of the solutions?

of families with children will have immediate financial trouble if the primary wage earner died

57%

Insurance gap – $3T in US, 1T in Canada

of households believe they are underinsured

of households have no life insurance

50%

30%

Source: LIMRA and Life Happens Insurance Barometer study

Presenter

Presentation Notes

To satisfy the younger generations’ need for convenience and better customer experience, insurers have to embrace a different approach. We need to develop a digital platform to interact and share information among agents, brokers and consumers alike. The availability of customer information across all is the minimum required to offer self-service options and an enhanced customer experience. By providing life insurance and annuities to these markets in ways they want to access and evaluate the products, we may be able to achieve growth and improve the industry’s reputation. Let’s discuss now lifestyle behavior



*Stuck Shoppers: A term used by LIMRA which means potential life insurance buyers who start the process but never finish.

Additional product option to cater to the uninsured & difficult to insure customers• Features which are simple to understand

and easy to illustrate• Taps into the ‘Stuck Shoppers’* market

• LIMRA research shows there are about 19 million

• No medical exams, doctor’s report or long application forms

• eApp platform aimed at hassle free experience for users

• Guaranteed Death Benefit, either ROP or complete Face Amount, depending on policy years

ADVISORNeeds based product aimed at solving issues when they need it the most• Issuance guaranteed with no doctor's report

or medical exams • Lifetime coverage with guaranteed premiums • Funeral concierge service to take care of the

loved ones• Simple interest on Return of Premium for the

first two years to compensate the monetary loss

CUSTOMER

Presenter

Presentation Notes

Fifty-two percent of potential life insurance buyers said they would be more likely to purchase life insurance if they didn’t have to go through a physical exam, according to the 2018 Insurance Barometer Study by LIMRA and Life Happens.


The Market DifferenceTarget MarketThis product is a good fit for those who have a specific need in mind OR those who care for the families they are leaving behind

Guaranteed Issue

Has trouble qualifying because of poor health

Has history of medical condition

Was previously declined for life insuranceNeeds insurance to cover funeral expensesDoesn’t want to answer medical questionsWants the monthly payments to stay the same for rest of life

Simplified Issue

Someone in relatively good health

Wants quick hassle-free life insurance

Doesn’t want to undergo medical exam

Wants lifetime coverage

Wants the monthly payments to stay the same for rest of lifeDoesn’t mind answering simple health-related questions


The Market DifferenceEase of Simplified Underwriting

• The current study finds that simplified underwriting may impact a consumer’s likelihood of completing the life insurance purchase.

• Nearly two thirds (63 percent) of those who are interested in purchasing life insurance through simplified underwriting are drawn to the speed and ease that it offers.

Other appealing benefits include:

• Risk and price transparency (57 percent)

• Unbiased and objective application process (57 percent)• Eliminates the need to see a doctor or take medical exam (56

percent)

The Customer Difference


The Customer Difference – prosperity SIGIParameter prosperity Guaranteed Issue prosperity Simplified Issue

Eligibility None, guaranteed issuance 5 qualifying questions

Issue ages (age nearest birthday)

18 to 69 18 to 74

Minimum Face Amount $10,000 $10,000

Maximum Face Amount $10,000 $50,000

Coverage option Single life Single life

Premium structure Guaranteed premium payable to age100

Guaranteed premium payable to age 100

Premium frequency Monthly Monthly

Death Benefit Years 1-2: Return of premium with 3% simple interest per annum

Years 1-2: Return of premium with 5% simple interest per annum

Years 3+: Full death benefit Years 3+: Full death benefit

Policy fee $5 per month $5 per month

Everest Funeral Concierge Services

Access to Everest Funeral Concierge Services* is offered by ivariat no additional cost. The Everest service is only available if the prosperity policy is in effect.


