GFD LAUNCHES NEW FPC INSURANCE PRODUCT GUARANTEED FUNERAL … Insura… · FUNERAL PLANS-CANADA...
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Chargebacks • 100% of commissions in first certificate year (from date of issue) for cancellation or death • 100% on original amount for reduced paid up or downgrades and reinstated at the new reduced amount • 25% of commissions in months 13-18 for cancellations or reduced paid up status • 25% of commissions in months 13-18 for downgrades on the downgraded amount only • For early pay offs in the first year, commissions will be charged back at 100% and reinstated at the single pay rate Growth Rate Death Benefit • Standard rated death benefit applies to Single Pay plans, 1 pay plans after the first year and multi-pay certificates where all health questions have been answered no » Total coverage plus growth using applicable simple interest rate from above • Non-Standard rated death benefit applies to multi-pay certificates where any of the health questions were answered yes and death occurs in the first two years. The death benefit is equal to premiums paid plus growth using a simple interest calculation at 6%. Credit Card Payments Credit cards accepted for single premium and monthly premiums for 3-15 year payment plans. GFD LAUNCHES NEW FPC INSURANCE PRODUCT GUARANTEED FUNERAL PLAN (GFP) Issue Age Growth Rate 16‐60 2.05% 61‐75 1.90% 76‐85 1.65% 85+ 1.25% Early Pay Off • In months 1-6, total payable is the balance of the total amount less any downpayment and less premiums paid • In months 7-12, total payable is the balance of the total amount less any downpayment and less premiums paid plus a $200 administration fee • After the first 12 months, clients can pay off and not pay any further insurance costs: » For example, age 70 purchases $5,000 funeral on a 5-pay plan, then decides to pay off after making 36 payments. There are 24 payments remaining with a total pay off of $2,200: » Balance owing = ($5,000/60)*24 = $2,000 + $200 Administration fee = $2,200 FUNERAL PLANS-CANADA GFD is excited to announce the launch of its new Guaranteed Funeral Plan (GFP) insurance product starting on January 1, 2019. The new product offers the benefits of favourable growth rates and competitive commissions. Your clients can take advantage of flexible payment options, with the peace of mind of guaranteed returns.
Transcript of GFD LAUNCHES NEW FPC INSURANCE PRODUCT GUARANTEED FUNERAL … Insura… · FUNERAL PLANS-CANADA...
Chargebacks
• 100%ofcommissionsinfirstcertificateyear(fromdateofissue)forcancellationordeath• 100%onoriginalamount forreducedpaidupordowngradesandreinstatedat thenew
reducedamount• 25%ofcommissionsinmonths13-18forcancellationsorreducedpaidupstatus• 25%ofcommissionsinmonths13-18fordowngradesonthedowngradedamountonly• Forearlypayoffsinthefirstyear,commissionswillbechargedbackat100%andreinstated
atthesinglepayrate
Growth Rate
Death Benefit
• StandardrateddeathbenefitappliestoSinglePayplans,1payplansafterthefirstyearandmulti-paycertificateswhereallhealthquestionshavebeenansweredno» Totalcoverageplusgrowthusingapplicablesimpleinterestratefromabove
• Non-Standardrateddeathbenefitappliestomulti-paycertificateswhereanyofthehealthquestionswereansweredyesanddeathoccursinthefirsttwoyears.Thedeathbenefitisequaltopremiumspaidplusgrowthusingasimpleinterestcalculationat6%.
Credit Card PaymentsCreditcardsacceptedforsinglepremiumandmonthlypremiumsfor3-15yearpaymentplans.
