Insurance
Manage risk and protect the financial security of you and the people you care about with an insurance plan.
Risk Management
Life Insurance
Life Insurance can protect the financial security of the people you love by giving them a tax-free payment after you die. The amount and type of coverage you choose will depend on your circumstances and needs. The cost of life insurance you buy as an individual depends on your age, gender, health, medical history, smoking status, and lifestyle.
Risk Management
Buy/Sell Insurance Agreement
If a Buy Sell Agreement calls for the surviving partners, shareholders or co-owners to purchase the deceased owner’s interests, they can fund the purchase with life insurance. Quite simply, the tax-free death benefit paid from the policy can be used for this purpose.
Risk Management
Key Person Insurance
Key Person Insurance is a life insurance policy that a company purchases on a key executive’s life. The company is the beneficiary of the plan and pays the insurance policy premiums.
Risk Management
Corporate Ownership of Life Insurance
Life Insurance has long been used as a financial and Estate Planning tool for business owners. Whether it’s to help cover a tax liability at death, to ensure adequate funding for a Shareholder’s Agreement, or to put a Capitalization Program in place for a shareholder’s policy, a Life Insurance Policy will often be purchased by a Corporation or a Group of Corporations, or even a Trust.
One advantage of Corporate-Owned Life Insurance is that the premiums are paid with corporate after-tax dollars, which are taxed at a much lower tax rate than the individual shareholder’s personal tax rate.
Risk Management
Health Insurance
Health Insurance is personal insurance coverage that protects your savings from the many healthcare costs not covered by government plans. There are 4 different types of Health Insurance products that provide the protection you need at each stage in life.
Critical Illness
Critical Illness Insurance can give you a tax-free payment if you’re diagnosed with a serious condition. Your contract will define which conditions you’re covered for, but some examples include cancer, heart attack, or stroke.
Disability
Disability Insurance works when you can’t. It can give you tax-free monthly income to help pay expenses if an illness or accident stops you from working.
Long Term Care
Long term care insurance can provide coverage if you become unable to care for yourself and need assistance to manage daily living activities. Long term care isn’t just for seniors. You may become unable to care for yourself for 90 days or more at any point in your life. Long term care insurance can cover some of the costs of a care facility or a caregiver in your own home following an accident or illness. Many long term care facilities and home-care services receive public funding. However, most also charge co-payments or extra fees for additional services that aren’t provided under the long term plan.
To qualify for benefits, most plans state you must be incapable of performing two or more activities of daily living by yourself, such as bathing, dressing or eating. To receive benefits, you have two options:
- be reimbursed for eligible expenses that you may have on a given date, up to a pre-determined maximum
- receive pre-determined monthly payments
You’ll typically have to wait 30 to 90 days after becoming disabled before you get benefits. Some additional conditions and restrictions may apply.
Personal Health Insurance
Personal health insurance (most commonly referred to as PHI) is a form of insurance that is usually taken out by an employer to provide benefits to employees if they become incapacitated and unable to work due to long-term sickness. The benefit commonly takes the form of a payment from the insurer, via the employer, to the employee. This comprises a percentage of their gross salary, which is usually between 50%-70%, depending on the provider. Benefits remain payable to an employee if they remain unable to work, potentially until the employee’s retirement age. Issues may arise where an insurer or employer want to end provision of the benefit