Provides an ongoing income if you were to become sick or injured, this coverage provides a monthly income if you are unable to work to help pay for your personal expenses. Most people think their homes are their biggest asset, but they are wrong. Your lifetime earnings or earning potential is your largest asset. If you don't have any income coming in then it is very difficult to pay for your house, car, food and all other expenses. Make sure you protect your greatest asset today!
To put this into perspective a 30 year old earning $100,000 their total earnings potential to age 65 assuming 2.5% annual increases is $5,492,821.
(Source: Commissioner's Disability Table, 92 Cia Mortality Table)
With advanced medical care so many people diagnosed with a serious illness are still able to work while undergoing treatment or may be back on their feet sooner than the waiting period for their disability insurance. As a business owner it is often harder to take time off even when you should. Critical illness coverage provides a lump sum payment upon diagnosis of one of the covered illnesses and a survival period of 30-90 days. You do not have to miss time of work to qualify and the money can be used for any purpose you see fit. Some plans even have an option to receive the premiums you paid into the plan back at expiry. You can use the money however you wish, pay expenses, go on a vacation after recovery or pay for medical expenses not covered.
If you become ill or injured and are unable to work, this coverage provides reimbursement for ongoing business expenses (leases, salaries, rent etc.) to make sure you have a business to come back to once you recover. You can also write off the premiums through your business.
When you run your own business, there's no such thing as a sick day. That means preventative health care is even more important. Such things as dental checkups, vision care and massage therapy. Why pay for expenses like these out of your own pocket? Canadians spend an average of $2780 on health costs annually according to Manulife Financial reports.
Use this program to cover more incidental medical expenses or dental that does not have as high limits on health plans. If you are incorporated you can use this tax efficient vehicle to pay for medical, vision and dental expenses with before tax dollars instead of after tax dollars. Use these accounts for any eligible medical, dental, or vision expenses such as glasses or braces.
As a business owner we know you care about your employees and want to protect them financially from expensive medical costs, but you also need to do this in a way that is cost efficient and financially sustainable to your business. We still off traditional group plans, but are finding more flexible group benefit solutions are working best in most cases for today's workplace.
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