GFD LAUNCHESNEW FPC INSURANCE PRODUCTGUARANTEED FUNERAL PLAN (GFP)
Growth Rate:
Issue Age Growth Rate 16‐60 2.05% 61‐75 1.90% 76‐85 1.65% 85+ 1.25%
Credit Card Payments:
On 3‐15 year monthly plans only. Chargebacks:
100% chargeback of commissions in the first certificate year (from date of issue) for cancellation or death
100% chargeback on the original amount for reduced paid up or downgrades and reinstated at the new reduced amount
25% chargeback of commissions in months 13‐18 for cancellations or reduced paid up status 25% chargeback of commissions in months 13‐18 for downgrades on the downgraded amount
only For early pay offs in the first year, commissions will be charged back at 100% and reinstated at
the single pay rate Death Benefit:
Standard rated death benefit applies to Single Pay plans, 1 pay plans after the first year and multi‐pay certificates where all health questions have been answered no
o Total coverage plus growth using the applicable simple interest rate from above Non‐Standard rated death benefit applies to multi‐pay certificates where any of the health
questions were answered yes and death occurs in the first two year. The death benefit is equal to premiums paid plus growth using a simple interest calculation at 6%
Early Pay Off:
In months 1‐6, total payable is the balance of the total amount less any downpayment and less the premiums paid
In months 7‐12, total payable is the balance of the total amount less any downpayment and less the premiums paid plus a $200 administration fee
After the first 12 months, clients can pay off and not pay any further insurance costs: o For example, age 70 purchases $5,000 funeral on a 5‐pay plan, then decides to pay off
after making 36 payments. There are 24 payments remaining with a total pay off of $2,200: Balance owing = ($5,000/60)*24 = $2,000 + $200 Administration fee = $2,200
Early Pay Off
• Inmonths1-6,totalpayableisthebalanceofthetotalamountlessanydownpaymentandlesspremiumspaid
• Inmonths7-12,totalpayableisthebalanceofthetotalamountlessanydownpaymentandlesspremiumspaidplusa$200administrationfee
• Afterthefirst12months,clientscanpayoffandnotpayanyfurtherinsurancecosts:» Forexample,age70purchases$5,000funeralona5-payplan,thendecidestopayoffafter
making36payments.Thereare24paymentsremainingwithatotalpayoffof$2,200:» Balanceowing=($5,000/60)*24=$2,000+$200Administrationfee=$2,200
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-84
Annual 0.25734 0.25734 0.26267 0.26799 0.27879 0.28945 0.31088
Semi- Annual 0.12868 0.12868 0.13134 0.13401 0.13940 0.14472 0.15544
Quarterly 0.06434 0.06434 0.06567 0.06700 0.06970 0.07236 0.07772
Monthly 0.02145 0.02145 0.02190 0.02234 0.02324 0.02413 0.02591
FUNERAL PLANS-CANADA
Advantage (A B P) Deposit Factors
Single Pay Five Pay
Effective Date: January 1, 2019
Issue Age 16-54 55-59 60-64 65-69 70-74
Annual 0.11788 0.12335 0.13401 0.13934 0.15011
Semi- Annual 0.05895 0.06168 0.06700 0.06967 0.07506
Quarterly 0.02948 0.03084 0.03350 0.03483 0.03753
Monthly 0.00982 0.01027 0.01116 0.01160 0.01250
Fifteen PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-86
Annual 0.40745 0.41278 0.41811 0.41811 0.43956 0.47179 0.49324
Semi- Annual 0.20374 0.20640 0.20906 0.20906 0.21978 0.23591 0.24662
Quarterly 0.10187 0.10320 0.10453 0.10453 0.10989 0.11794 0.12330
Monthly 0.03396 0.03440 0.03484 0.03484 0.03663 0.03931 0.04110
Three Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
Annual 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Semi- Annual 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000
Quarterly 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000
Monthly 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334
One PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79
Annual 0.15544 0.15544 0.16624 0.17157 0.18222 0.20365
Semi- Annual 0.07772 0.07772 0.08311 0.08577 0.09110 0.10184
Quarterly 0.03886 0.03886 0.04155 0.04289 0.04555 0.05091
Monthly 0.01295 0.01295 0.01384 0.01429 0.01518 0.01696
Ten Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
GFDisexcitedtoannouncethelaunchof itsnewGuaranteedFuneralPlan(GFP) insuranceproductstartingonJanuary1,2019.Thenewproductoffersthebenefitsoffavourablegrowthrates and competitive commissions. Your clients can take advantage of flexible paymentoptions,withthepeaceofmindofguaranteedreturns.
1-800-268-2466 • www.gfd.org • [email protected] PO Box 100 Lakeshore W PO, Oakville, ON L6K 0A3
Guaranteed Funeral Deposits of Canada (Fraternal) is a vibrant, Members based organization that is committed to providing the best products and support to the bereavement sector.
