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Insurance

Life Insurance

Purchasing life insurance could be the most important step you take to protect your family’s future.  Term insurance can often be the best choice of life insurance protection since it can meet your needs now and fit comfortably within your budget.

Family Term, unlike traditional term plans, allows you to have one plan to cover your entire family and provides the additional benefit of flexibility to change as your needs change:

  • coverage is available for temporary and life-time needs in the same plan
  • coverage can be easily updated as your lifestyle and income change over time
  • choose a payment option that suits your needs and budget

Family Term provides insurance for the duration you select and your costs remain the same for this period.  Coverage can be renewed and future rates are guaranteed.

TERM INSURANCE – a solid alternative to a lender’s mortgage insurance!

With term life insurance, the insurance provider pays the death benefit to your beneficiary. This gives your beneficiary the freedom to choose how best to spend the money.

Mortgage life insurance bought from a lender typically pays the death benefit to the lender.  With mortgage life insurance, the death benefit or coverage amount declines as your mortgage balance decreases, but the premium you pay remains the same.

With term life insurance, your coverage amount remains the same.

Should you ever decide to switch lending institutions, you would have to reapply for mortgage life insurance whereas term life insurance is portable – you own the coverage for the duration of the term.

Business owners face many challenges in the management of their business – from day-to-day concerns to achieving long term success. These challenges may include concerns such ensuring the business continues in the event of death, or that there is minimal business disruption in the event of a key employee’s death, providing enough funds for beneficiaries to cover the potential capital gains tax liability that may have built up in the business.

Life insurance is one of the most effective solutions for funding these types of business needs.  The simple structure and flexible features of Business Term allow you to protect the key elements of your business so you can be sure it will carry forward with minimal disruption.

The affordable and easy-to-manage design of Business Term creates financial security for your business with:

  • Key person protection
  • Business collateral and buy-sell funding
  • Estate tax coverage

Business Term can be customized using options called “riders” such as Business Value Protector (adding additional coverage as your business grows), Total Disability Waiver (waiving premiums if you become disabled) and more.

Critical Illness

Surviving a critical illness can be very challenging financially. Few of us want to contemplate the reality of being told we have a serious illness. Even fewer of us have likely given any thought to how we’d cope financially, if faced with such a diagnosis.

Even though survival rates are improving, living with a critical illness can still be challenging not only physically and emotionally, but also financially. During your recovery, you may end up having to pay for healthcare services, special drugs and supplements, and homecare expenses not covered by government health insurance plans or your group plan. You might even have to travel for the medical attention you need. Add all of this to your regular household expenses and the financial consequences of surviving a serious illness could add up very quickly.

You can’t predict the future, but you can prepare for it. Critical illness insurance helps cover the unexpected costs and potential loss of income associated with a serious illness. From the costs of medicine and treatment, to travel, specialist and home accommodations, treating and recovering from an illness can have a devastating financial impact. Plus, if you’re unable to work during your recovery, the impact is even greater.

With critical illness insurance, if you become sick with one of the covered conditions covered by your policy and survive the waiting period, you receive a cash benefit. You can then use the funds as you wish.

Disability

Your lifestyle, your retirement savings, your kids’ education, to name a few, all depend on your ability to work and earn income. Disability insurance helps protect your income if you become disabled and can’t work.

Accidents and illnesses are a fact of life and can happen to anyone, at any time. On average, 1 in 3 people will be disabled for 90 days or longer at least once before they reach age 65. The average length of a disability that lasts over 90 days is anywhere from 2.1 and 3.2 years!

Both personal and business disability insurance solutions offer flexibility and features to help bridge the gap between income and expenses during a disability. There are many different products and solutions available for full-time, part-time or home-based workers, and offer many different options for professionals, business owners, business executives and other employed Canadians. An individual disability insurance plan can help you meet your income requirements so you can concentrate on recovering and returning to an active life.

Travel Insurance

Buy Now

If you’re planning on travelling out of the province or out of the country, Travel Insurance, available in single-trip or multi-trip plans, gives you a simple, affordable way to protect against the cost of unexpected emergency medical expenses, and more, that may happen during your trip.

