1 in 3
Canadians will become disabled and unable to work before age 65
Disability Insurance
For the "I never imagined this would happen to me" moment.
01
Disability Insurance For Individuals
When it comes to safeguarding your earnings in the face of illness or injury, an individual disability insurance policy puts you at the center as the beneficiary.
In today's landscape where employers seek cost-cutting measures, some may not extend disability or other group insurance benefits to employees. Even when available, high-income earners like professionals and executives might find themselves with disproportionately lower coverage, sometimes as little as 40% of their monthly pay, due to benefit capping in group insurance plans.
That's where individual disability policies step in, tailored to cover various forms of compensation, including bonuses and commissions—often left out by traditional group policies that focus solely on base salary. These policies come with different disability definitions that can optimize benefit payments, extend their duration, and even provide inflationary protection.
03
Disability Insurance For Key Persons
Unexpected disability in a key person can swiftly impact a business's value and market share, leading to severe financial consequences. Disability insurance aims to offer a robust solution, providing financial relief to both the business and its key individuals in the face of disability.
Imagine this individual as the cornerstone, someone indispensable to your business. Whether it's a skilled engineer, an essential architect, or a top-performing salesperson, their role is irreplaceable, and your business hinges on their contributions.
In the event of their incapacity, key person insurance steps in, providing vital financial support for your business as you navigate the loss of this core team member and work toward finding a suitable replacement.
It's not just insurance; it's your business's safety net during the most challenging times.
04
Buy-Sell Disability Insurance for Co-Owners
Disability Buy-Sell Insurance is a strategic financial tool designed to protect business owners in the event of a co-owner's disability. This type of insurance is typically integrated into a buy-sell agreement, which outlines the terms for buying out the disabled owner's share in the business.
If your co-owner becomes disabled, the policy provides a source of funds to facilitate the purchase of their business interest. This ensures that the disabled owner receives fair compensation for their share of the business. The insurance payout serves as the funding mechanism for the buyout. It provides the necessary liquidity to execute the terms of the buy-sell agreement without straining your business's cash flow or requiring the sale of assets.
The streamlined process facilitated by Disability Buy-Sell Insurance ensures a smoother transition during challenging times. It minimizes disruption and allows your business to continue operations without prolonged uncertainty. We always ensure your policy is tailored to your specific needs and structure of your business.
02
Disability Insurance For Business Owners
Business owners face a dual challenge in addressing the financial risk of disability: safeguarding personal income and ensuring the continuity of business operations. Individual income protection covers personal monthly expenses, offering flexibility in coverage duration.
As the key of your business, your absence due to disability could have profound effects on its daily operations and overall success. Business Overhead Expense (BOE) Insurance tackles fixed costs, yet it doesn't cover your personal salary. To bridge this gap, an individual policy becomes crucial.
For those with business partners, a unanimous shareholder agreement likely incorporates buy-sell disability and life insurance clauses, safeguarding each partner's shares and providing liquidity for the agreement.
Integrating disability insurance into your financial strategy doesn't just shield your business from unforeseen events; it also ensures protection for your personal needs and lifestyle.
