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Products and services for business

Insurance needs for your business

If you own a business, you may have a variety of needs that can be satisfied with the right insurance products.

  • Providing health and dental insurance to your employees can help you attract and retain skilled workers.
  • Individual term life insurance or critical illness insurance can cover a business loan or mortgage if you die before it is repaid.
  • If you’re thinking of passing on your business to a relative or business partner, you can use permanent individual life insurance, critical illness insurance or disability insurance to help fund a buyout.
  • You can also purchase individual permanent life insurance, critical illness insurance or disability insurance for your key employees.
  • One of your most valuable assets is your ability to earn an income. we can offer individual disability insurance specifically for business owners.

Individual life insurance

If you’re in business, on your own or with a partner, you have unique life insurance needs that depend on the stage of your business’ growth and your long-term goals for you, your family and your business.

Because you own a business, the majority of your wealth is likely tied up in it. You want to protect what you’ve built against unforeseen circumstances such as death or disability; you want to ensure you have liquidity when you need it so you can achieve your goals.

Your needs may include:

  • Covering a major commitment such as a mortgage or business loan
  • Retaining key employees and attracting new employees
  • Ensuring you have the funds to buy a partner’s interest at death or retirement
  • Supplementing retirement income for you and your spouse tax effectively
  • Ensuring your spouse’s lifestyle is protected
  • Ensuring taxes owing on your estate are paid, leaving your assets intact for your heirs

Here’s how life insurance can help:

  • You can use a permanent life insurance policy to help ensure your business survives your death or the death of a partner or key employee.
  • Permanent life insurance puts your premiums to work for you by also providing a cash value that you can use to help meet future financial needs or opportunities over your lifetime.
  • Some permanent life insurance policies have cash values that may accumulate over time. They can help finance a business opportunity, buy out a partner’s interest when they retire or give your business the ability to grow and change.
  • A permanent life insurance policy is an ideal way to accumulate tax-advantaged savings while you’re alive and helps you leave a meaningful gift, outside of your estate, to your heirs or favorite charity.
  • Proceeds from a permanent life insurance policy can provide your heirs or estate with the liquidity needed to pay final taxes, capital gains and settlement costs so that you can preserve as much of your estate as possible to pass on to your heirs.
  • Term life insurance can save you money by providing more coverage for lower premiums and offering you the flexibility to convert to permanent life insurance.

Individual disability insurance

As a business owner, you want to protect both your independence and profitability. We offer several types of insurance for business owners to reimburse certain business expenses, help facilitate a buy-sell agreement or help hire a replacement for a disabled employee. Each of these plans includes standard features and optional benefits.

We also offer a variety of disability insurance products to help protect your business if you, your partner or a key employee becomes disabled.

Individual critical illness insurance

Critical illness insurance is designed to help financially support patients before, during and after treatment by providing a lump-sum benefit when a covered critical illness is diagnosed.

If you are a fee-for-service professional or a business owner, you may want to consider some of the potential uses for the funds from a critical illness insurance policy:

  • Funding a buyout agreement
  • Key person insurance
  • Coverage for operating expenses

Individual health and dental insurance

As Canadians, we’re fortunate to have one of the best healthcare systems in the world, but government healthcare coverage may not provide all you need.

You may be left to pay for expenses such as:

  • Certain prescription drugs
  • Dental visits
  • Eye exams
  • Paramedic services
  • Ambulance transport

Group retirement plans

We offer clients the support of Canada’s largest network of group retirement specialists who deliver unparalleled service in group retirement and savings plans.

Employers and employees need a leading edge plan provider who will act as a business partner and offer flexible and competitive products. We offer:

    Leading education material and advice including a retirement guide to suit all styles of investors
  • Vast investment choices with tools that will help employers meet their responsibilities
  • Market-leading service anytime through your preferred channel
  • Competitive prices in all markets
  • State-of-the-art technology
  • Customized features

Group benefits coverage

Your organization is unique, and we understand that. Perhaps your company has thousands of people, or perhaps you can count them all on one hand. Whatever your group size or benefits goals, we have the knowledge and tools to help identify and meet your needs.

By investing in group benefits for your employees:

  • You can better attract and retain high quality employees, thereby minimizing costs associated with high turnover
  • You and your employees will have access to lower cost insurance, compared to most individual insurance plans
  • Your premium may be tax-deductible as a business expense
  • You can help improve morale and increase productivity by providing financial security and support to your employees