Dare to Compare with Product Compare

Launched in June 2013, Product Compare continues to be an essential insurance planning tool for many advisors across the country. Product Compare is a custom insurance sales concept that compares the costs and benefits of different insurance solutions in an easy to understand format.

Since its launch, advisors have requested over 2,000 Product Compare illustrations.

What do advisors like about Product Compare?

It provides clients with an easy to understand summary of up to four insurance solutions on one page.

It provides an “apples to apples” comparison of product solutions.

It supports comparing term to permanent solutions.

It supports comparing single life to joint solutions.

The comparison will show all years of values (including the NPV and IRR analysis).

What has been a surprise for advisors in using Product Compare?

It can also be used to compare different LifeCheque solutions.

Clients often choose a solution other than the one the advisor would have shown, if only one solution had been shown.

It has helped facilitate the sale of higher premium quick pay solutions.

Advisors don’t have to build the solution. Turnaround times from Advanced Sales are tremendous.

It is effective in helping support term conversion initiatives.

If you haven’t incorporated Product Compare into your insurance practice maybe it’s time to take a look. To request an illustration, send an email to: conceptquote@manulife.com. Include the following information when requesting your Product Compare illustration:

PDF of the different Manulife product illustrations being compared (Note: either death benefit or premium amounts must be the same across all illustrations being compared)

The order of sequence for the product solutions

The present value discount rate you wish to use (default is 3%)

Renewal rates for term conversion comparisons provided by the Advisor Service Centre.

To request a sample illustration, please send an email to: conceptquote@manulife.com.

March 2016