Introducing the Retirement Protection concept on Diamond View
Helping your clients plan for retirement often includes dealing with uncertainty along the way. For example, what if your client has a heart attack, stroke or is diagnosed with cancer? Treating and coping with a serious illness can mean significant and often unexpected costs, which may not be covered by provincial or basic employee health plans.
Are your clients – and their investments – protected? If not, they could spend a good portion of their savings dealing with a critical illness, putting a major dent in their retirement portfolio.
Retirement Protection is a new critical illness sales concept that shows clients how purchasing a Lifecheque critical illness insurance policy can help protect their retirement savings in the event they are diagnosed with a covered critical illness.
How it works
You start by entering your client’s current registered and non-registered investment balances, anticipated future contributions and before-tax rate of return.
You then enter an appropriate amount of Lifecheque coverage for your client and choose an age to show a potential illness occurring. These figures represent the timing as well as recovery and healthcare costs for your client if they were to suffer a critical illness.
The Retirement Protection concept calculates and compares the impact these costs will have on your client’s retirement income under two scenarios: if your client has Lifecheque and if they do not.
The results demonstrate the impact Lifecheque has on protecting your client’s retirement income.
Retirement Protection illustration
Retirement Protection includes an “At a Glance” page summarizing your client’s total net assets at retirement and after tax annual retirement income based on whether they suffer a covered critical illness or not. It also includes individual summary pages that help validate the numerical analysis on the “At a Glance” page.
The illustration also allows you to add the Return of Premium at Expiry rider (ROPX) and Return of Premium with Early Surrender Option rider (ROPS). Rider benefits are included in the analysis.
Sample - At a Glance page
For more information on the Retirement Protection concept, the illustration software or other marketing materials, please contact your Manulife Representative.