Sun Critical Illness product compare

Case study

John has contacted you and set up a meeting to discuss critical illness insurance to ensure he’s protected. You completed a needs analysis and John needs $100,000 critical illness coverage.

In this case study, you’ll compare three different options that you will be going over with John. 

Use Sun Life Illustrations to illustrate a Sun critical illness with the following information:

Client

  • John Robertson is a 35 year-old non-smoker with a birthdate of January 2, 1983.

Scenario one:

Coverage

  • Coverage term is Term 10
  • Payment period is To age 75
  • Premium frequency is Monthly
  • Coverage amount is $100,000

Optional benefits

  • Return of premium on death is selected.
  • Return of premium on cancellation or expiry with Option of age 75
  • Total disability waiver is selected.

IMPORTANT: We are continuously enhancing Sun Life Illustrations, therefore, the slides illustrated in this training material may differ from the software.

Creating an illustration in Sun Life Illustrations:

1. From your desktop, double click the Sun Life Illustrations Web icon.

The Sun Life Illustrations Home page opens.

2. From the Start a new product illustration drop-down list, select Sun Critical Illness and then click Go.

Since we are going to be comparing three different options for John, you will need to rename the Illustration 1 tab to make it easier for you and the client to see each option.

3. Beside Illustration 1, click the arrow for the drop-down list and then click Rename.

 4. Enter Term 10 and then press Enter.

 5. Under the Client section, enter John’s information.

6. Under the Coverage amount section in the:

  • Coverage term field, select Term 10,
  • Payment period field, leave the default of To age 75,
  • Premium frequency field, leave the default of Monthly selected,
  • Coverage amount field, leave the default of $100,000.

7. Under the Optional benefits section:

  • leave the default of Return of premium on death selected,
  • select Return of premium on cancellation or expiry, and for Option leave the default of age 75,
  • leave the default of Total disability waiver

8. Under Illustration Summary, click the Refresh

The premium for the first option, is $52.66 a month. Now let’s add a second option for the Sun Critical Illness.

9. Beside Term 10, click the arrow for the drop-down list and then click Duplicate.

10. Beside Illustration 2, click the arrow for the drop-down list and then click Rename.

11. Enter Term 75 and then press Enter.

Scenario two:

Coverage

  • Coverage term is Term 75
  • Payment period is To age 75
  • Premium frequency is Monthly
  • Coverage amount is $100,000

Optional benefits

  • Return of premium on death is selected
  • Return of premium on cancellation or expiry with Option of age 65
  • Total disability waiver is selected

1. Under the Coverage amount section for:

  • Coverage term, select Term 75,
  • Payment period, leave To age 75 selected,
  • Premium frequency, leave Monthly selected,
  • Coverage amount, leave $100,000.

2. Under the Optional benefits section leave:

  • Return of premium on death selected,
  • Return of premium on cancellation or expiry selected, and for Option select age 65,
  • the default of Total disability waiver

3. under Illustration Summary, click the Refresh

The premium for the second option is $134.54 a month. Now let’s add one more option:

4. Beside Term 75, click the arrow for the drop-down list and then click Duplicate.

5. Beside Illustration 3, click the arrow for the drop-down list and then click Rename.

6. Enter Term 75 - 15 years and then press Enter.

Scenario three:

Coverage

  • Coverage term is Term 75
  • Payment period is 15 years
  • Premium frequency is Monthly
  • Coverage amount is $100,000

Optional benefits

  • Return of premium on death is selected,
  • Return of premium on cancellation or expiry with Option of 15 years
  • Total disability waiver is selected

1. Under the Coverage amount section:

  • leave the Coverage term of Term 75,
  • for Payment period, select 15 years,
  • leave Monthly selected,
  • for Coverage amount, leave $100,000.

2. Under the Optional benefits section leave:

  • Return of premium on death selected,
  • Return of premium on cancellation or expiry selected, and for Option leave the default of 15 years,
  • Total disability waiver

 3. under Illustration Summary, click the Refreshbutton

 The premium for this third option is $235.94 a month.

Tip!

When you select the Quick compare option from the bottom of the Illustration Summary and you open the quick compare report, a high level cost and breakdown of benefit cost is displayed. It shows 5 year interval policy anniversary premiums.

When you select the Compare link from the illustration and display the compare report, it displays the annual premium for all benefits. However, it will provide a breakdown of the ROPC/E premium and value only. It does not display a breakdown of the other benefits costs.

4. From the tab area, click Compare.

5. Select 2 or 3 illustrations to compare.

If you want to make a correction to the illustration or if the error message Calculations in illustration needs to be refreshed before they can be compared, click the Go to illustration link.

IMPORTANT: When selecting the illustrations to compare, the premium shown is based on the frequency selected for each illustration.

6. From the Report options section:

  • leave the default for the Premium and ROPC/E comparison selected,
  • for the Report durations, you can leave the default of Show all years or you can select the number of years that you would like to display.

7. Click the View Compare Report

8. Click Open. The report opens in the Adobe Reader.

Important:

The Total premium is always based on the annualized amount for all illustrations being compared.

9. From the File menu, click Save as.