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Build-your-own term, disability and critical illness insurance
The better solution for your clients
New Features!
• Terms - T10, T30 & T35
• Rate bands– Simplified issue for
$249,999 or less
• New Child Insurance
Benefit (CIB) rider
• Available as a first-to-
die joint policy
• Modification of the
term– Between the 2nd and 5th
anniversary
• Issue age
Coverage Level
Minimum $50,000
Maximum $4,000,000
Premiums Guaranteed level
Simplified Issue Up to $249,999
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
Beneficiary Chosen by policy owner
Term Life Insurance
Conversion Yes, after 1st anniversary
Modification of term Yes, between 2nd and 5th anniversary
Portable Yes
Proof of loan Not required
Renewable Yes
Joint policy Yes
Commission 45% FYC
Term Life Insurance
Term Life Insurance
Child Insurance Benefit Rider (CIB)
Sum Insured $10,000 or $20,000 per insured child
Insured child Each child of the insured who is single and dependent upon the insured for support and at least 15 days but less than 18 year old
Premium payment period
Premiums are payable until the first of the following dates: •The expiry date of the policy or life insurance rider to which the CIB rider is attached. •The CIB rider anniversary nearest the 65th birthday of the insured (parent).
Issue ages 18 to 60 years of age of the Insured (parent)
CIB Rider
Expiry date
•On the child’s 21st birthday; or•On the child’s 25th birthday if he or she is registered as a full-time student; or•On the rider anniversary nearest the insured’s (parent) 65th birthday.
Conversion
•Yes•Application and payment for permanent life insurance must be received during the 90-day period preceding the expiry date.•Maximum permanent life insurance coverage cannot exceed 5 times the sum of this rider (including the conversion of any other CIB rider in force with Assumption Life).
CIB Rider
Disability InsuranceYour choice of disability benefit used as:
• Mortgage or loan replacement; or• income replacement.
Loan Payment Replacement Income Replacement
Integrated to other DI benefits
No, DI replaces payment of loan. Yes, DI replaces income.
Age at issue 18 to 55 18 to 55
Minimum $300 $300
Maximum 1% of initial life insurance without exceeding $3,000.
1% of initial life insurance without exceeding $3,000.DI from all sources cannot exceed 75% of the average
monthly income from last 12 months.
Simplified issue Yes, up to $1,500 Yes, up to $1,500
Availability Only available with life insurance
Only available with life insurance
Proof of loan Required upon claim. Must be eligible loan.
Not required, not linked to loan.
Disability Insurance
Loan Payment Replacement Income Replacement
Waiting period90 consecutive days with
retroactive payment to the 61st day of disability
90 consecutive days with retroactive payment to the 61st day
of disability
Conversion Possible to convert to “Income Replacement” DI. N/A
Maximum amount of benefit
Lesser of:- Amount of DI specified in the policy; or- Sum of monthly regular payments (capital and interest) of all loans specified on the application that are active at the date of total disability.
Lesser of:- Amount of DI specified in the policy; or- An amount which, combined with other monthly income from all other sources during the disability period, does not exceed 75% of the average monthly employment income of the insured during the 12 months immediately preceding the date of disability.
Disability Insurance
Eligible loans for DI (loan payment replacement)
• Loans with a remaining duration of 5 years at the time the insurance application is signed and an initial amortization period of at least 15 years.
• Eligible loans include mortgage loans, personal loans, personal lines of credit, leases on an asset, Home Buyers Plan.
“24/48”: Payment period ends after 24 monthly income payments for same disability or 48 monthly income payments for different disabilities or the end of the policy or, for the “loan payment replacement” only, the end of the loan if earlier.
DI Benefit Periods
Disability definition
Disability means a condition resulting from an illness, an injury or a nervous disorder that prevents the insured from performing his regular duties in regards to:
– the occupation in which he was engaged immediately before the date he became disabled;
– his principal occupation;
– any occupation for which the insured worked at least 20 hours per week for at least 8 weeks during the 12 months immediately preceding his total disability.
Critical Illness Insurance Rider
CI 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
• 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’s covered?
Rates• Male, Non smoker, Age 45, $250,000
FlexTerm FlexTerm Rank
Lowest rate*
Difference from lowest
T10 $375 24 $298 $78T15 $498 2 $445 $53T20 $580 15 $553 $28T25 $680 1 $680 $0T30 $985 2 $883 $102T35 $1,270 1 $1,270 $0
*Based on LifeGuide rates retrieved January 2015
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 (14 years running)
• Solvency ratio: 251% (2013)
• Assets under Management: 1.3 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
Signature Page
Don’t forget to fax or email us the signature form!
Non Face-to-Face Sales
• Referrals• Replacement• Up sell/ Cross sell• Business where you want,
when you want, how you want!
Delivery Receipt
Remember no delivery receipt required!
Service - Second to none!
• Quick to respond
• Direct access to underwriters
• Free marketing materials
• Online training presentations
• Video sales tool
Promotion
50%• FYC 45% +• Received an extra 5%
commission for the first 2 months*.
* From March 9 to May 9
50%
50%
Production Credits Minimum Production Units
Broker 60,000 20
Broker + 1 guest 75,000 25
Qualification criteria table:
Doing Business With Us is Easy… and Smart!
