Description: Lilas Freitas is presenting the webinar. Supporting visuals are in the form of Canada Life-branded PowerPoint slides. Lilas Frietas: Hi, everyone and welcome to the Freedom to Choose life, critical illness and accident insurance webinar. I am Lilas Frias, Regional Manager of Market Development at Canada Life. Speaking to you from Toronto Ontario. In today's session, we'll discuss how Freedom to Choose can help give you additional coverage beyond your current benefits coverage. Then we'll go over the unique benefits of this product and what the application process looks like. I'll also share members’ experiences so you can see why Canadians like you have purchased this coverage and what they have to say about it. Let's get started. Description: Presentation title is “Freedom to Choose™, Coverage you can keep, life, critical illness and accident insurance”. The presenter is Lilas Freitas, Regional Manager, Market Development. The slide includes an image of smiling young woman. Lilas Freitas: Canadians want the choice to have more coverage than what most benefits plans offer. In fact, 85% of Canadian plan members would like more coverage based on their personal needs. This tells us plan members may need more insurance coverage than their group plan offers. Freedom to Choose coverage provides that opportunity. A recent report found 80% of Canadians believe life insurance rates are too expensive. Our Freedom to Choose insurance products are offered through your current group plan, making the monthly premium costs more affordable than what you'd typically pay if you were to purchase coverage as an individual. Description: Slide title is “Did you know?” The slide features three boxes. The first green box reads “85% of plan members would like more coverage based on their personal needs.” This statistic is from a Benefits Canada Healthcare Survey in 2021. The second box contains a photo of a bearded man against a background of trees. He is smiling. The third gray box reads “80% of Canadians believe Canadian life insurance rates are too expensive.” This statistic is from the 2022 edition of Canada Life and Health Insurance Facts by the Canada Life and Health Insurance Association. Lilas Freitas: Freedom to Choose insurance gives you access to have life, critical illness and accident coverage. You may currently have access to basic coverage through your employer today. However, if you leave your employer, you lose that coverage. Freedom to Choose coverage premiums are paid through credit card or auto bank account deposit payments. So your coverage stays with you. Understanding your current coverage and your needs is an important part of your financial plan. If you're unsure of what type of coverage you and your family may have today, connect with your human resources, administrative contact or a Canada Life health and wealth consultant. Description: Slide title is “Protect what you care about”. There is an illustration of a person’s silhouette in front of a stylized green maple leaf. The text to the right of that is “Get extra coverage from your group plan benefits with Freedom to Choose. There are three gray text boxes. The first says “Life insurance”. The second says “Critical illness insurance”. The third says “Accident insurance”. To the right, there is an illustration of a green checkmark in a green box. The text below that is “You can keep your coverage even if you leave the group benefits plan or the plan ends. Lilas Freitas: Freedom to Choose insurance protects your financial plan by helping you avoid using your personal or retirement saving to replace your income or support your recovery. Having the right amount of coverage helps your family to not experience a financial burden in an already difficult time. The insurance payout can be used for you and your family. Some examples include, covering the cost of traveling for appointments or treatments, your mortgage or rent payments, your dependents, post secondary education, crossing off your bucket list, adventures or your own funeral expenses. Freedom to Choose coverage is available to you through your group plan yet, it's unique as it stays with you no matter where you go in your career. Unlike your typical group insurance, you will not lose your coverage. Should you change employer or retire, you can select to pay directly from either your credit card or automatic bank payments. Plus, you qualify for a minimum amount of coverage without medical evidence. You can access an online quote within minutes through your My Canada Life at Work account. And unlike your typical optional insurance, you qualify for a minimum amount of coverage without medical evidence. Description: Slide title is “Why Freedom to Choose?” On the right-hand side of the slide is a photo of a woman smiling with her arms crossed, leaning on a wall. The text to the left of that is “It can help protect your income and savings if something were to happen to you. You can keep the coverage, even if you leave your job or your group plan ends. You can receive an online quote in just a few minutes on your My Canada Life at Work account.” Lilas Frietas: Freedom to Choose provides flexibility and coverage options and amounts available to you, your spouse and dependants. For example, some group plans may reduce or stop coverage when you turn 65. Freedom to Choose life and accident insurance keeps you covered until age 85. As a Canada Life member, you must apply for Freedom to Choose coverage before you turn 65 for you and your family to be eligible. In other cases, coverage maximums can be much less than the $1 million life insurance offered by Freedom to Choose. You can purchase in increments of $25,000 for Freedom to Choose coverage and update your coverage amounts online at any time. As a Canada Life member, you are preapproved for $25,000 in Freedom to Choose life and critical illness and $250,000 in accident insurance, without medical questions. If you're a new member to your group benefits plan, you have 31 days to access $150,000 of life coverage without medical questions. This is a bonus for new members while signing up for their group benefits coverage plan. More coverage is available. The chart shows there’s a variety of maximums per coverage