Introducing
The Everest Package
Whole Life Insurance
Plus
WHO IS EVEREST?
OUR VISION
To revolutionize the way consumers interact
with the funeral industry
For more than a decade we’ve been working towards this vision
and now almost 25 million people
in North America have Everest
THE EVEREST OFFERING
• 24/7 Advisor Planning Assistance
- Funeral planning issues
- Creating a personal funeral plan for the client
• Everest PriceFinder Research Reports
- Detailed, local funeral home price comparisons
- Available on demand via our website
• Online Funeral Planning Tools
- Includes: Personal Profile, 10 Key Decisions Planner, Reference
-
Guide, “My Wishes” Planning Guide and more
Information stored and maintained in a secure data warehouse
THE EVEREST OFFERING
• At-Need Family Support
• Family Assistance and Plan Implementation
- Communicate the client’s Personal Funeral Plan to the funeral
home, removing the family from a sales-focused environment
- Provide 24 hour assistance throughout the funeral process
• Negotiation Assistance
- Gather pricing information and present to client in an easy-toread format
- Negotiate funeral service pricing with local funeral homes
- Help the family compare prices of caskets and other products
WHAT EVEREST IS NOT
• Everest is NOT a funeral home
• Everest does NOT have a network of funeral homes it
deals with
• Everest does NOT sell funeral goods or services
• Everest does NOT sell funeral pre-arrangements
• Everest does NOT receive commissions or profit in
anyway from a client’s decision
RESEARCH
RESEARCH FINDINGS
• Canadians are unprepared and underinsured
• 64% have never planned a funeral
• Only 10% have pre-planned their funeral
• Only one-third of Canadians have insurance
to cover funeral costs
• Canadians’ funeral concerns and priorities
1. Not being able to afford it 46%
2. Not knowing where to start 37%
3. Being taken advantage of 36%
RESEARCH FINDINGS
• Canadians want to be prepared
• 74% say that having the option to pay for their funeral
in advance as a part of their life insurance package in
appealing
• Two-in-five say they are likely to pre-plan for their
own funeral within the next five years
• Canadians are interested in the Everest service
• Over half are interested in hearing more about
Everest
• 83% would purchase a service like Everest for
themselves
RESEARCH FINDINGS
• Everest’s unique service addresses Canadians’ needs
and concerns
• Not being able to afford it
─ Solution: Everest offers a source of funding through life
insurance, the expertise to research and negotiate the costs,
plus assistance with expediting the claims process
• Don’t know where to start
─ Solution: Everest’s planning information and helpful advisors
provide families access to unbiased third party advice and
someone to execute all the details per the client’s request
• Fear of being taken advantage of
─ Solution: Everest’s independent advocates work for the client,
not the funeral home, allowing the family time to focus on
what’s important as opposed to making arrangements
TARGET MARKET
MORE
TARGET MARKET
•
•
•
•
•
•
•
Women in the workforce – 73%
Women delaying marriage – 27.4 yrs.
Women out-earning husband – 30%
Women manage the budget – 87%
Women having fewer children – 1.6
Women getting divorced – 40%
Women living longer – 82.7 vs. 77 yrs.
Source: Statistics Canada 2009-2011; The Richer Sex, Maclean’s March 2012
TARGET MARKET
• Women are overwhelmingly making
decisions for their household:
– Vast majority of healthcare decisions (~85%)
• For themselves
• For their families
– Sandwich Generation – Women Boomers
• Responsible for own children
• Increasingly responsible for parents
– Boomer Women have more spending clout
than any other demographic
• But often feel overlooked
Source: The Baby Boomer Woman, Brown & Osborn
TARGET MARKET
• Product categories WOMEN dread buying the most:
3. Healthcare
2. Autos
1. Financial Services
Source: Women Want More, BCG Survey 2009
TARGET MARKET
• Dissatisfaction is prevalent:
– Most dissatisfied
• Of all industries that affect their daily lives, women are most
dissatisfied with the Financial Services Industry
– Insurance has a problem
• 75% of women dissatisfied with service
• 74% of women dissatisfied with product offering
– Misunderstood
• 85% of women feel misunderstood by investment marketers
• Overwhelmingly, women willing to switch to provider who
understands them better
Source: Women Want More, BCG Survey 2009; Too Busy to Shop, by Kelley Skolda
TARGET MARKET
• Think about your business
• Think about these trends
• Think about your agents
What do you need MORE of ?
