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Grouped Critical Illness
  Advantages for the Employer and Employees:  
- Premium deductible as an expense
- Way to award current employees and attract new ones
- Opportunity to offer a product not widely offered through group insurance plans
- Non-taxable benefit where employer pays premium for employee
- Should a claim be made, the benefit is not taxed
- If the employee changes employer, the employee can assume the policy by continuing to pay the premiums at the same cost and with no modifications to the policy
The above is meant to give a brief overview of Critical Illness coverage. For more information please contact us at (604) 687-7773 or email us at solutions@customplanfinancial.com
Life Insurance
In addition to basic amounts of Life Insurance, Optional and Dependent Life Insurance are available. Medical evidence of insurability may be required for some coverage. This will be based on amounts requested and the number of individuals in our company.
For more information please contact us at (604) 687-7773 or email us at solutions@customplanfinancial.com
Disability Buy/Sell
These agreements are most often found within:
- Accounting firms
- Advertising agencies
- Architectural firms
- High-tech and computer firms
- Medical practices and clinics
- Engineering firms
- Law practices
- Employment agencies
- Small manufacturers
Public corporations, husband-wife combinations, parent-child combinations and other relationships that do not meet the “arms length” test may be ineligible for Buy Sell insurance policies.
The business should be operating, or the partners associating, for at least three years. The business must also have a net worth of at least $50,000.
The owner of the policy may either be the corporation or partnership (entity purchase), or alternatively each owner can own a policy on each of the other owners (cross purchase). The entity purchase may be preferred when there are more than two owners involved as a means of reducing the number of issued policies. The existence of a formal buy sell agreement is highly recommended.
For more information please contact us at at (604) 687-7773 or email solutions@customplanfinancial.com
Business Overhead Protection
It is most vital with businesses and practices in which the owner’s ability to come to work makes the difference between the office being open or closed for business. Ideal prospects are physicians, lawyers, accountants, engineers and other individuals who own firms that depend on the owner’s ability to generate income to pay the bills.
All of these features, plus the fact that premiums are tax-deductible as a business expense, make the Business Overhead Expense policy a key component of any business owner’s financial security plan. It ensures that business continues when a disability occurs.
For more information please contact us at at (604) 687-7773 or email solutions@customplanfinancial.com
Key Person Protection
A key person is an employee whose services are of such a nature that the owner would suffer substantial financial loss due to the employee’s total disability.
These employees offer their employer knowledge, skills or talent that few others can imitate or duplicate. The industry they work in or the nature of their work may be so specialized that there are few others with the skills needed. Many of these occupations have a component of design or research to them. Typically, the unique skills possessed by a key person are not totally acquired through education or even experience but are attributable in part to their own creativity, talents and interests.
For more information please contact us at at (604) 687-7773 or email solutions@customplanfinancial.com
Disability Business Loan Protection
The company must be a partnership, sole proprietorship or professional corporation which has been in business for at least three years with a net worth of $50,000. The insured must have at least a 25% ownership interest. Examples of eligible loans include loans for equipment, property and buildings used for the sole purpose of operating a business.
The lump sum plan also covers lines of credit and account overdrafts.
For more information please contact us at at (604) 687-7773 or email solutions@customplanfinancial.com
Income Loss Replacement Plan (ILRP)
The Basics of an ILRP:
- The employer is the owner of the individual disability contracts
- The premiums are paid by the employer and are deductible business expenses
- The premiums paid by the employer are NOT taxable benefits to the employees.
- The disability benefits under the policy will be paid directly to the employee.
- Any disability benefits received by the employee while a member of the plan will be taxable.
For more information please contact us at at (604) 687-7773 or email solutions@customplanfinancial.com