option, additional coverage beyond the pre-approved amount requires further personal information. Let me give you an example. If you want $25,000 of life insurance, the online application won't ask you any medical questions. On average members complete the application within 15 minutes. If you want $150,000 of life insurance, then you'll need to answer additional medical questions for approval. The medical questionnaire is dynamic, meaning it can be a different experience depending on your answers. Let me walk you through in more detail so you understand the value of spending more time on the application to receive more coverage. Description: Slide title is “Eligibility and coverage.” The information on the slide is presented as a chart. The columns are labelled “Life insurance”, “Critical illness insurance”, “Accident insurance”. The rows are labelled “Who’s eligible?”, “Age when coverage ends”, “Member”, “Spouse”, “Child”, and “Pre-approved coverage (member only). Under Life insurance, a member, spouse and child are eligible. Coverage starts 15 days from birth for a child. Their coverage ends at 85. Minimum and maximum coverage amounts are as follows: $25,000 to $1,000,000 for a member, $25,000 to $1,000,000 for a spouse, $5,000 to $15,000 for a child and $25,000 for pre-approved coverage available only to members. That goes up to $150,000 if the application is made within the 31-day eligibility period. Under critical illness insurance, a member and spouse are eligible. Their coverage ends at 65. Minimum and maximum coverage amounts are as follows: $25,000 to $250,000 for a member, $25,000 to $250,000 for a spouse, n/a for a child and $25,000 for pre-approved coverage available only to members. Under accident insurance, a member and family are eligible. Family is defined as spouse and/or dependents. Their coverage ends at 85. Minimum and maximum coverage amounts are as follows: $25,000 to $250,000 for a member, 40% of the member amount for a spouse, 5% of the member amount for a child and $25,000 for pre-approved coverage available only to members. Lilas Freitas: Our dynamic medical questionnaire helps us get to know you better. Your data is protected and secure in our website's portal and only available to the department responsible for analyzing medical risk to be approved for additional coverage. Beyond the pre-approved amounts, the online application will prompt the medical questionnaire. This questionnaire varies in length based on your answers about your height and weight, lifestyle choices, pre-existing, physical and mental health conditions and family history. Your information is kept private and secure. In some cases, you may be required to take medical tests before you received approved coverage at Canada Life. Description: Slide title is “Share more info, get more coverage”. On the left-hand side is a photo of a smiling man. The slide text is “Our dynamic medical questionnaire helps us get to know you better. Questions can include: height and weight, lifestyle choices, pre-existing physical or mental health conditions, family history of hereditary conditions. Medical tests may be required based on your circumstances and the coverage level you select.”
Leila Freitas: We continue to look for ways to improve our member experience. As a member, you may receive surveys to provide your own feedback and opinion. We appreciate and review everyone's submissions for the Freedom to Choose offerings. We continue to receive positive feedback on our simple online application. When asked why Canada Life members bought coverage. Mercy wrote to ensure my daughter is well taken care of when I'm gone. While for others, like Douglas, he appreciates the security and portability the coverage provides if his employment status changes. Our website's online application is recognized as being easy to understand and complete. Description: Slide title is “Member feedback”. The subheading with a check mark beside it is “Here’s why Canadians like you bought coverage:” The text under this subheading is: “’To ensure my daughter is well taken care of when I’m gone.’ – Marci P., ‘I want a safety net for my loved ones. The price and coverage were good.’ – Nkemakonam A., ‘I could have it if my employment changed.’ – Douglas F.” The subheading with speech bubbles beside it reads “Here’s what Canadians say about the online experience:” The text under this subheading is: “’Quick turnaround for approval.’ – Nkemakonam A., ‘Easy and affordable – and portable.’ – Peter M. ‘I went through the process in one sitting with no need to go back and forth.’ – Barbara P.” Lilas Freitas: You can access the online application through your Canada Life accounts on mycanadalifeatowork.com at any time. It's not available through our mobile app. After signing in, select the option for you menu tab, then follow the Freedom to Choose coverage box and the prompts to begin a quote or application. Description: Slide title is “Get started”. On the lefthand side is a QR code. The text below that is “Sign in at mycanadalifeatowork.com and Select options for you to: Learn more about your coverage options, Get a quote in minutes, apply online. Not currently available on the My Canada Life at Work mobile app.” An arrow points to a screenshot of the My Canada Life at Work home page, indicating Options for you on the lefthand menu. Lilas Freitas: If you have any further questions when going through the application process, please book a virtual appointment with our health and wealth consultants at a time that is most convenient for you. If you have any technical issues, please send your questions to freedom.insurance@Canadalife.com or call us at 1-833-725-0257 Monday to Friday from 8 a.m. to 6 p.m. Eastern time. Thank you for joining me today. Description: Slide title is “Need personalized advice?” On the lefthand side is a photo of a smiling woman. On the righthand side, the subheading is “Book a virtual appointment”. Under that is a QR code with the text “canadalife.com/optionsforyou”. The second subheading is “Have technical questions?” Beside an illustration of an envelope is “freedom.insurance@canadalife.com”. Beside an illustration of a phone’s handset is “1-833-725-0257, Monday to Friday from 8 a.m. to 6 p.m. ET.”