If there’s one thing certain about life, it’s that nothing is certain! The best laid plans can sometimes fail; even when you think you have covered all your bases, curveballs still happen and usually when you least expect them. Luckily, while you can structure your plans wisely and thoroughly, you can also hedge your bets against the unknown/unintended through proper insurance planning.
Don’t allow the facets of your financial planning to become exposed to unforeseen risks. Identify the risks early, create a plan that mitigates the negative possibilities and protects what you work so hard to build.
Unexpected health problems and illness can throw your plans and goals off track. Getting sick can also be expensive if not all the bills will be covered by provincial health plans.
Medical advancements mean that more people are surviving illnesses - like cancer and stroke - but the recovery can be long and difficult.
Planning ahead can ease the burden of managing through these challenges and reduce additional stress on you and your loved ones. Being proactive in protecting you and your family’s lifestyle, savings and assets if you get sick allows you to focus on your recovery and worry less about the financial impact.
Critical illness insurance provides you with a lump sum, tax-free, payout if you’re diagnosed with a serious condition. You might use the money to supplement lost wages because of time away from work (for you or your spouse), manage everyday costs (mortgage, groceries, bills etc.), access private or out-of-country medical treatment, pay for childcare expenses or their extracurricular activities, cover your business operating expenses or purchase items that benefit you through recovery. There are no restrictions to what you can do with the payout, therefore it provides you with the opportunity to manage your illness the way that works best for you.
Best Doctors provides you and your family with access to a network of 50,000 world-renowned medical experts to get professional opinions on determining the right diagnosis and treatment information. They can also help you find consultants locally or internationally to ensure your medical questions are being answered by those that specialize in your condition. During the life of your policy, you can use these services at any time, for any condition, not just those covered in your critical illness policy.
Other family members like your spouse, dependent children, parents and parents in law can also use the service.
LifeWorks offers professional counselling, family support services, registered dietitians and more, to help you and your family deal with the emotional impact of your condition.
Your income is the driving force behind achieving your financial goals and supports your lifestyle. It impacts where and how you spend your time, provides opportunities and necessities to your family, and is the building block to growing your assets and your net worth. But what would happen if suddenly you were faced with a disability and that income disappeared or was greatly reduced?
- Would you or your family's lifestyle change?
- Would worrying about your business or your bills impede your ability to recover?
Disability insurance works when you can’t. It can give you monthly income to help pay expenses if an illness or accident stops you from working. It doesn’t necessarily need to be a visible or physical disability, things like chronic pain or a mental health issue can also qualify as a disability.
Believe it or not, disabilities are much more common than we like to think; up to 40% of Canadians become disabled for 90 days or longer before the age of 65.
Disability insurance replaces part of your pay cheque so you can focus on what matters most, with the least amount of financial stress impacting your recovery. It helps protect your savings from depleting to meet your financial obligations.
Personal Disability Plans
While some Canadian employers offer disability coverage, this is not true of them all. Those that do may not provide the level of protection needed, either. These types of group plans often have a maximum coverage amount that may not satisfy the level of income needed to properly replace your pay cheque during a disability. While group insurance is a great start for individuals and families, a personal disability policy can complement that base coverage to adequately protect your family and your lifestyle during challenging times.
Individual disability policies offer flexibility and customization not available within a group plan. The coverage amount, benefit and waiting periods can all be based around your income level and your needs. There is also a big advantage to having a personal disability insurance policy that won’t terminate if your employment status changes. Switching jobs, an unfortunate layoff or other personal circumstance will not impact this type of policy, nor will you have to go through a new probationary period as you do when starting a new job.
Do you know if you're properly covered? Contact us today for help!
Business Disability Plans
You and your employees are critical to the success of the business that you worked so hard to build. If an illness or accident stopped anyone within your company from being able to work it could significantly impact your business and your lifestyle. Purchasing disability insurance can help protect your business from increased expenses in the event an employee becomes disabled. Most importantly, you’ve insured the key people who are instrumental in the success of your business.
Not only does it help to ensure the expenses are covered and your company runs smoothly, it can help you and any partners plan for the future and allows the funds to be there when they are needed the most.
You want to maintain your revenue and your savings; don’t let a disability jeopardize everything you’ve worked so hard to create. Prepare for the unexpected.
What kinds of coverage can you get?
- Protect your key employees by having coverage available to help keep the business going while you find and train a suitable replacement.
- Fund a partner buy/sell agreement in the case one of you cannot return to work permanently.
- Cover eligible business overhead expenses while revenue is on hold due to a disabled team member.
There is a common misconception that Canadians have free healthcare. While that understanding may be partially true, the fact is that there are many circumstances where individuals and families are burdened with expenses not covered by government plans; and they may not be affordable.
Canada’s provincial health care systems cover some of the basics, but treatments, drugs, therapies and other professional services are not usually included. Those without a practical healthcare insurance plan can find themselves in the inevitable position of having to pay potentially huge costs out of their own pockets for these services.
When executives, management, or employees are absent from work for any period of time, it can have a direct impact on the productivity of your company. Not only does proper planning within your organization provide reassurance to individuals and families that unexpected costs, including dental and vision care, hospitalization and prescribed or non prescribed medication, will keep their financial well being intact, it also works to attract and retain quality employees, which is a key factor in your businesses growth potential.
Group benefits are a tax effective way to compensate your employees and protect their livelihoods, while also acting as a way to show your appreciation and improve loyalty by providing your employees support beyond their day to day work.
Health Spending Accounts
A health spending account (HSA) is a group benefit that provides you with reimbursements on a wide range of health-related expenses, over and above regular benefit plans. It is available for unpaid balances or expenses not covered under your other benefit plans (including government plans, your group benefits plan and, if applicable, your spouse's group benefits plans).
Commonly you will find these accounts used for vision care expenses (glasses, contact lenses, and laser eye surgery), prescription drug expenses commonly excluded on extended health care plans (fertility drugs, erectile dysfunction drugs), paramedical practitioners (psychologists, optometrists, acupuncturists), adult orthodontics (dental braces) and other related balances not reimbursed by health care plans.
Let us help you determine if a health spending account is right for you, your employees and your business. Our knowledge and guidance can help ensure you structure your plan the way that is suited best for your needs.
Let's review your group benefits today. Contact us.