1 / 23

Planning for health expenses

Guide for couples to plan health expenses, risk factors, financial strategies, and product options for long-term well-being. Discusses critical illness, cognitive impairment, care choices, and funding strategies. Take proactive steps for future health security.

blevinso
Télécharger la présentation

Planning for health expenses

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Planning for health expenses Comparing the Options

  2. Longevity couples age 45 to 65 Source: 2008 Canadian Critical Illness (CANCI) tables published by the Canadian Institute of Actuaries, July 2012 trended to 2014

  3. realities of aging 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

  4. AGENDA Health events and planning A confident conversation The product options

  5. What’s the RiskWhere’s the riskWhen’s the risk

  6. Protecting against “IF” Planning for “WHEN”

  7. The life time line 50 35 85 Debt Protection Asset Protection Retirement Income Protection Estate Protection

  8. health Conversation Start the

  9. 1 3 2 STEP STEP STEP Start the health conversation Ask a critical question Introduce three financial strategies Make the decision

  10. 1 STEP Understand your client’s Wishes and beliefs What do you believe will be the biggest barrier to retiring as you’ve planned? Do you expect to be financially responsible for your care as you age?

  11. 1 STEP What do the Barriers to Growth look like? Eliminating debt/reducing expenses Changes in employment Poor market performance Source: Taking Care Inc., 2013

  12. 1 STEP What does Care look like 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

  13. Marketing support The custom proposal Provincial Cost of Care Reports on Sunlife.ca

  14. 1 3 2 STEP STEP STEP Start the health conversation Ask a critical question Introduce three financial strategies Make the decision

  15. 2 STEP Three strategies for health funding: Self-fund the risk Share the risk Fully transfer the risk

  16. 1 3 2 STEP STEP STEP Start the health conversation Ask a critical question Introduce three financial strategies Make the decision

  17. The product options

  18. 3 STEP Aligning Product 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

  19. 3 STEP Aligning Product 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 self-fund 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.

  20. ASK ME ANYTHING About Sun LTCI, Sun RHA, and Holistic Planning • Visit Sunlife.ca/advisor - Health • IHPD@sunlife.com • Advanced case managers and SST • 1-877-272-2020option 6, 3, 1 • SST@sunlife.comISS@sunlife.com

  21. In summary 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.

  22. Thank you

  23. disclaimer 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.

More Related