Case scenario #3: Budget-friendly insurance bundle

Printable Leaflet

Discover Jason and Lana's story

Client profile: Jason, 30 years old, and Lana, 28 years old   

Meet Jason and Lana, homeowners and new parents navigating the responsibilities of adulthood. Jason, a tech enthusiast, works at a startup, while Lana, currently on maternity leave, is at home with their child. Despite their prudent financial habits, managing debts and coping with a reduced income has its challenges. They prioritize safeguarding their home, ensuring the stability of Jason’s income, and covering Lana’s monthly expenses.

Insurance needs 
To address their needs within their budget, Jason and Lana choose a joint first-to-die term insurance policy. This option not only suits their current financial situation, but also offers long-term flexibility as their needs evolve. For added peace of mind, they also select disability riders to protect against unforeseen setbacks, and include a Child Benefit rider, all for an additional $5 per month.

Their tailored solution is built around a joint first-to-die FlexTerm policy, which includes:
  $400,000 decreasing T15 to protect their mortgage;
  $2,000 Disability rider (based on employment income) for Jason’s income replacement;
  $1,000 Disability rider (based on loans) to cover Lana’s loan payments;
  $10,000 Child Benefit rider.


 

Unique Term Exchange Option

With Assumption Life, clients have the flexibility to extend their initial term to a longer term after the 1st month, without new evidence of insurability. Plus, when exercising the term exchange option, they can also switch from decreasing term insurance to level term insurance.

Example :

• After Lana returns to work and their finances stabilize, they can extend their term using the Term Exchange option to better suit their mortgage needs.

• They can also switch from a decreasing policy to a level-term policy for better long-term coverage.

> Term Exchange Leaflet