Insurance is essential to any comprehensive financial plan. If tragic events like death, disability or critical illness strike, insurance can protect you and your family from undue hardship. Some life insurance policies also provide tax-advantaged savings that you can draw on to achieve goals like buying a house or retiring comfortably.
We have access to a variety of insurance products that can help meet your financial planning needs. No matter your personal situation—if you’re single or in a family; a professional or a seasonal employee; an executive or small business owner—we will work together to design a customized plan.
- Long-term care, disability and critical illness
- Health and dental
- Group health benefits
- Health Spending Account (HSA)
In the event of death, life insurance offers surviving family members increased financial security. As a tax-free lump sum payment, it can pay for final expenses and debts, as well as provide income for the deceased’s dependents.
The advantages of life insurance include:
- An instant estate for your loved ones at a time when funds are most needed
- Death benefits that are almost always non-taxable for named beneficiaries
- Avoid probate costs if you name a beneficiary other than your estate
- Potentially offer your loved ones creditor protection through some life insurance plans
- Build tax-advantaged capital for retirement purposes or provide liquid savings through some permanent life insurance plans
We can help you select coverage from a variety of life insurance options that best suit your situation. We do this by completing a detailed insurance needs analysis, either as a stand-alone risk management plan, or as part of your comprehensive financial plan.
Life insurance can play a vital role in your financial life - contact us today to find out how.
Long-term Care, Disability and Critical Illness insurance
Help protect one of your most valuable assets – your income – from unexpected events through long-term care, disability and critical illness insurance.
Long-term care and disability insurance
Income is important for both current financial obligations (e.g. grocery bills and mortgage payments) and for future financial security (e.g. planning for your children’s education or for retirement). Just think what might happen if you suddenly lost your income stream through a long-term illness or disability.
Long-term care and disability insurance products help protect your ability to earn an income, which can be affected if you are afflicted by a disability or other condition.
We can help you choose the long-term care and disability insurance products that provide advantages like:
- Helping maintain your financial independence, lifestyle and long-term financial plan in the event your income is impacted by disability
- Assist with paying fixed expenses for your business if you become disabled
- Support the buy-out of a disabled partner’s share of a business
We can help you tailor your financial security plan so it protects your income through long-term care and disability insurance. Contact us today to find out how.
Critical illness insurance
Suffering a critical illness is distressing for both you and your family. Help ease the burden through insurance that will reduce financial stresses and can complement disability and life insurance protection needs. By helping pay for the additional expenses often associated with a critical illness or condition, insurance offers you, your family, and if applicable, your business, added financial security—so you can focus on recovery.
The advantages of critical illness insurance can include:
- Coverage for up to 22 critical illnesses or conditions
- An initial lump-sum benefit you can use however you wish—from making mortgage payments to seeking medical treatment outside Canada
- Home-care costs during illness and recovery periods
- Even if you’re not disabled from working, you may receive payment
- The ability to provide a return of premium benefit (optional)
- Individuals who cannot obtain disability insurance in some cases still qualify for critical illness coverage (e.g. a non-income earning spouse)
Contact us today to determine whether critical illness insurance fits into your financial security plan.
Health and dental insurance
Depending on your situation, you may or may not be covered under an employer’s group benefits plan. If not, we can help you choose a health and dental plan that can help cover out-of-pocket medical and dental expenses for you and your family. These plans are designed to provide various levels of enhanced healthcare protection, depending on your needs and the stage of life you’re in.
When designing your customize health and dental insurance package, you can choose from an array of services. Options include:
- Prescription drugs, which many consider one of the most valuable forms of health coverage.
- Paramedical services, ranging from the use of an ambulance to a visit to the massage therapist.
- Vision care if you or your family members wear glasses or contact lenses.
- Protection while on vacation or a business trip with out-of-country medical coverage.
- Access to private or semi-private hospital rooms.
- Dental care can include basic dental work as well as a portion of orthodontics, depending on your level of coverage.
Contact us to find out more about enhanced healthcare and dental protection for you and your loved ones.
Group health benefits
In today’s working environment, valued employees are looking for more than financial compensation. They also want an employer who supports their health, and the health of their families.
For this reason, either by itself or paired with group insurance products, consider attracting and retaining employees with group benefit plans. From traditional health and dental benefits to alternative arrangements like employee wellness programs, group auto insurance or flexible work situations, group benefits help make employees more efficient, productive, and happy. Employers also gain tax benefits, such as premiums that are deductible as a business expense in some cases.
Flexible plans offer employers and employees cost-effective, customized ways to address their needs. Choose from an array of benefits like:
- Extended health and dental care coverage, which includes options like prescription drugs, paramedical services, vision care, out-of-country medical coverage, basic dental work and orthodontics
- Group life insurance
- Group short- and long-term disability insurance
- Employee assistance and wellness programs
- Alternative group benefits, such as group auto insurance or flexible work arrangements
- Group critical illness coverage, to help ensure your employees can survive a critical illness
- Benefits plans tailored to specialized employee groups, such as foreign or part-time workers
Contact us today to learn more about benefits products and services that fit the needs of your business.
Health Spending Accounts (HSA)
If you operate a small business, your family has medical and dental expenses and you pay income tax, you might want to consider a Health Spending Account. An HSA can be set up for sole proprietors and corporations, but there are differences in the amount that can be deducted depending on the form of business.
A Health Spending Account is a product that combines insurance and tax planning for small business owners as an alternative to traditional and sometimes costly health plans. They are also known as Private Health Services Plans (PHSP) and were first introduced by the Canada Revenue Agency in 1989. They work by combining elements of medical insurance and tax planning.
At its core, an HSA creates value for a business owner by turning personal, out of pocket, after tax medical expenses into a legitimate business expense. In the same way that other legitimate expenses are deducted as a cost of business, with a HSA, your personal and family medical expenses can be paid for through your business. This reduces your cost of medical expenses and offers an effective mechanism to reduce the amount of tax you pay.
All family members may be able to use the plan when they qualify as an eligible dependant of your Health Spending Account. An eligible dependant is defined as a spouse or any member of the household with whom you are connected by blood relationship, marriage or adoption, and who is financially dependent upon you at some point in the year. In addition, this dependant must be a Canadian resident, having resided in Canada for a minimum of 6 months out of the year.
There are a wide range of eligible expenses for Health Spending Accounts. Some common examples include:
- All prescriptions
- All dental including orthodontics
- All optical including laser eye surgery
- Paramedical - includes chiropractor, massage, physio, orthotics
- Premiums - health and dental premiums paid through spousal plan
- Other Expenses - MRI, tuition for special needs