Illustration Guide - Repsource - Manulife Financial

More documents

Recommendations

Info

The proposal, Continued one Account – Manulife one Assumptions In the Manulife one Assumptions section you can enter the information needed to set up the client's Manulife one account. • Current Value of Home: This amount is taken from the Client Information tab. • one Borrowing Limit: This amount is calculated by the program based on the market value and type of property. • Current Liabilities Less Current Savings: This amount is calculated from the information in the Liabilities & Savings category and includes Transfer Costs. • Monthly Administration Fee: The standard fee of $21 is automatically selected but there is an option that can be used to customize the fee amount should Manulife offer a special incentive to a specific client group or if the rate changes before a software update is released. • Monthly Cost of Other Planning Solutions: Enter the cost of other solutions you're recommending, or the portion (in dollars) of their cost savings that the clients will spend. For the Hamiltons, enter $450 on the assumption of new retirement savings and additional life insurance. Manulife one Illustration Guide 22 December, 2000
The proposal, Continued one Account – Manulife one Assumptions The Account Information section enables you to customize the structure of the clients' Manulife one account to meet their specific needs. The first row describes the clients' main Manulife one account. • Type: The program will automatically enter V or F for variable or fixed rates • Amount: For the Hamiltons, enter $140,150. • Rate: The current variable rate is locked at 6.5%. • Term: The Hamiltons want to be out of debt in 20 years, so enter 20. • Payment Method: This is locked at principal and interest. • Target Payment: This is calculated by the program. This amount will not be deducted from the account on the ledger — it is only used to determine if the clients can afford the recommended structure. This section also allows you to move some of the clients' borrowings into sub-accounts (Variable, Investment or Fixed) and add new borrowings, if the client has available borrowing room. Any sub-accounts are entered in the rows below the Main account. You should know: • Investment accounts default to Principal & Interest and never show as paid down (pay-down would happen when the corresponding investment is surrendered). The Target Payment on these sub-accounts is the interest. • Variable accounts can have the same or different term as the Main account (although you should question the need for a Variable account with the same Term). These sub-accounts have their own Target Payments. • Only one Fixed account is allowed, and it is restricted to a maximum of 50% of the total borrowings. This account has its own Target Payment. For now, we will leave the borrowings entirely in the Main account. (We'll change this assumption shortly.) The Summary section contains Total and Total Target Payment fields. The program calculates the Total. It is the sum of all the account balances entered in the Amount column in the Account Information section. The Total cannot exceed the one Borrowing Limit. The Total Target Payment is the sum of all the Target Payments for the Main account and any sub-accounts plus the Monthly Administration Fee. The program will check if the Total Target Payment exceeds the clients' income less their expenses. If it does, the program will tell you that the clients cannot afford the recommended structure, and it will not process the proposal. If this happens, adjust the structure to lower the total Target Payment Manulife one Illustration Guide 23 December, 2000
Page 1 and 2: Illustration Guide For use with Man
Page 3 and 4: INTRODUCTION Manulife one Manulife
Page 5 and 6: Introduction and screen information
Page 7 and 8: Setting up a new client, Continued
Page 9 and 10: The concept Introduction The illust
Page 11 and 12: The concept, Continued Client Profi
Page 13 and 14: The concept, Continued Liabilities
Page 15 and 16: The concept, Continued Liabilities
Page 17 and 18: The concept, Continued Cash flow Th
Page 19 and 20: Concept report, Continued Concept R
Page 21: The proposal Introduction Once clie
Page 25 and 26: The proposal, Continued one Account
Page 27 and 28: The proposal, Continued one Account
Page 29 and 30: Proposal reports Manulife one Propo
Page 31 and 32: Proposal reports, Continued Table C
Page 33 and 34: Additional proposals, Continued Sce
Page 35 and 36: Appendix Credit policy Introduction

Illustration Guide - Repsource - Manulife Financial

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?