TARGET MARKET
The Everest System
Gateway to MORE
TARGET MARKET
• Everest was designed with women in mind:
– Provides personal touch at a sensitive time
• Removes her from a high pressure sales environment
– Female-focused communication
• Designed to resonate with her
– Service focus
• She demands higher service levels
• Everest delivers
TARGET MARKET
• The Everest System Features:
– Recruiting to a program
– Attractive compensation
• 3 sales/week = $100,000 commission/year
– Professional training
– Powerful in-home presentation
• Unique Door Opener
• Needs Analyzer
TARGET MARKET
The Everest System:
Gateway to MORE
– MORE Recruits
– MORE Clients
– MORE Sales
CONSUMERS CHOICES
• Do nothing – leaves family with emotional and
financial burden
• Buy a “Pre-Need” Funeral from a Funeral Home
-
Expensive - Limited choice and information
Locked into single provider - Not portable
Does not address fear of being taken advantage of
Funeral home is the beneficiary
• Have ready cash or credit card with high limit
• Buy “Final Expense” Insurance
- No planning element is offered
- No support to relieve family of emotional burden
COMPETITIVE LANDSCAPE
• Pre-Need Insurance offered mainly through
Foresters Life and Assurant Life
– Reliant on funeral homes as primary distribution
• Final Expense Insurance offered mainly by:
–
–
–
–
BMO Life
Manulife – “Cover Me”
RBC Insurance
Canada Protection Plan – Broker not Carrier
• No one offers The Everest Package until now
Whole Life Insurance
• Simplified Issue
• Guaranteed Issue
FEATURES & BENEFITS
OF SIMPLIFIED ISSUE
• Whole Life Insurance coverage
- $5,000, $7,500, $10,000, $15,000, $20,000, $25,000 & $30,000
• Apply between ages 18 and 80
• Four simple health questions - No Medical Exam
• Short application form
• Suicide within first 2 years – not covered
• Guaranteed 48-Hour Payout
• Tax Free Proceeds
• Easy to purchase
• Cash Surrender Value
• Paid Up Date – 100
• Single Premium Option
FEATURES & BENEFITS
OF GUARANTEED ISSUE
•
•
•
•
•
•
•
•
•
Whole Life Insurance coverage - $5,000, $7,500 & $10,000
Guaranteed Acceptance
Apply between ages 18 and 80
Accidental death benefit before age 85 – coverage amount doubles
regardless how many years in force
If death, other than accidental, occurs within 2 years – premiums will
be refunded
Guaranteed 48-Hour Payout
Tax Free Proceeds
Easy to purchase
Cash Surrender Value
REGULATORY ENVIRONMENT
ONTARIO ONLY
• Two Acts amended July 1, 2012 and are
connected
• Funeral, Burial and Cremation Services Act
2002 (FCB) and Financial Services
Commission of Ontario (FSCO)
– Ontario Regulation 347/04 – Agents Regulation Under
the Insurance Act
– Life insurance to fund expenses for funeral, cemetery,
etc.
REGULATORY ENVIRONMENT
ONTARIO ONLY
• An agent who holds a life insurance license
– Shall not contact, by telephone or in person, any person for the purpose
of soliciting the making or negotiation of a contract to fund funeral,
burial or cremation expenses unless the person has requested the agent
to contact him or her for that purpose
– Shall not contact by any means any person who is in a hospital, nursing
home, home for the aged or hospice for the purpose of soliciting the
making or negotiation of a contract to fund funeral, burial or cremation
expenses unless the person has requested the agent to contact him or her
for that purpose
– Shall disclose in writing to every prospective purchaser of a contract to
fund funeral, burial or cremation expenses that the purchase under the
contract does not constitute the purchase of licensed services or supplies
as defined in the FCB Act
REGULATORY ENVIRONMENT
• Everest Package is whole life insurance from
Western Life plus Everest independent
funeral planning advice and concierge service
– Proceeds can be used for any purpose
– A beneficiary is named – not a provider of funeral,
burial or cremation services
– Agents meet with clients and potential clients in their
homes discussing the Western Life insurance as part of
an overall needs analysis
Thank You