Life Insurance for the “New” Market

Overview

Immigration in Canada Statistics Challenges Tapping into the “New Market” Who can apply?

Underwriting Guidelines Work permit Student Visa Open Work permit Convention Refugees Nannies or Caregivers Physicians Investors, Entrepreneurs and Self

Employed Translation verification

Eligible Products Golden Protection/Plus/Deferred InstaTerm FlexOptions/FlexTerm ParPlus CI rider

Questions

Immigration to Canada

One of the most immigrant friendly countries in the world!…………………………………………………………………………………………………………..……………………..

…………………………………………………………………………………

2015The Government of Canada is planning to welcome between

260,000 – 285,000

Source: Citizenship and Immigration Canada

n e w p e r m a n e n t r e s i d e n t s i n 2 0 1 5

2015

An increase of approximately 19,000 planned admissions over last year.

Immigration to Canada

The economic category will account for the largest segment of the 2015 plan.

…………………………………………………………………………………………………………..……………………..

…………………………………………………………………………………

2015

Source: Citizenship and Immigration Canada

2015

6 4 . 9 %Economic181,300

1 0 . 7 %Humanitarian

29,800

2 4 . 4 %Family68,000

Immigration to Canada

Interesting facts….…………………………………………………………………………………………………………..……………………..

…………………………………………………………………………………

2015

Source: Citizenship and Immigration Canada

2015

The 2015 plan features the highest planned level of admissions in recent Canadian history.

An increase in admissions to the caregiver programs will take place in 2015. The increase of up to 30,000 caregivers.

Which province welcomed the most immigrants?

How to read it:21.5% of immigrants received by Canada settled in Québec

Immigration to Canada by Province

Source: Citizenship and Immigration Canada, 2012

Why do you think the government of Canada is interested in attracting new immigrants?

• Increase population• Aging population; low birth rate

• Sustain economic growth• By 2036, Canada will have only 2 working Canadians for each

retiree; currently a 4:1 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

1 9 7 1In 1971 there were 6.6 people of working age f o r e a c h s e n i o r .

2 0 1 2In 2012, there are 4.2

The coming demographic crunchCanada’s working-aged population per senior citizen over time

2 0 3 6P r o j e c ti o n p u t t h e ratio at 2 to 1 in 2 0 3 6

6.6

4.2

2.3

Source: Statistics Canada

What does it mean?A New Market for you!

• 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

What are the challenges?

How do you tap into this new 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

Bloom where you plantedStart with where you live and who you know!

Marketing Material

• Work permit, Open work permit, Student visa

• Convention Refugees

• Caregivers or Nannies

• Physicians

• Investors, Entrepreneurs and Self-employed

• Landed immigrants

Who can apply?

Underwriting Guidelines

Fully underwritten products

Work Perm

it

Student p

ermit

Caregiv

ers fro

m Philippine

Caregiv

ers oth

er than

Phillipine

Convention refugees

Physicians

Investors

Self-E

mployed

Open work perm

it

Double Citizensh

ip

Maximum Amount $500,000 $500,000Maximum as per product

Eligible for CI rider Eligible for Accidental Fracture rider

Eligible for CIR if children live in Canada

NOT eligible for Critical Protection

NOT eligible for DI, waiver of premium or AD & D riders

Permit/Program/Stay in Canada/restriction

Min of 1 yr, Visa

must not expire in

the next 3 mo.

Must be enrolled in

a minumum six-month

study program

---- ----

Must have been living in Canada for 6

months or more and be employed and living in a stable

environment.

----The insurable interest must be justified.

Underwriting requirements

The risk must not exceed 200% ---- ---- ---- ---- ---- ----

---- ---- ----

---- ---- ----

Regular underwriting requirements

Paramedical and blood profile, including Hepatite B

& C as well as regular underwriting requirements

≤ than 1 year: Paramedical + blood profile including Hepatite B & C +

regular underwriting requirements. ≥ than 1 year: regular underwriting requirements

Must have been living in Canada for 3 months or

more.

$250,000 $1,000,000

Fully underwritten products

Maximum Amount $500,000 $500,000

Eligible for CI rider

---- ---- ----

Underwriting requirements

The risk must not exceed 200% ---- ---- ---- ---- ---- ----

Copy of permit/Contract/Certificate

----

Must send copy of

work permit

confirming that they

are part of the nanny program.

Copy of letter from the Immigration and

Refugee Board of Canada confirming status of refugee.

Copy of work

contract or certificate confirming

right to practice

medecine in Canada.

Copy of certificate

confirming the right to do business in

Canada under a specific program.

---- ----

All nationalities are eligible but return to country of origin will

be assessed ---- ---- ----

Regular underwriting requirements

Paramedical and blood profile, including Hepatite B

& C as well as regular underwriting requirements

≤ than 1 year: Paramedical + blood profile including Hepatite B & C +

regular underwriting requirements. ≥ than 1 year: regular underwriting requirements

Work Perm

it

Student p

ermit

Caregiv

ers fro

m Philippine

Caregiv

ers oth

er than

Phillipine

Convention refugees

Physicians

Investors

Self-E

mployed

Open work perm

it

Double Citizensh

ip

Maximum Amount $500,000 $500,000

Eligible for CI rider

---- ---- ----

---- ---- ----

---- ---- ----

Simplified products

Work Perm

it

Student perm

it

Caregiv

ers fro

m

Philippine

Caregiv

ers oth

er than

Phillipine

Convention re

fugees

Physicians

Investo

rs

Self-Employed

Open work perm

it

Double Citizensh

ip

Maximum AmountEligible for CIR if children live in Canada

Eligible for Accidental Fracture rider

Visa/Program/Stay in Canada restriction

Min of 1 yr, Visa must not expire in the

next 3 months.

