The Challenge to be BOLD

  

by Jonathan Mullett BA, Performins Canada Inc.


I understand this is a busy time of year with many things pulling for your attention and so I am grateful for the 5 minutes that you give to read this email and watch the video.  I trust that you will find it of value.  As always your feedback is most welcome.

Recently we produced a video, a 30 second commercial telling the story in a rather provocative manner, of the need for insurance, the need to “be prepared and plan ahead.”  The truth is that nobody knows how long we have to live and definitely nobody likes to think or talk about it…but this doesn’t change the reality that we all need to plan for it, because life can really change “in an instant”.  I encourage you to click the link at the bottom of this article to watch the video, and please feel free to share it.

I might be preaching to the choir a bit…but here it goes anyways…

As an insurance advisor you sit with your clients, listening carefully to their concerns and meeting their families and loved ones.  You help implement a policy(s) that you hope they will never need prematurely, but you work to ensure that the coverage is just right.  The real value of the work that you do is brought to the forefront when a claim occurs.  Then the people that you took the time to call…several times, book a meeting with, complete an application with, fight with underwriters for, and eventually deliver a policy to, NEED you and are leaning on the work that you’ve done.  It’s a time of mixed feelings from an advisor’s perspective; we can be deeply saddened that a client has passed away (gotten ill, become disabled), but we also can be affirmed and get a renewed sense of passion for our work because our clients and the people that count on them, had the coverage that YOU put into place.

Sometimes we can get caught up in the “industry stuff”; rate changes, product changes, underwriting issues, comp changes, and the list goes on… and those things are all important, but as you continue to build your businesses and meet with clients, I want to challenge you to be BOLD with your recommendations.  Keep in mind that perhaps someday you might be delivering a claim, and the proper recommendations now will mean confidence later…and more importantly, well cared for clients.  I know that you know this already and I could stand to learn a great deal from you, so please take this as encouragement for a job well done J.

Please watch the video and feel free to share with friends, colleagues, and clients.  I know that it may not necessarily be your “style”, but we hope you enjoy it anyways.

Click HERE to watch the video.

Jonathan Mullett is Inside Sales Coordinator at Performins Canada Inc.  For questions, comments and feedback, email: jmullett@performins.com.

Canadian Life Insurance

Lifetime Level Cost Insurance

by Andrew Murray, Performins Canada 

The current low interest rate environment has been a blessing and a curse to consumers

1. Borrowing costs are reduced

2. GIC rates are reduced

The current interest rates environment has affected life insurance products and costs

1. Initially, Canadian insurance companies had increased the costs for lifetime level cost insurance products (Term to 100) in an attempt to offset profitability exposure. These products were priced assuming insurers could match liabilities with investments (mostly bonds) that produced yields of 6-8%.

2. With the prospect of continuing low interest rates, some Canadian insurance companies have totally exited the level cost of insurance market. This type of product is unique; Canada is one of the last counties still offering these types of guarantees.

Opportunity?

In the short term, the answer is yes;

1. Most Canadian insurers continue to offer this product

2. Although costs have increased, and continue to increase, the current costs do not, yet, reflect current bond yield (costs are still priced at a discount)

What should I consider?

Many Canadians have purchased term insurance (term 10/20). Most term 10/20 policies allow the insured to convert, change a portion of the coverage from a Term10/20 to lifetime level cost insurance, without having to medically or financially qualify. With lifetime level cost insurance priced at a discount and the long term availability in question, now may be the time to convert. Consider converting a portion of you current term policy to lifetime level cost insurance for:

1.       last expenses

2.       Estate tax liabilities; RRSP’s, Cottage capital gains,

3.       Business succession planning

Andrew Murray is Business Development Director at Performins Canada Inc.

For questions, comments and feedback: email: a murray@performins.com.

Transamerica no longer uses EXAM ONE

With introduction by 

Jonathan Mullett BA, Performins Canada. 

Please see below and note that Transamerica will no longer be accepting “EXAM ONE” Medical/Paramedical evidence.  This was brought to our attention on January 16^th, 2013.  If you are submitting an application at Transamerica AND you order meds yourself, please see the approved list of suppliers for Transamerica below.

Exam One Canada Paramedical

In order to better manage and control our Underwriting operations, Transamerica Life Canada is reducing the number of approved service providers.

The approved service providers going forward will be Quality Underwriting Services, Hooper Holmes, Medifast Inc, MedAxio Insurance Medical Services (formerly Medisys), Watermark Insurance Services, Gamma Dynacare Medical Laboratories, Keyfacts Canada, First Financial Underwriting Services, Green Grass Group. 

Boldly Grow

by David Stewart                 Performins Canada Inc.

Throughout the history of time, humans have always dreamed of a world that was kinder, more accepting and tolerant of all things different and definitely a place that would facilitate a life of ease, abundance and advancement.

During the 1960’s and into the 70’s, science fiction delivered those dreams through ever popular programs like Star Trek, Space 1999, Battlestar Galactica and of course Star Wars. These wonderful forms of entertainment allowed directors and writers, then and now, to address difficult social and political issues of the day as well as ignite our imaginations and prime us with glimpses of things to come sometime far, far into the future.

Famous episodes of Star Trek dealt with race relations, through episodes like “Let that be your last battlefield”, where one alien had the his right side of his face painted black and left side white, while his opposition’s face was painted opposite. This episode focused discrimination and racial civil war. In another episode, Captain Kirk kisses Lieutenant Urura in the first interracial kiss on public television.

