C Flashcards
C1 - Problem
Okay, so the first concern they have is with your accident and injuries. When was the last time that anyone in the family got injured in any sort of accident or injury? (Wait for response)
[if they can’t think of anything, suggest examples… “anything minor, or major, cuts, bruises, etc” (make it relevant to them)]
And did you go to a doctor to get that checked out? (answer will almost always be “no”). Why not? (because it’s a hassle, nothing major, don’t like doctors, etc.)
Right. Well, here in Canada we’re super fortunate, if we get injured and go to the doctor, our medical expenses are taken care of through MSP. But there’s always going to be out of pocket expenses such as gas, time taken to travel back and forth, parking and food. All those are not covered by your MSP, so who has to pay for those bills? (Wait for response) Exactly! You do! And those expenses can add up to be a lot of money right?
For example, [explain a relevant example base on their life: if you sprained your ankle while going on a hike with your family, work doesn’t cover that for you, and you need to get to the hospital to get checked out, all those extra bills such as food, gas and time come out of your own pocket! And it can add up to be a lot of money and becomes a big problem! And if it’s a serious accident or injury that requires hospitalization, you’re obviously not working, and neither is your spouse because they’ll be right there beside you, so now the extra bills rack up and there’s no income.]
C1 - Solution
So the way they fixed that problem for you, (spouse and the kids) is whenever you (guys) get hurt or injured (give a relevant example) and have to go see your family doctor or go to the walk-in clinic or hospital, and you grab the doctor’s note, they’re going to send you $150 just for taking the time out of your day to get the injury looked at. It could be any kind of injury or accident… whether it’s cuts, stitches, burns, or a broken arm. So now there’s money to help out when you get checked out for any accident or injury and you can use it whenever you want. There’s no limits on this benefit, so it covers the whole family 24/7, you can travel all over the world with it, (and it even covers the kids when they’re at school.)
Now the exception is if you’re in the hospital overnight, more than 24 hours, for any accident or injury; that means it’s a more serious injury. So they double the benefit and send you $300 Dollars every day, starting the first day, for up to one full year per hospitalized incident. (Pause) That ends up being $2100 per week tax-free. With all the bills and everything you have at home, would that $2100 a week be enough to take care of everything? Of course, it’s a lot!
Now, hopefully you never have to go through this… but if you had a really bad accident like a car accident, and ended up in the intensive care unit; that would be the worst part of the hospital to be in, right? When that happens, they double the benefit again, so you’ll get $600 per day, which is $4200 per week. The reason it’s so much more is because in the ICU, it’s a Life or Death situation, so the whole family would want to be there, and that means a lot more expenses for everybody involved. Does that make sense?
C2 - FOC Problem
The second major concern is your funeral and final expenses. Now (Name), have you ever had to deal with a funeral before? (Wait for response)
[If yes] If you don’t mind me asking, who was it for? Sorry to hear, it must have been tough. Were you as prepared as you wanted to be? [otherwise skip this]
The reason that I ask is because it’s a big problem with most families.The problem is not that we’re going to die, because we all will eventually. But when it happens, someone has to face the funeral director right away and they’re going to want all or most of the money up front before they do anything. Did you realize that?
Now let me ask you (name), if you passed away next week, say in a bad car accident, how is your spouse or kids going to deal with a $10,000 bill? (leave them in the silence for a few seconds, they typically won’t have a solution.)
If you’re lucky, maybe you can borrow some money from friends or family, or charge the expenses to a credit card at 24% interest. But ultimately, the family is going to be stuck with the bill, and if they can’t pay it off right away, the family is going to be left with debt, right? (wait for agreement) and the last thing you want to do is to leave debt behind to your family right?
C2 - FOC Solution
So the way they fixed that problem is they made a certificate that handles everything right away for you. In your folder… you get one of these, have you seen it before? This is your Freedom of Choice certificate. (Pull out FOC)
So how this works is, when you pass away, due to ANY cause of death, whoever is taking care of your funeral and final expenses goes down to any funeral home of your choice, that’s why it’s called freedom of choice, they hand it to the funeral director, the director calls the 1-800 number, and everything is taken care of on the spot right away. This way, you don’t have to worry about where the money is going to come from to take care of your funeral and final expenses. Does that make sense?
(Share HP Pro again)
So, for your (whichever they chose) program, they’ve set aside $30,000 for ANY cause of death for you. That includes natural causes and even old age. And the best part of this is that whatever is not used up from the $30,000 gets mailed back in a cheque to the family. So now, when you pass away, and the funeral costs $10,000. Instead of leaving that debt behind to your family and kids, you’ve actually left them $20,000 instead plus taken care of those expenses for them. Isn’t that a way better way to handle things? (wait for agreement)
Now notice that this benefit covers you (and spouse) for ANY cause of death. So let me ask you (name), what are the odds that we are all going to pass away one day (answer has to be 100%)? Right, so what are the odds that you (and spouse) will be getting this amount one way or another? (100% or it’s guaranteed).
C3 - Accidental Death
Now the other problem is if you pass away in an accident, it’s unexpected, and obviously the costs will be a lot higher. So in this case, what they do is they give you an extra ($XXXXXX) on top of the $30,000. If it’s an auto related accident, they give you an extra ($XXXXXX), and if it’s a common carrier accident, which is a bus, plane, train, or boat, anything you buy a ticket for and keeps a regular schedule. If you pass away in one of those accidents, they will send the family ($XXXXXX) on top of the $30,000. Now (name) isn’t it way better to have this in place, instead of leaving debt behind to the family? (wait for agreement).