Must be enrolled in

a minumum six-month

study program

---- ----

Must have been living in Canada for 6 months or

more and be employed and

living in a stable environment.

Must have been living in Canada for 3 months or

more.

----The insurable interest must be justified.

Copy of permit/Contract/Certificate

----

Must send copy of

work permit confirming

that they are part of the

nanny program.

Copy of letter from the

Immigration and Refugee Board

of Canada confirming status of refugee.

Copy of work contract or certificate

confirming right to practice medecine

in Canada.

Copy of certificate

confirming the right to do business in

Canada under a specific

program.

---- ----

Underwriting requirements

Eligible for the chosen product's maximum amount

No Underwriting requirements

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 $60– rider (spouse) $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 non-accidental death

• Accidental death benefit is immediate

• FYC 35%

• Terms available :

• Simplified issue – no medical exam, no blood tests

• Coverage is immediate as soon as the policy is issued.

• Non-participating term product

• Guaranteed level premiums for the term selected

• Available as an individual policy or as a rider

• Minimum coverage : $50,000 (monthly premium of $20)

• Maximum coverage : $150,000

• Automatic renewal until the policy or rider anniversary nearest the insured’s 90th birthday.

• Rates available for Smoker and Non-Smoker.

• Issue age: 20 to 70 yrs old

• Annual fees: $80 policy, $60 rider

• Conversion to the Golden Protection product only

The same features as InstaTerm except for the following:

• The death benefit is deferred for the first two years.• Maximum coverage : $100,000

– The sum of all InstaTerm, Golden Protection, Golden Protection Deferred, Golden Protection Plus and Total Protection policies for a single insured cannot exceed $150,000.

• Non-renewable

• Non-convertible

Deferred protection

• If the death is non-accidental and occurs before the 2nd anniversary of the policy, the death benefit is equal to the reimbursement of premiums with interest rate of 3%.

• The death benefit is equal to the sum insured:– If the insured’s death occurs from the 2nd anniversary of the policy or

rider;

– or if the insured’s death is accidental and occurs within the first 2 years of the policy or rider.

Other benefits available

Accidental Fracture Plus, Child Insurance Rider, and/or Accidental Death.

Child Insurance Rider

Accidental DeathAccidental Fracture Plus

Protection Level

Minimum $50,000

Maximum $4,000,000

Premiums Guaranteed level

Simplified Issue Up to $249,000

Rate Banding

$50,000 to $99,999$100,000 to $249,999$250,000 to $499,999$500,000 to $999,999

$1,000,000

Term Life Insurance

Conversion Yes, after 1st anniversary

Renewable Yes

Joint policy Yes

Modification of the term Yes, between 2nd and 5th anniversary

Commission 45% FYC

Term Life Insurance

• 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

Critical Illness Insurance rider

Minimum coverage: $10,000

Maximum coverage: $25,000

• All critical illness rider coverage for a single insured cannot exceed $25,000. This maximum amount will not take into account CI coverage before 2014 and still in effect.

• Joint policies - each insured can apply for a CI coverage amount of up to 50% of the amount of life insurance coverage, without exceeding $25,000

• A pre-existing 12-month clause may be applicable

• Is available on ParPlus and FlexTerm

• Cancer• Heart attack• Stroke • Coronary bypass• Kidney failure• Blindness• Major burns• Organ transplant• Awaiting major transplant

• Coma • Aorta surgery• Replacement of heart valves • Aplastic anemia• Bacterial meningitis• Paralysis caused by an injury/

accident and not an illness• Accidental dismemberment

What critical conditions are covered?

Assumption Life is a thriving Canadian MutualInsurance Company with over a century of experience!

We provide a broad range of insurance and investments products such as:

• Life Insurance

• Group Insurance

• Investment products through well-know fund manager (AGF, Fidelity Investments, CI investments and Louisbourg Investments)

• Group Savings and retirement plans

• Mortgage Loans

Who are we?

Corporate Overview

• Excellent rating, Am Best (15 years running)

• Solvency ratio: 232% (2014)

• Assets under Management: 1.5 billion

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.

Getting Started With Assumption Life

Lia – Electronic Sales Tool

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

• Save to any device• Your device directly to our

underwriter

• Online or offline

Lia.assumption.ca

Signature Page

Don’t forget to fax or email us the signature form!

Quick to Issue

• Simplified products - less than 48hours

• Quick issue products - less than 5 days

Quick to Pay

2X

2X

2X

• Reports run Mondays and Wednesdays

• Pay upon issue of policy

• Directly to your bank account

• Make $ weekly

Hard-to-insure clients ? No Problem

Hard-to-insure clients?

Term or Permanent?

Delivery Receipt

R e m e m b e r no delivery receipt

r e q u i r e d !

Non Face-to-Face Sales

• Referrals• Replacement• Up sell/ Cross sell• Business where you want,

when you want, how you want!

Visa Eligibility

• Work permit• Student visa• Open work permit• Convention refugees• Caregivers or nannies• Physicians• Investors, entrepreneurs,

self-employed

Producer’s CornerVisit our www.producerscorner.ca

Service – Second to None!

• Quick to respond

• Direct access to

underwriters

• Free marketing materials

• Online training

presentations

• Video sales tool

Doing business with us is easy… and smart!