The Customer DifferenceBelow is how we perform against industry practices on some of the major factors:Point What industry does What ivari offers Result

U/W practiceUse MIB as an Underwriting resource for SI products

No MIB as ivari has a max. FA of $50,000 - helps in fast processing

Better turnaround time for policy issuance with NO MIB

Issue Age Issue ages are 15 – 79 Issue age is 18 – 74* for SI18-69 for GI

94% policies are sold for issue ages up to 74 years which contribute 91% of premium share

Face Amount Face Amount options: $10k - $500k Face Amount options: $10k - $50k*

For simplified products, roughly 54% policies are sold with FA $50k or less. This percentage is much higher for final expense products

Number of qualifying questions

Across industry, typically 4-5 qualifying questions

ivari has 5 qualifying questions for SI policy which are easy to comprehend and explain

In line with industry practice

Source : LIMRA. Report Name : Simplified Issue Made Simple – Canada; Issue Month : April 2019. * Prosperity Guaranteed Issue is up to age 69 years and offers FA $10,000 only


Some Business Rules

• Insured and Owner must be the same. Once in-force, ownership changes are allowed where there is no taxable gain

• Beneficiary must be an Estate or Individual. No Corporate beneficiaries allowed.

• Only current dated policies. No backdating allowed.

• Premium frequency – monthly with PAD.• Face Amounts available only in multiples of

$5,000.• Sum insured increase not allowed within

same policy for Simplified Issue.• Replacement – rules apply

(mentioned in next slide).

Below are some business rules that apply to policy administration:


Step 1 Step 2 Step 3

Customer details are entered

Customer gives consent and answers questions to qualify for either Guaranteed or Simplified issue

Customer and Advisor sign the application

Sign Me Up! – The Customer Difference• prosperity Simplified & Guaranteed Issue products will be sold through our

new e-app Forward• The new application ensures comfort of the user and makes the entire process

hassle-free

The JOURNEY

Policy Issued


The Customer Difference - Key Highlights

Rates calculated within the application process

Works on all browsers

Auto saves after each field is entered

Signing is simple and client does not need an email or a device to sign

A WFG advisor will be able to navigate to either ivari.ca or EverestFuneral.ca to initiate the sign-on process

After selecting “Advisor Login” from ivari.ca, advisor is prompted to enter security credentials, and will then access “ivari extra” (secure portal)

A new button to the FORWARD e-App will be available. Upon selecting the button, the WFG advisor is automatically taken to their FORWARD e-App dashboard (no additional sign-on)

A new link to the FORWARD e-App will be placed on EverestFuneral.ca. After selecting the link, advisor is taken to the secure portal sign-in page, and is prompted to enter security credentials

Upon entry of security credentials, advisor is automatically taken to their FORWARD e-App dashboard (no additional sign-on)

EverestFuneral.ca/wfgagent

www.ivari.ca

ivari extra (portal) login ivari extra (portal)FORWARD e-App

Multiple Ways Advisors Can Enter the System


The Customer Difference - Policy Issuance Post issuance, there are few steps before Everest Service applies to the customer

After policy is submitted in Forward, ivari sets up application and issues the policy

Eligible customer data is sent to Everest for setting up customer profile in the CRM system

Everest mails the Welcome Brochure to newly-enrolled customers informing about host of services

Day 0

Day 5

Day 6 -10

*Business days are considered for calculating days


ADVISORS CHECKLIST..

Is replacement in the best interest of the customer?

Is customer aware of the changes replacement will bring on the existing policy?

Has customer understood the difference between fully underwritten and a simplified issue product?

Is customer informed about the ROP in first two years, Everest eligibility etc.?

The Business Difference – Transition Rules• To ensure fair treatment to the customer, it is important that Advisors

ensure sensitivity towards replacing existing life insurance policies with prosperity SI/GI

• Below are rules around replacing an existing policy with prosperity Simplified Issue or Guaranteed Issue and its impact on Everest Services:

Action Allowed? Eligible for Everest Services?