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-84
Annual 0.25734 0.25734 0.26267 0.26799 0.27879 0.28945 0.31088
Semi- Annual 0.12868 0.12868 0.13134 0.13401 0.13940 0.14472 0.15544
Quarterly 0.06434 0.06434 0.06567 0.06700 0.06970 0.07236 0.07772
Monthly 0.02145 0.02145 0.02190 0.02234 0.02324 0.02413 0.02591
FUNERAL PLANS-CANADA
Advantage (A B P) Deposit Factors
Single Pay Five Pay
Effective Date: January 1, 2019
Issue Age 16-54 55-59 60-64 65-69 70-74
Annual 0.11788 0.12335 0.13401 0.13934 0.15011
Semi- Annual 0.05895 0.06168 0.06700 0.06967 0.07506
Quarterly 0.02948 0.03084 0.03350 0.03483 0.03753
Monthly 0.00982 0.01027 0.01116 0.01160 0.01250
Fifteen PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-86
Annual 0.40745 0.41278 0.41811 0.41811 0.43956 0.47179 0.49324
Semi- Annual 0.20374 0.20640 0.20906 0.20906 0.21978 0.23591 0.24662
Quarterly 0.10187 0.10320 0.10453 0.10453 0.10989 0.11794 0.12330
Monthly 0.03396 0.03440 0.03484 0.03484 0.03663 0.03931 0.04110
Three Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
Annual 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Semi- Annual 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000
Quarterly 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000
Monthly 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334
One PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79
Annual 0.15544 0.15544 0.16624 0.17157 0.18222 0.20365
Semi- Annual 0.07772 0.07772 0.08311 0.08577 0.09110 0.10184
Quarterly 0.03886 0.03886 0.04155 0.04289 0.04555 0.05091
Monthly 0.01295 0.01295 0.01384 0.01429 0.01518 0.01696
Ten Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-84
Annual 0.25734 0.25734 0.26267 0.26799 0.27879 0.28945 0.31088
Semi- Annual 0.12868 0.12868 0.13134 0.13401 0.13940 0.14472 0.15544
Quarterly 0.06434 0.06434 0.06567 0.06700 0.06970 0.07236 0.07772
Monthly 0.02145 0.02145 0.02190 0.02234 0.02324 0.02413 0.02591
FUNERAL PLANS-CANADA
Advantage (A B P) Deposit Factors
Single Pay Five Pay
Effective Date: January 1, 2019
Issue Age 16-54 55-59 60-64 65-69 70-74
Annual 0.11788 0.12335 0.13401 0.13934 0.15011
Semi- Annual 0.05895 0.06168 0.06700 0.06967 0.07506
Quarterly 0.02948 0.03084 0.03350 0.03483 0.03753
Monthly 0.00982 0.01027 0.01116 0.01160 0.01250
Fifteen PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-86
Annual 0.40745 0.41278 0.41811 0.41811 0.43956 0.47179 0.49324
Semi- Annual 0.20374 0.20640 0.20906 0.20906 0.21978 0.23591 0.24662
Quarterly 0.10187 0.10320 0.10453 0.10453 0.10989 0.11794 0.12330
Monthly 0.03396 0.03440 0.03484 0.03484 0.03663 0.03931 0.04110
Three Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
Annual 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Semi- Annual 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000
Quarterly 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000
Monthly 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334
One PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79
Annual 0.15544 0.15544 0.16624 0.17157 0.18222 0.20365
Semi- Annual 0.07772 0.07772 0.08311 0.08577 0.09110 0.10184
Quarterly 0.03886 0.03886 0.04155 0.04289 0.04555 0.05091
Monthly 0.01295 0.01295 0.01384 0.01429 0.01518 0.01696
Ten Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-84
Annual 0.25734 0.25734 0.26267 0.26799 0.27879 0.28945 0.31088
Semi- Annual 0.12868 0.12868 0.13134 0.13401 0.13940 0.14472 0.15544
Quarterly 0.06434 0.06434 0.06567 0.06700 0.06970 0.07236 0.07772
Monthly 0.02145 0.02145 0.02190 0.02234 0.02324 0.02413 0.02591
FUNERAL PLANS-CANADA
Advantage (A B P) Deposit Factors
Single Pay Five Pay
Effective Date: January 1, 2019
Issue Age 16-54 55-59 60-64 65-69 70-74
Annual 0.11788 0.12335 0.13401 0.13934 0.15011
Semi- Annual 0.05895 0.06168 0.06700 0.06967 0.07506
Quarterly 0.02948 0.03084 0.03350 0.03483 0.03753
Monthly 0.00982 0.01027 0.01116 0.01160 0.01250
Fifteen PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-86
Annual 0.40745 0.41278 0.41811 0.41811 0.43956 0.47179 0.49324
Semi- Annual 0.20374 0.20640 0.20906 0.20906 0.21978 0.23591 0.24662
