Types of Insurances

Life insurance is a policy or contract between you and a life insurance company that can last for the rest of your life or for a specific time period. This contract guarantees that your beneficiaries will get a tax-free cash payment (also called the death benefit) when you die. The exact amount they’ll get depends on how much insurance you purchase and the type of policy you select.

A corporation can be a beneficiary of a life insurance policy. This generally allows the corporation to pay the premiums for that policy and collect proceeds upon the death of the covered person. In most cases, the premiums are not deductible but they can still be financed by corporate dollars, which is better than using after-tax personal dollars. Once the insurance proceeds are received, they are not taxable to the corporation and an equivalent amount (net of any adjusted cost basis) is added to the company’s capital dividend account which can then be paid out tax free to shareholders as a capital dividend. The adjusted cost basis of the policy is determined by the insurance company and is calculated by subtracting the annual pure cost of the life insurance from the premiums paid.

If you’re diagnosed with a covered illness, your critical illness insurance policy can help you pay for expenses that your provincial or territorial health plan doesn’t cover. 

It can give your business a tax-free payment if you’re diagnosed with a serious condition. Your contract will define which conditions you’re covered for, but some examples include cancer, heart attack and stroke.

Critical illness insurance isn’t just limited to you; you can also insure key employees.

Disability insurance works when you can’t. It can give you tax-free monthly income to help pay expenses if an illness or accident stops you from working.

You can tailor your coverage to include a range of healthcare needs, such as:

• Routine dental services
• Eye exams, glasses, contact lenses and laser surgery
• Prescriptions drugs
• Physiotherapy, chiropractor visits and massage therapy
• Social workers and psychologists
• Naturopaths, dieticians, acupuncturists.

In a competitive job market a group benefits plan is a great way to separate yourself from the competition. A benefits plan can help retain staff, improve morale and productivity, and keep your employees healthy and at work.

Our goal is to make affordable travel insurance coverage available to as many Canadians as possible. In general, any Canadian resident can purchase some form of coverage with us. Factors such as where you are travelling, your health and the length of your trip may affect the specific coverage(s) available to you.

Super visa insurance is a type of travel medical insurance plan that helps pay for unexpected medical and dental costs that family members with super visas may experience when they come to Canada. Super visa insurance policies typically provide $100,000 to $1 million in coverage. Applicants must show they have medical travel insurance set up for at least one year after arriving in Canada. Super visa insurance policies can be purchased on behalf of the family member who is visiting.