SunUniversalLife Pro - Case study

Case study

Important!

Please read the Sun Life Illustrations module before completing this case study.

Use Sun Life Illustrations to illustrate a SunUniversalLife Pro plan with the following information:
The Client is Silvio Dante, who owns and operates a successful waste management company. He wants to maximize shareholder value while continuing to meet the long-term business planning needs of his company. Silvio also wants the solution to be flexible where he has access to cash values and the option to reduce his payments, if his situation changes in the future.

Plan & client details

  • Plan type is Single life.
  • Silvio is a 55-year-old male non-smoker, with no ratings.

Policy details

  • Death benefit option is Level plus ACB.
  • Exempt maintenance is Increase.
  • Province is Ontario.

Coverage details

  • COI type is Yearly renewable term to age 85.
  • Coverage is $750,000.

Payment details

  • Payment frequency is set to Yearly.
  • Type is set to Level minimum from 1 to 10 years.

Rate & investment assumptions

  • Primary interest rate type is Portfolio Sun Life Diversified Account Pro 100%.
  • Rate is 2.00%.
  • Service Account interest rate should be set to 0%.

Optional benefits

  • Business value protection is $250,000.

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 SunUniversalLife Pro, then click Go. The Sun Life Illustrations page opens and defaults to the PLAN DESIGN tab.

    Tip!

    Set up SunUniversalLife Pro to always default to your preferred province. Complete this step before entering any other client specific details. In the Policy Details section, select your preferred province, and then at the top of the window, click the Default settings drop-down arrow, select Save current illustration as default and click Yes to confirm. After completing these steps, each time you illustrate a new SunUniversalLife Pro plan, your preferred province will automatically be selected.

  3. Under the Plan & client details section, leave the default Plan type Single life selected, and enter Silvio’s information.
  4. Under the Policy details section for:
    1. Death benefit option, select Level + ACB.
    2. Exempt maintenance, select Increase.
    3. Province, select ON.
  5. Under the Coverage details section:
    1. From the Cost of insurance (COI) type drop-down list select Yearly renewable to age 85.
    2. In the Specify amount field, enter $750,000.

    As you enter information, the Illustration Summary displays the details of the plan and any important messages.

  6. From the Payments section:
    1. For Payment frequency, leave the default Yearly.
    2. From the Type drop-down list, select Level minimum.
    3. In the From year field, leave the default of 1 and for the To year, enter 10.
  7. From the Rate & investment assumptions section:
    1. For Primary interest rate type, select Portfolio.
    2. From the Investment option(s): drop-down list, select Sun Life Diversified Account Pro, and leave the default Allocation of 100% and the default Interest rate of 2.00%
    3. Leave the Service account interest rate default of 0.00%.
  8. From the Optional benefits including Term insurance section:
    1. Under Optional benefits, click the checkbox beside Business value protection to add a checkmark, and leave the default Amount of $250,000.
  9. From the Illustration Summary, click the Refresh button.
  10. Click Save, and from the Save dialog box, in the Case name field, enter the recommended name of Firstname Lastname Product Coverage amount and then click Save.
  11. Click the REPORT DESIGN tab.
  12. For the Designed for field enter Mr. Silvio Dante and leave the default Client Report Options selected. The Client Report Options that are greyed out are mandatory and will always print on a report.

    If you select Business card information to be printed on the report, ensure your name shows above the manage business cards link.
  13. Click View Client Report.
  14. If a message appears asking if you want to open or save the PDF, open the PDF.
  15. With the PDF open, from the File drop-down menu, select Save As.