Living Benefits
This is a new term that we apply to the variety of insurance products that pay a benefit to the insured while they are alive (excluding group Health and Dental). This class of coverage has expanded greatly in the past 3-4 years beyond just Disability Income insurance. If you run your own business or professional practice, a disability can affect your personal income and the security of your business operations. Our expertise and product selection take the unique needs of business owners into account and provide protection for overhead-expenses, business succession and retirement savings.
You can protect more than your income
We offer a complete range of insurance products and services, accessing
some of the top carriers in Canada. Coupled with our expertise, we can
custom design packages for both Businesses and Individuals.
Today, there is a significant choice of Living benefits products available
for Individuals, including:
- Disability income Replace your after-tax income if you become disabled…and get your premiums back if you are not
- Critical illness Receive up to $2 million tax-free in a lump sum if you are diagnosed… and all of your premiums back if you stay healthy
- Priority Access Receive up to $2 million tax-free in a lump sum if you are diagnosed… and all of your premiums back if you stay healthy
- Long term care Receive up to $9,000 per month of tax-free funding during your lifetime, if you require long-term care services in your home or in a long-term care facility.
- Capital benefits Accumulate cash tax-free, and access it tax-free.
Our focus in this area continues to be on the planning process. We have found that most clients typically require a combination of different types of coverages throughout their Business Life Cycle in order to effectively manage risk.
For business owners, effectively funding their buy/sell arrangement is a absolute priority.
An employee group benefits package provides a good solid base of coverage in all areas for the majority of the staff in a corporation. Most of the staff have a good percentage of their income replaced and health care provided for by a standard group benefit plan.
However, there are limits on the coverage amounts and quality of benefits provided to the group as a whole. As incomes increase, in a corporate environment, often there is a lower percentage of benefits covered. This is as a result of ceilings on formulas and also inferior definitions. This coverage gap creates a form of reverse discrimination for high income earners.
An Executive Benefit Program is designed to reduce or eliminate this reverse discrimination. In Canada today, depending on the industry, most employers are already paying 8% to 15% or more of payroll in employee benefits, with predictions that in a few years the cost will exceed 20%. By introducing customization, the chance of “Reverse Discrimination” is minimized, and the value of the benefit program can be enhanced. For the amount of money spent on benefits, there needs to be a closer view towards cost, quality and benefit -- not just cost.
Contact us for more information about ExecPlus our custom designed Strategy for Business Risk Management. Let us work with you to design a package that is appropriate, affordable and structured to deliver exceptional value.