Sun Life – Planning for health expenses

Comparing the Options
couples age 45 to 65
Source: 2008 Canadian Critical Illness (CANCI) tables published by the Canadian Institute of Actuaries,
July 2012 trended to 2014
90%
chance one will suffer a
significant illness by 93
57%
chance of cognitive impairment
requiring constant supervision
Source: 2008 Canadian Critical Illness (CANCI) tables published by the Canadian Institute of Actuaries,
July 2012 trended to 2014
Health events and planning
A confident conversation
The product options
“IF”
“WHEN”
• “If I get sick.”
• “When I need care.”
• Protecting against the unexpected
• Planning for a high likelihood
• At any age
• In old age
• Retirement planning interrupted
• Disrupted retirement income plan
• Asset withdrawal
• Asset withdrawal
• Market timing
• Tangible asset disposal
• Early retirement/delayed retirement
• Mental capacity
• Key person/succession
planning/financial protection
• Estate preservation
• CII solutions
• LTCI solutions
maintaining CII helpful
50
35
85
Debt Protection
Asset Protection
Retirement Income Protection
Estate Protection
Start the
STEP
Ask a critical question
Introduce three financial strategies
STEP
STEP
Start the
Make the decision
STEP
Understand your client’s
STEP
What do the
look like?
Eliminating debt/reducing expenses
Changes in employment
Poor market performance
Source: Taking Care Inc., 2013
STEP
What does
There is no wrong choice
The ‘Default’ Choice
Long-term care facility or nursing home
Your cost $25,000 annually
The ‘Considered’ Choice
Retirement residence or assisted living
Your cost $72,000 annually + $36,000 annually
The ‘Preferred’ Choice
Care at home
Your cost $72,000 annually
Source: Taking Care Inc., 2013
The custom proposal
Provincial Cost of
Care Reports on
Sunlife.ca
STEP
Ask a critical question
Introduce three financial strategies
STEP
STEP
Start the
Make the decision
STEP
for health funding:
Self-fund the risk
Share the risk
Fully transfer the risk
STEP
Ask a critical question
Introduce three financial strategies
STEP
STEP
Start the
Make the decision
STEP
Using critical illness insurance:
Self-fund the risk
•
No insurance purchase
•
Review investments risk profile
•
Assess current plan for vulnerability
Share the risk
•
CII coverage to age 75 during accumulation
•
Self – insure later years
•
Include ROPC to help self-fund later years
Fully transfer the risk
•
Lifetime CII coverage
•
ROPD but no ROPC
STEP
Using long term care insurance:
Self-fund the risk
•
•
No insurance purchase
Establish a health fund
•
Review investments risk profile
Share the risk
•
Self – fund emerging and initial care
•
Use Sun Retirement Health Assist for catastrophic need
Or
•
Use limited benefit period Sun LTCI for initial need and selffund unexpected significant lasting need
Fully transfer the risk
•
Lifetime, unlimited Sun LTCI coverage
ROPD guarantees what’s paid into the plan is received in some form of benefit.
About Sun LTCI, Sun RHA, and Holistic Planning
• Visit Sunlife.ca/advisor - Health
• [email protected]
• Advanced case managers and SST
1-877-272-2020 option 6, 3, 1
[email protected] [email protected]
Explain and identify the risk – the
unexpected “if”; the expected “when”.
Have the conversation – self-fund,
share or transfer the risk.
Chose the product solution to fit
the outcome of the conversation.
• This information is presented with the understanding that it is
intended for information purposes only.
• Neither Sun Life Assurance Company of Canada nor the
presenter has been engaged for the purpose of providing
legal, accounting, taxation, or other professional advice.
• No one should act on the examples/information without a
thorough examination of the legal/tax situation with their own
professional advisors after the facts of the specific case are
considered.