Information Disclaimer The information in this publication is
Information Disclaimer The information in this publication is intended as a summary of our products and/or services and may include projected values based on a set of assumptions. Actual results may not be guaranteed and may vary. Please consult the appropriate policy contract for details on the terms, conditions, benefits, guarantees, exclusions and limitations. The actual policy issued governs. Each policyholder’s financial circumstances are unique and they must obtain and rely upon independent tax, accounting, legal and other advice concerning the structure of their insurance, as they deem appropriate for their particular circumstances. BMO Life Assurance Company does not provide any such advice to the policyholder or to the insurance advisor. Insurer: BMO Life Assurance Company. ® Registered trade-mark of Bank of Montreal, used under licence. 0
BFG Roadshow London Ontario Sept 14, 2016 December 2015
MAX Elite One Pay 2
Approach Business Owners ACB Changing 3
Level COI Rates Changing Most cases they are going up? IIT Changes Increase ROI Interest Environment 4
Want What Cannot Have 5
We can help! BMO Insurance Non face-to-face sales process For Term Insurance, Whole Life Insurance and Critical Illness Insurance 6
Canadian Life Insurance Market Fact #1: Canadians need more insurance. 45% of Canadian households recognize that they are underinsured in 2013 compared to 39% in 2006. 39% 2006 2013 Source: 2013 Canadian Life Insurance Ownership Study 1 1 LIMRA study which monitors long-term patterns in life insurance ownership, adequacy of coverage and consumers attitude about life insurance. Surveyed more than 3, 200 Canadian household financial decision makers. The results were weighted to represent all Canadian households. 7
Canadian Life Insurance Market Fact #2: Life Insurance ownership in Canada has declined. 68% of Canadian households have some form of life insurance in 2013 compared to 79% in 2006. 79% 68% 2006 2013 Source: 2013 Canadian Life Insurance Ownership Study 1 1 LIMRA study which monitors long-term patterns in life insurance ownership, adequacy of coverage and consumers attitude about life insurance. Surveyed more than 3, 200 Canadian household financial decision makers. The results were weighted to represent all Canadian households. 8
Canadian Life Insurance Market Fact #3: A growing number of Canadians prefer to buy in a manner they choose. 1 in 4 Canadians households prefer purchasing life insurance through non face-to-face methods. Source: 2013 Canadian Life Insurance Ownership Study 1 LIMRA study which monitors long-term patterns in life insurance ownership, adequacy of coverage and consumers attitude about life insurance. Surveyed more than 3, 200 Canadian household financial decision makers. The results were weighted to represent all Canadian households. 1 9
Canadian Life Insurance Market Let’s Recap 1. Life Insurance ownership in Canada has declined 2. Canadians need more insurance 3. A growing number of Canadians prefer to buy insurance non-face-to-face What does this mean? A New Way of Thinking is required in order to reach out to Canadians in a manner they choose! LIMRA study which monitors long-term patterns in life insurance ownership, adequacy of coverage and consumers attitude about life insurance. Surveyed more than 3, 200 Canadian household financial decision makers. The results were weighted to represent all Canadian households. 1 10
Many Reasons non face-to-face New Thinking More opportunities by dealing with your clients on their terms 11
Evolution of Simplicity A Simple PDF Application That Saves Time and Money 12
A Unique Streamlined Process BMO Insurance Non face to face sales process . . 13 .
BMO Insurance Helpful Tips Non face to face sales process For Advisors • Prepare the applicant by advising them they will be receiving a call from a Watermark Medical Examiner. • Obtain 2 or 3 preferred appointment dates and times (pre-book times) from the applicant. • Securely email application in PDF with the pre-book times to MGA admin staff • MGA upload the application in PDF and record the pre-book times on the Paramedical Order screen under the Instructions section on Watermark secure site. Medical order will be placed in the same instance. • These dates should be at least 48 hours from the date the order is placed with Watermark. 14
BMO Insurance Eligible Plans Non face to face sales process 15 TERM Eligible Age Available Face Amount Additional Benefits or Riders Easy Term 10 18 to 45 $100, 000 to $250, 000 Preferred Term 10 18 to 45 $250, 000 to $5, 000 Preferred Term 10 46 to 75 $100, 000 to $5, 000 Preferred Term 20 18 to 65 $100, 000 to $5, 000 Preferred Term 30 18 to 55 $100, 000 to $5, 000 WHOLE LIFE Eligible Age Available Face Amount Additional Benefits or Riders Pure Term 100 18 to 58 $50, 000 to $5, 000 Term 10 and Term 20 Rider available to Single coverage only 20 Pay Life 18 to 65 $25, 000 to $5, 000 Waiver of Premium Benefit Term 10 and Term 20 CRITICAL ILLNESS Eligible Age Available Face Amount Additional Benefits or Riders Living Benefit 10 18 to 65 $25, 000 to $2, 000 Living Benefit 20 18 to 55 $25, 000 to $2, 000 Return of Premium on Death Waiver of Premium Benefit Living Benefit 75 18 to 65 $25, 000 to $2, 000 Living Benefit 100 18 to 65 $25, 000 to $2, 000 15 Pay-Living Benefit 100 18 to 55 $25, 000 to $1, 000 Return of Premium on Death Return of Premium on Surrender Waiver of Premium Benefit Critical Illness (Living Benefit 10/20) Rider o Maximum issue age is 60 o Maximum face amount $750, 000
We’re here to help. Give us a call! Paul Morra Senior Business Development Manager (647) 459 -4651 16
Saving Time and Money! A Win December 2014
- Slides: 18