We’ve got some exciting news to share—you can now model existing or proposed Critical illness and Disability insurance plans in Snap. 🙌
This has been a top demand from our Advisors and we are thrilled to have rolled this out. This is just phase 1, as more insurance improvements are coming soon. More on that below.
Add Critical illness and disability insurance policies to your projections
You can now easily access insurance modules for life insurance, disability insurance, and critical illness insurance policies in Snap Projections. This makes it simple for Advisors to model both existing and proposed policies for their clients.
Click here to see the full details on how to use the Critical illness insurance module.
The view from the main planning page
Now, once you’ve added your illustrations to the plan, key policy data will show on the main planning pages. Advisors can model the impact of having insurance versus not having insurance, creating multiple what-if scenarios for comparison. This exercise helps clients to prepare for the unexpected—for example, what would happen to existing assets (and the retirement plan) if one spouse was unexpectedly unable to work for 2 years due to illness?
You don’t have to tell your clients what the impact of losing income for a period of time could be—you can model this easily in Snap and let the software tell the story for you.
The Client report
All the policy details can be included in your client report in a transparent and user-friendly format the client can understand.
Including the policies in your client report will provide a more comprehensive view of your clients’ insurance coverage.
Why talking about insurance with your clients matters
Talking to clients about life insurance, disability insurance, and critical illness insurance is a crucial part of financial planning because these conversations help protect not just their finances, but also their families, goals, and peace of mind. Here’s why it matters so much—and how it genuinely helps them:
1. Protection from the Unexpected
Life happens. Accidents, illness, or sudden loss of income can strike at any time. These types of insurance ensure that if something unexpected occurs, clients aren’t left financially devastated.
- Life insurance helps take care of loved ones if the client passes away—covering debts, replacing lost income, or funding education for children.
- Disability insurance protects their income if they’re unable to work due to illness or injury.
- Critical illness insurance provides a lump sum upon diagnosis of a serious illness (like cancer or a heart attack), giving them financial flexibility during recovery.
2. Peace of Mind
Knowing they have a safety net in place helps clients sleep better at night. It reduces anxiety about “what if” scenarios and allows them to focus on living their lives now.
3. Long-Term Financial Stability
These conversations aren’t just about insurance—they’re about keeping a long-term plan intact:
- Retirement plans can stay on track even if income stops.
- Family goals like homeownership or college savings don’t have to fall apart.
- They can avoid dipping into emergency savings, investments, or taking on debt.
4. Helps Clients Make Informed Decisions
Many people don’t understand how these products work or assume they’re too expensive or unnecessary. Talking about them:
- Clears up myths and confusion.
- Helps clients see what’s actually at risk.
- Guides them toward choices that match their life stage, income, and goals.
5. Builds a Trusted Relationship
When you bring up these topics, you show that you’re not just selling products—you’re looking out for their well-being. That trust goes a long way and often leads to deeper, long-term client relationships.
Improvements to the Life Needs Analysis Tool
Additionally, we’ve made some improvements to the LNA tool for life insurance to reduce duplication and speed up your workflow. It’s now much more intuitive, automatically pulling many data points from your plan. The quick-fill options help keep everything consistent and up to date.
From the main planning page, you can access the Life Insurance Needs Analysis. New modules for Critical illness and Disability insurance needs analyses coming soon!
We’ve also added new functionality to allow for custom final expenses, ensuring this needs analysis is truly personalized for your client. This way, you can accurately model what has been discussed and your clients will know everything that matters to them has been accounted for within their financial plan.
Advisors can now add up to 5 custom final expenses.
Next steps
Stay tuned—it won’t be long before the Critical illness and Disability insurance have their very own Needs Analysis module available. Our Product Team is working hard to deliver this new functionality to you as soon as possible.
If insurance is part of your financial planning tool chest, start a 14-day Free Trial of Snap Projections today. Try out the new insurance modules and discover how Snap can help you tell a story, assess need, and truly prescribe what each individual client needs to ensure their goals and families are protected.
Canadian Financial Advisors, Planners, and Investment Managers are eligible to start a 14-day Free Trial of Snap Projections financial planning software.