It was however, the futuristic and fictitious technology that was used on the shows as if they were common place, that paved the way for what we rely on in the real world of today. Captain Kirk had a cell phone in the 60’s and Dr. McCoy used a tricorder to scan an ill patient without having to do surgery.

Space 1999 showed us that building a space station was possible, while  Star Wars, brought a myriad of new technology to movie making  that has led to things like digital sound and video.

Through all of this imagination, dreaming and storytelling, an interesting thing happened, some of it evolved into reality.  When Darth Vader spoke to his minions via a video phone.  Who knew he was using Skype! Today, social media has moved from the pages of science fiction and now rests in the world we live in.

Our mission at Performins in 2013 is to help Canadians and the advisors that support them, reach out and Boldly Grow, through understanding the importance of forward thinking and planning. We are committed to introducing new technology, new systems, new training and new forms of communication to help you communicate and grow your practice. In doing so, we ask you to participate by dreaming Boldly and allowing your imagination become reality.

Social responsibility is also at the forefront of our new frontier.  The focus on family and community are paramount to the new world, improving on the old and our commitment to our advisors and their clients is to ensure that we put faces to names, while numbers become only a reference and not an end to a means.

So please join us for what promises to be an exciting adventure in 2013. 

Are you prepared to Boldly Grow?

Click here to view the popular Star Trek episode mentioned above:

http://www.tv.com/shows/star-trek/watch/committed-to-hatred-1620139/

Service for your Smoker/Ex-Smoker Clients

by Jonathan Mullett BA

Performins Canada Inc.

Recently I came across some other client files that were rated as smokers.  In a call to touch base it was discovered that they had quit smoking a number of years ago and may be eligible for a rate reduction.  This was an opportunity for me to provide value to the client, re-evaluate their plan, and ask for referrals. 

It used to be that 50% of the adults in Canada smoked, but times have changed since that statistic was released in 1965.  Today between 15% and 20% of adults admit to smoking some form of tobacco on a regular or occasional basis, and many Canadians are thinking about quitting or have quit altogether.  This is a great decision, not only from a personal health perspective, but from a financial perspective.  Not only will the expense of cigarettes be saved, but when a life insurance policy holder has been tobacco/nicotine free for 12 months, then they can apply have the “smoking status” taken off of the policy.  This may potentially reduce the premium by 40%!!  It all adds up to a whole bunch more green in the jeans.

The “green in the jeans” can be used to upgrade the current plan with conversions, a replacement, some CI coverage, etc… which translates into great customer service and additional income.  So when you review your files, keep an eye out for “smoker” policies and consider calling the clients to ask them if they still are smokers.  If they are not, then opportunity may be knocking…

Happy Advising!!

Jonathan Mullett is Inside Sales Coordinator at Performins Canada Inc.  For questions, comments and feedback, email: jmullett@performins.com.

Hindsight is always 20/20

by Andrew Murray

Performins Canada Inc.

We all have had, more lately, issues getting clients in the 50+ age range insured at standard rates. We have an advisor who has turned sub-standard ratings into sales. Many clients in the 50+ age group have young adult children 20-30 year old range. The advisor mentions to the rated client, “wouldn’t it have been nice if someone had recommended $50,000 of permanent coverage to you when you were in your twenties?” Most clients will agree… (hindsight is always 20/20).

The advisor asks to speak with these young adult children with a strong recommendation from their parents….BINGO, a nice sale and a new client to prospect additional sales and services to in the future.

Young clients turn into additional new sales, conversions and estate planning.

Andrew Murray is Business Development Director at Performins Canada Inc.

For questions, comments and feedback: email: a murray@performins.com.

Happy American Thanksgiving!

by David Stewart

Performins Canada Inc.

As we enter into the American Thanksgiving and we see our neighbours to the south enter into a frenzy of Food, Football and Shopping, one has to be reminded of the importance of family and tradition.  I, for one, envy the American Holiday.  This weekend will be the most travelled weekend of the year as families make pilgrimages’ home to see Moms and Dads, Brothers and Sisters, Nieces and Nephews.

Family is first and foremost the cornerstone of our society.  Like life, families are a good snapshot of what we all face in our day to day travels.  Families are caring, communal and concrete in their love for one another.  At the same time, they create wild drama, pressure and competition amongst themselves and others.

One must also remember that Family is not just the genetic lottery that you are born into.  Perhaps more importantly, it is the family that you surround yourself with throughout your lifetime.

At Performins Canada we are a business, an enterprise that exists for profit and works diligently to be a productive corporate citizen.  What we are most proud of, however, is not the bottom line, but the family that helps us to get there.  Our advisors are more than a revenue generator for the firm, they are our extended family. Our purpose is to ensure that Canadians receive the quality advice and direction they so richly deserve.  After all, when one family helps another, it leads to a community.  Strong communities create strong societies.  Don’t get me wrong, we are not perfect; we do stupid things, make mistakes and can generally screw up.  Thankfully, it appears we do more for our family that works than does not.  So today, I am thankful for all of my family and the satisfaction, success, and serenity that have been bestowed.

So although we may not be enjoying any deep fried turkey, turducken, Thursday and Friday Football, or standing in long lines at the mall, I wish all Canadians a gift of thanks for their families and all that they do to make Canada the best country in the world.

David Stewart is the President and COO of Performins Canada Inc.  

For questions, comments and feedback: email: dstewart@performins.com.