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
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The Underwriting Difference
Fully underwritten Non-medical Simplified Guaranteed
?
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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
The Market Difference
Market Opportunities
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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
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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
8 For Advisor use only
The Market Difference
*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
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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
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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
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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.
13 For Advisor use only
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
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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:
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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
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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
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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
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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
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Rate Cards
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Product Overview
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Everest Program Overview
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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!
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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
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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
Everest Funeral Concierge
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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
Everest Funeral Concierge
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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
Everest Funeral Concierge
30 For Advisor use only
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
Everest Funeral Concierge
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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
Everest Funeral Concierge
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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
Everest Funeral Concierge
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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
Everest Funeral Concierge
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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!!!!
Everest Funeral Concierge
35 For Advisor use only
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