living benefits solutions for business owners
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Living Benefits Solutions for Business Owners
Living Benefits
Mortality/Morbidity Trends
Disability Plan Designs
Critical Illness Plan Designs
Extended Health/Dental Plan Designs
Underwriting Trends
Living Benefits
Mortality/Morbidity Trends
Living Benefits Leading Cause of Deaths in Canada
Living Benefits
1 in 2 Canadians will develop cancer in their lifetime
1 in 4 Canadians will die from cancer
Living Benefits
The 5 year net survival for people diagnosed with cancer is 60%.
(2006-2008 Study, Stats Canada)
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Trends
Biologics
Advanced Case Management
- Best Doctors
- Rupert Case Management
Living Benefits
Disability Plan Designs
Living Benefits
2 Types of Plans
Non-Cancellable
Cancellable
Living Benefits
NON-CANCELLABLE TO AGE 65 If the premium for this policy is paid as required, we will renew the basic policy for successive years to the policy anniversary date nearest your 65th birthday. Any additional benefit riders will be similarly renewed for the Premium Period shown on the Policy Details page. While this policy is in force, we will not cancel the policy, increase the premium shown on the Policy Details page, add a restrictive rider, or reduce the benefits if you change to a more hazardous occupation.
Living Benefits
2 Types of Plans
Non-Cancellable
Financial Underwriting is done at the time of application (Salary, Bonus, Company Profits, Income Splitting)
Living Benefits
2 Types of Plans
Cancellable
Financial Underwriting is done at the time of Claim (T4 income on some, other Company income on others)
Living Benefits
Non-Cancellable
ExclusionsNo benefits will be payable and no premiums will be waived under this policyif your Disability results, directly or indirectly, from any of the causes described below: normal pregnancy. War and any hazard arising from War; active duty in any Armed Forces, whether or not at War; surgery to transplant an organ or other part of your body to the body of another person, except as provided under the Transplant Surgery Benefit provision; or during any period of time you are incarcerated or under a court ordered restriction that prevents you from performing your Regular Occupation.
Living Benefits
Cancellable
Exclusions
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Non-Cancellable
Disability Income Plans
Overhead Expense Plans
Buy-Sell Plans
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Disability Claims (Canada Life)
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Critical Illness Plan Designs
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Critical Illness Plan Designs
What is it?
It’s like a life insurance policy that pays you a lump sum of money, when you survive a cancer, heart attack, stroke and numerous other conditions.
Pays after 30 days, 60 days or 90 days, depending on the condition
Living Benefits
Critical Illness Plan Designs
Covered ConditionsAcquired Brain InjuryAortic SurgeryAplastic AnemiaBacterial MeningitisBenign Brain TumourBlindnessComaCoronary Artery BypassDeafnessDementia (Alzheimers)Heart AttackHeart Valve ReplacementKidney Failure
Life-Threatening CancerLoss of LimbsLoss of SpeechMajor Organ Failure (waiting list)Major Organ TransplantMotor Neuron DiseaseMultiple SclerosisOccupational HIV InfectionParalysisParkinson’s DiseaseSevere BurnsStroke
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Critical Illness Claims Chart
Source: Munich Reinsurance 2014 Survey
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Critical Illness Plan Designs
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Extended Health/Dental Plan Designs
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Why a Benefits Plan?
Protect your Employees
Attract & Retain Key Talent
Maintain Productivity
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Why a Benefits Plan?
80/20 Rule
Health benefits follow the 80/20 rule, under which 80% of the dollars go to 20% of Employees.
Living Benefits
Typical Group Plan Structure
Life Insurance Accidental Death &
Dismemberment Short Term Disability Long Term Disability
Extended Health Dental
Living Benefits
New Group Plan Structure
Life Insurance Accidental Death &
Dismemberment Short Term Disability Long Term Disability
Health Spending Account
Travel Insurance Critical Illness Priority Call
Living Benefits
Underwriting Trends
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Almost all of our Underwriting is done at time of application
Living Benefits
Liberalization of Limits
Up to $6,000/month Disability Coverage without Medical (age 50 and under)
Critical Illness Packaging without Underwriting
Living Benefits
Thank You