C4 - Paycheque Protection
Problem:
The third problem is with your paycheque. Because if you’re not around, your paycheque disappears too. So for example if you had a heart attack or passed away in a car accident during your working years; your paycheck disappears right away as well. But what happens to your bills? Does the rent or mortgage stop? Who’s going to pay for electricity, water, food, and wifi? All those bills will keep going right?
(And now that you’re gone, there’s no way that your spouse can work double the amount of hours to keep the family income the same, PLUS take care of the kids. It’s literally impossible.)
[OR]
(If you pass away suddenly, your parents are not going back to work the next week right? They’ll definitely be taking some time off and need to process and grieve. But their bills will catch up to them, and whether it’s a week or a month, eventually they’ll need to go back to work to keep paying those bills. But they won’t have enough time to process and figure things out.)
Solution:
So what they’ve done is…. When you pass away in your working years for any cause of death, they will send (beneficiary) $3000/ month every single month, for ONE FULL YEAR, so that the family at least has time to figure things out and adjust. Does that make sense? So now that you have this paycheque protection coming in, you can take the bigger lump sums you’ll be getting and save it towards retirement, or save it for the kids future education.
C5 - Terminal Illness
In addition, these benefits also come with a terminal illness rider. (Name), do you know what a terminal illness is? (wait for response). So a terminal illness is when the doctor says you have less than 12 month to live, and you get diagnosed with conditions such as brain disease, liver failure, heart disease or stage 4 cancer. Typically in these cases, most families use up all their life savings for expensive private treatment. If you’re lucky enough to survive, most of the families savings are wiped out.
So what they’ve done to help you out is they’ve set up a terminal illness rider. That means if you get diagnosed with a terminal illness and have less than 12 months to live, they will give you HALF of the FOC upfront, and HALF of the paycheque protection upfront. In your case, you will get ($50,000) and you can use that for whatever you want, whether it’s for private treatment, or a last wish and time with family. And the remaining ($50,000) is there so that when you DO pass away, it will still take care of the funeral and final expenses. Does that make sense?
C6 - Cancer Problem
Now the last problem is the #1 cause of illness and death in Canada. Can you guess what it is? That’s right, it’s Cancer. It’s actually responsible for about 30% of all deaths in Canada, which is pretty crazy when you think about it. So cancer has 4 stages. If you catch it at stages 1 or 2, the chance of a cure is a lot higher than if you catch in the later stages. The good news is if you catch it early there’s a chance for a cure, but the bad news is you get put on the waiting list because there are thousands of other patients waiting in worse conditions, so they get priority. So while you’re waiting, what happens with your cancer? (wait for response) Exactly, it usually gets worse and you could lose that chance of a cure… which is exactly what’s happening all over BC right now.
The other thing is when you have cancer, you’re not working. So your income drops and all your expenses go up because of all the medication and travel. (Spouse) probably won’t be working either, you’ll both be together.
C6 - Cancer Solution
So to help with that… the cancer benefit covers you in two ways. (share screen)
First is when you get diagnosed, you get ($5,000) right away. You can use that for whatever you need, like personal expenses or any private treatments. You don’t have to wait in line, start your treatment right away.
When you’re staying in the hospital as an in-patient, you’ll get ($200) a day for 500 full days. That’s a total of ($100,000). If you get better and you can do your cancer treatment at home, they call that being an out-patient. It means you’ll still have to go in for treatments and follow ups when you need to, but you’re at home. As an out-patient they give you ($100/day) for another 500 days which gives you a total of ($50,000).
So you have 1000 days (for each of you) which is ($150,000) in total that you can use towards cancer treatment. Now for example, if you get cancer and use 200 days in the hospital, and the cancer goes away… If the cancer ever comes back, you have 800 days left that you can use, as they never expire. Does that make sense?
C7 - Membership
What’s also nice, is this builds up an emergency fund. So after a few years, if things ever get tight or you miss a payment, the fund covers it for you, so you don’t lose it. The paid-up benefit you see here means when you retire, a reduced paid-up portion of your funeral benefit is locked in for the rest of your life and you don’t pay for that part of your program anymore. Does that make sense?
The strike waiver you see here covers you for up to 12 months in case the union goes on strike, so they waive your monthly payments for you for up to 1 full year and you never have to pay it back. You also get a layoff waiver. So if you’ve been working for over a year and more than 10 people at your workplace get laid off, they take care of your benefits for up to 3 months until you’re back to work and you never have to pay it back.
The best part about these benefits is that they’re guaranteed. Which means the company can’t change or take them away from you once you get approved. And the benefits are 100% tax-free as well.
C8 - Quick Recap
So just to recap,
A71: The next time you (use relevant example) and have to go to the doctors and you grab the note, how much money are you going to get?
FOC: Now (spouse), if (name) passes away in a car accident, how much will be there for the family?
Paycheque: If something happens to either one of you and you pass away in your working years, there will be a paycheque of $3000/month coming in every single month… for how long?
Perfect. Looks like you guys understood everything.
