Life Insurance for Business

Term Life insurance, also known as pure life insurance, provides a stated death benefit for a specific term.  Once the term expires, the policy owner can renew the policy for another term, convert it to permanent coverage, or let it terminate.  

Universal Life insurance is a policy that combines permanent life insurance protection with a range of investment account options for tax-preferred savings growth. Policy owners can choose a guaranteed death benefit for the business, and any payments made above the cost of insurance can grow in a tax-preferred savings account or be used to increase the death benefit.

Key person insurance is a type of life insurance policy that a company purchases on a key executive’s life. The company is the beneficiary of the plan and pays the premiums.  Key person insurance is essential to protect a company’s operations in the event of the sudden loss of a key executive. The payout from the death benefit can provide the company with the necessary time to find a replacement or implement other strategies to save the business.

Critical illness insurance provides financial protection to policy owners who have an employee that is recovering from a life-altering illness. The costs associated with health recovery can put a financial strain on the business. Critical illness insurance offers a tax-free lump sum payment to the policy owner to use as needed during recovery.

Disability Insurance protects the ability of an employee to earn an income and is the greatest asset that a person has.  If an employee’s income ceases, what else ceases? If, like most Canadians, the employee relies on their income to live their life, protecting that income is critical. Most employees are protected via their employer benefit plans but those that aren’t, need to consider personal disability Insurance    Disability insurance pays a monthly income to an insured when that person is not able to work because of an illness or accident. It may be included as part of an employee benefits package; however, it can also be purchased as a stand-alone product.    People often purchase disability insurance to augment their existing coverage.

Individual health and dental insurance, also known as family health insurance, is meant to cover expenses that are not covered by provincial or territorial health insurance.  It can help pay for regular health care, dental care, and unexpected medical expenses. You never know when an employee might need to visit a doctor, undergo a medical procedure or deal with an unexpected illness or accident. Health insurance can help manage the financial burden of such situations.