External replacement YES YES

Replace an existing policy with Everest services issues by Western Life

YES YES

Replace an existing prosperity UL policy with Everest services

YES YES

During 1st & 2nd year, only Return of Premium is available as death benefit


Rate Cards


Product Overview


Everest Program Overview


THIS PRESENTATION IS FOR ADVISOR USE ONLY

Any information contained in this presentation is intended for general information purposes only and should not be considered specific or personal investment, insurance, estate planning, legal or tax advice or a solicitation to purchase insurance. While reasonable efforts have been made to ensure that the contents of this presentation have been derived from sources believed to be reliable and accurate at the time of publication, ivari does not warrant the accuracy or completeness of the information contained herein.

Examples given in this presentation are for illustration purposes only. The specific facts and circumstances of each case will differ from client to client. Neither ivari, nor its affiliates, officers, employees or any other person accepts any liability whatsoever for any direct, indirect or consequential loss arising from any use or reliance on the information, general strategies or opinions contained herein.

No one should act upon the information or examples without a thorough examination of their legal and tax situation with their own professional advisors based on the facts of their specific case.

™ ivari and the ivari logos are trademarks of ivari Canada ULC. ivari is licensed to use such marks.

Thank You!


Disruptors in the Marketplace Apple, Amazon, Netflix, Uber and WFG

Everest is a Disruptor in the Marketplace Changing how consumers plan for a funeral Changing how families deal with the loss of a loved one

Everest Funeral Concierge


24 X 7 Advisor Assistance Assistance available in 170 languages Everest Licensed Funeral Directors provide service

anywhere in the world Trained and knowledgeable to meet all religious and cultural

requirements PriceFinder Research Reports Proprietary Database – detailed funeral home price

comparisons for North America Available on demand via our website



Online Funeral Planning Tools Personal Profile, My Wishes, Planning Guide, Reference

GuideTenzing A secure, cloud base data vault to store personal information

At-Need Family Support Family assistance and plan implementation Negotiation assistance



Will Prep

Create a Will, Power of Attorney, Health Care Directive, and more

Customized legal documents using our online system

Save, Print and Sign

And update when needed



The Everest Advantage No Financial Plan is complete, without Everest Everest Funeral Concierge is packaged, only with ivari

prosperity UL and prosperity Simplified Issue and prosperity Guaranteed Issue

Exclusive to WFG – nothing else like this exists in the marketplace

Quick Pay – life insurance proceeds may be paid to the beneficiary in as little as 48 hours



The Everest Advantage Everest and ivari partnership, doubles the number of

Regional Sales Directors available and provides double the service to you

Everest and ivari prosperity UL, PLUS Everest and ivari prosperity Simplified Issue and prosperity Guaranteed Issue Provide financial solutions across both largest major market

groups Solve the market desire for more and unique simplified issue

solutions



The Everest Advantage - The Everest Package with ivari Unique offering - Exclusive to WFG, ONLY Higher face amounts Competitive pricing - includes Everest features and benefits

at no additional cost to the client Cutting edge sales process - brand-new e-app FORWARD Step 1 – enter client details Step 2 – answer questions - give consent to share info with

Everest Step 3 – client and advisor sign the application Step 1, 2, 3 >>>> Policy is issued



Sales Tips Leverage the power of the Everest - ivari partnership,

solutions and exclusivity Leverage Everest Tools – PriceFinder, Tenzing, Will Prep Explain how the tools solve real life problems for clients Revisit clients who purchased less than $100k ivari

prosperity UL Revisit clients - offer affordable Peace of Mind that may

have been previously expensive for them



Sales Tips Revisit clients who may have purchased other carrier

products and who don’t have Everest Revisit young families and cover their parents and

grandparents Revisit all clients and help them complete their Personal

Financial Plan

Talk to everyone!!!!



Documents

ivari Difference prosperity Simplified & Guaranteed …...對\爀屲The availability of customer information across all is the minimum required to offer self-service options and an