Your provincial health plan only covers a fraction of healthcare expenses incurred outside Canada and limits coverage when travelling to another province. Yet illness and accidents are just a few of the all-too-common incidents that could leave you facing significant out-of-pocket expenses when travelling.

There is a wide range of products, coverage limits, additional options and exclusions that need careful consideration before buying a plan. Read the fine print.

VISITORS TO CANADA
Family or friends coming to stay? You may be planning a few day trips to tourist areas, outings to some local spots of interest, or culinary experiences you’d like to share.

Travel insurance for Visitors to Canada offers your family and friends a simple way to protect themselves against the cost of emergency medical expenses and more, while they are visiting Canada. Visitors have a variety of Single-Trip and Multi-Trip plans and coverage options to choose from, so they can select the plan that’s right for them.

TRAVEL INSURANCE FOR STUDENTS

Are you a full-time Canadian student studying away from home, either outside your home province or outside Canada? Are you an international student studying in Canada?

When you’re studying away from home, the least of your worries should be the high cost of medical care. And yet, your government health plan may not cover many of your medical expenses when you study abroad – even the most routine of health-related expenses.

Most post-secondary schools require you to have a medical insurance plan before classes begin. Travel insurance for Students is the viable, affordable solution. It offers financial protection against the cost of basic healthcare needs as well as the unexpected medical expenses that result from an illness or injury and require emergency medical treatment or a hospital stay.

Travel insurance for Students protects you from the financial concerns related to healthcare, so that you can focus on your studies and a positive education experience.

Private Health Services Plan

A Private Health Services Plan enables you to effectively transfer after tax personal health and dental expenses into a legitimate before tax business expense.

Private Health Services Plans (PHSPs) are based on CRA Interpretation Bulletin IT 339R2. The Bulletin explains that an employer may reimburse medical and dental expenses incurred by an employee as a non-taxable employee benefit insofar as the benefit is paid through a qualifying Private Health Service Plan.

Group health and dental insurance plans are based on similar specifications. When health and dental premiums are paid by an employer on behalf of their employees, those premiums become a non-taxable benefit to the employees and a deduction for the business. The same is true with a Private Health Services Plan – even for a one person company.

The most noticeable difference between a Private Health Services Plan and a traditional insurance plan is that a PHSP has no premiums! Instead of a premium, the PHSP includes a small administration fee when claims are submitted. In years where you do not incur medical costs, there is no cost to you or your business! This is a pay-as-you-go system.

What is a Private Health Services Plan?

Private Health Services Plans are often referred to by different names. The term “PHSP” is also commonly called a:

  1. Health Trust
  2. Health & Welfare Trust
  3. Health Spending Account (HSA)

It is important to ask the right questions when choosing an administrator for these services. Ensure administrator acts in accordance with the guidelines set forth by CRA. The available medical expense deductions are valid when the Plan is in accordance with CRA’s requirements.

How does a PHSP work?

Private Health Services Plans (PHSPs) are easy to use regardless of the size of your business. Most small business owners, including sole owner/operators, use a PHSP as a cost-effective platform for covering health and dental costs.

A PHSP provides the opportunity for your business to reimburse your family’s health and dental costs without the burden of paying monthly premiums. Your business is the “insurer” and reimburses you personally for dental bills, vision care expenses, chiropractic treatments, and a long list of other medical expenses. You will be able to deduct 100% of your medical costs through the PHSP. In addition, all benefits are non-taxable benefit to you as an employee of your business.

For a concrete explanation, let’s use an example of a $3,000 health and dental expense for a one person corporation (Let’s say a Professional Corporation).

  • Step 1 – Pay for the health and dental expense personally. This payment is made from a personal account. Let’s say with your personal credit card. ($3,000) Then complete a claim form.
  • Step 2 – The Corporation sends the claim form and funding plus the 10% administration fee. This payment is from a Corporate account. Let’s say an online deposit from your business bank account. ($3,300)
  • Step 3 – Your PHSP provider reimburses you personally for your original personal expense. Let’s say through direct deposit to your personal bank account. ($3,000) The $3,000 reimbursement is tax free. The $3,300 payment from your corporation is deductible.