Protecting Your Assets with Critical Illness Insurance

How many people do you know who are victims of a heart attack, a stroke, cancer, needed or needs a bypass operation, or has Parkinson's? My guess is that the number is greater than five and most, if not all survived more than 30 days after the onset of their illness. Certainly few ever contemplated that they would suffer a major illness. Thanks to improvements in medical technology and new drugs, more people are surviving these illnesses. How many of these individuals suffered financially or had to dig into their savings due to their illnsses? How many of them could have used a tax-free cheque for $100,000 or $250,000? Probably, every single one of them.

Disability and critical illness coverage is a critical component of any successful financial security plan.

Disability is one of the most important and often overlooked components. It replaces potential income when it's needed most over time.

Critical illness coverage provides an immediate lump-sum payment under certain health conditions. Illnesses typically covered include:

Does this sound familiar?

"it won't happen to me!"
Reality: Look around you. I in 2.4 men and 2.7 women will develop cancer and I in 2 men and I in 3 women will develop heart disease during their lifetime."

"I could get by without it".
Reality: Look at your options. If you needed money, where would it come from retirement savings, loans, a second mortgage?

"It's too expensive!"
Reality: Look at your solutions.

Oasis offers various tailor made options, such as Return of Premium, combined Level and Decreasing Benefit, Automatic Increasing Benefit and Graded Premium, that make it more affordable. Oasis touches all the bases.

Salary Continuation

Benefits to the Corporation

• allows the corporation to provide an attractive, cost effective benefit for employees while taking advantage of beneficial tax treatment allowed by the Canada Customs and Revenue Agency
• helps protect against the high cost of Continuing salary payments to long term or permanently disabled employees
• provides stable, predictable expense, reducing Uncertainty in long term planning
• premiums are paid with dollars from the corporation, and are tax deductible as a business expense
• choice of which classes of employees will be covered by the individual policies purchased (such as senior management or clerical personnel). Coverage must be offered to all employees within the selected class
• at Great West, premiums are waived retroactively if an insured's disability exceeds:
  =====> 3 months if the policy is a PROTECTOR, BOSSplan or PROFESSIONAL
  =====> 1 month if the policy is a COMPETITOR
• at Great West, policies may qualify for a premium reduction when issued on a Salary Continuation basis. Additional cost savings may be available if 3 or more individuals are insured

Benefits to the Individual

• provides individual disability insurance protection from one of Canada's leading insurers
• individual pays no premiums
• premiums paid by the corporation are not considered a taxable benefit to the insured
• only the income benefits received while disabled are considered taxable income to the insured. However, the benefit amounts available at the time of application may be increased to help offset taxes.
• because the income benefits are taxable, the insured will continue to enjoy the opportunity to invest in registered savings vehicles
• if the policy is a PROTECTOR, BOSSplan or PROFESSIONAL the policy cannot be cancelled, modified, or the premium raised by Great West before the insured's 65 birthday (this is known as non cancellable.)