Quarterly 0.10187 0.10320 0.10453 0.10453 0.10989 0.11794 0.12330
Monthly 0.03396 0.03440 0.03484 0.03484 0.03663 0.03931 0.04110
Three Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
Annual 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Semi- Annual 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000
Quarterly 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000
Monthly 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334
One PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79
Annual 0.15544 0.15544 0.16624 0.17157 0.18222 0.20365
Semi- Annual 0.07772 0.07772 0.08311 0.08577 0.09110 0.10184
Quarterly 0.03886 0.03886 0.04155 0.04289 0.04555 0.05091
Monthly 0.01295 0.01295 0.01384 0.01429 0.01518 0.01696
Ten Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-84
Annual 0.25734 0.25734 0.26267 0.26799 0.27879 0.28945 0.31088
Semi- Annual 0.12868 0.12868 0.13134 0.13401 0.13940 0.14472 0.15544
Quarterly 0.06434 0.06434 0.06567 0.06700 0.06970 0.07236 0.07772
Monthly 0.02145 0.02145 0.02190 0.02234 0.02324 0.02413 0.02591
FUNERAL PLANS-CANADA
Advantage (A B P) Deposit Factors
Single Pay Five Pay
Effective Date: January 1, 2019
Issue Age 16-54 55-59 60-64 65-69 70-74
Annual 0.11788 0.12335 0.13401 0.13934 0.15011
Semi- Annual 0.05895 0.06168 0.06700 0.06967 0.07506
Quarterly 0.02948 0.03084 0.03350 0.03483 0.03753
Monthly 0.00982 0.01027 0.01116 0.01160 0.01250
Fifteen PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-86
Annual 0.40745 0.41278 0.41811 0.41811 0.43956 0.47179 0.49324
Semi- Annual 0.20374 0.20640 0.20906 0.20906 0.21978 0.23591 0.24662
Quarterly 0.10187 0.10320 0.10453 0.10453 0.10989 0.11794 0.12330
Monthly 0.03396 0.03440 0.03484 0.03484 0.03663 0.03931 0.04110
Three Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
Annual 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Semi- Annual 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000
Quarterly 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000
Monthly 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334
One PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79
Annual 0.15544 0.15544 0.16624 0.17157 0.18222 0.20365
Semi- Annual 0.07772 0.07772 0.08311 0.08577 0.09110 0.10184
Quarterly 0.03886 0.03886 0.04155 0.04289 0.04555 0.05091
Monthly 0.01295 0.01295 0.01384 0.01429 0.01518 0.01696
Ten Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-84
Annual 0.25734 0.25734 0.26267 0.26799 0.27879 0.28945 0.31088
Semi- Annual 0.12868 0.12868 0.13134 0.13401 0.13940 0.14472 0.15544
Quarterly 0.06434 0.06434 0.06567 0.06700 0.06970 0.07236 0.07772
Monthly 0.02145 0.02145 0.02190 0.02234 0.02324 0.02413 0.02591
FUNERAL PLANS-CANADA
Advantage (A B P) Deposit Factors
Single Pay Five Pay
Effective Date: January 1, 2019
Issue Age 16-54 55-59 60-64 65-69 70-74
Annual 0.11788 0.12335 0.13401 0.13934 0.15011
Semi- Annual 0.05895 0.06168 0.06700 0.06967 0.07506
Quarterly 0.02948 0.03084 0.03350 0.03483 0.03753
Monthly 0.00982 0.01027 0.01116 0.01160 0.01250
Fifteen PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79 80-86
Annual 0.40745 0.41278 0.41811 0.41811 0.43956 0.47179 0.49324
Semi- Annual 0.20374 0.20640 0.20906 0.20906 0.21978 0.23591 0.24662
Quarterly 0.10187 0.10320 0.10453 0.10453 0.10989 0.11794 0.12330
Monthly 0.03396 0.03440 0.03484 0.03484 0.03663 0.03931 0.04110
Three Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
Annual 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Semi- Annual 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000 0.50000
Quarterly 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000 0.25000
Monthly 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334 0.08334
One PayIssue Age 16-54 55-59 60-64 65-69 70-74 75-79
Annual 0.15544 0.15544 0.16624 0.17157 0.18222 0.20365
Semi- Annual 0.07772 0.07772 0.08311 0.08577 0.09110 0.10184
Quarterly 0.03886 0.03886 0.04155 0.04289 0.04555 0.05091
Monthly 0.01295 0.01295 0.01384 0.01429 0.01518 0.01696
Ten Pay
Issue Age 16-54 55-59 60-64 65-69 70-74 75-79 80+
1.00000 1.00000 1.00000 1.00000 1.00000 1.00000 1.00000
Premium Rates Effective Date: January 1, 2019
