If you are an employer you may wish to consider having two or more of your employees covered by critical illness insurance. The reason the may wish to do this is that if one of your employees has a life threatening illness they are not only likely to be unable to work for a period of time but in addition they may be looking to as their employer for financial support. While you may be able to fill in for them in their absence where would you find the money to provide financial support to them?
If your employees are covered by critical illness insurance they will automatically receive funds within 30 days of their being diagnosed.
Not a Group Plan: These policies are not set up as a traditional group plan but rather a series of individual plans for which you as the employer pay. The premiums for the plan are tax-deductible to you as employer. You are the owner of the plan and your employees are the beneficiaries. Unlike pay raises or bonuses the premiums for the plan are not taxable for the employee. As the employer you would choose the type of benefits available for your employees and you would be the owner of the plans.
Advantages for the Employer:
- In our competitive environment you can attract and keep good employees
- The premiums for the plan are tax-deductible
- You will be providing unique benefit to your employees not normally available through group plans
Advantages for the Employee:
- A tax-free benefit available should a life-threatening illness occur
- A benefit which is paid for by the employer
- The employee can assume the premiums if they change employers with no change to the coverage or the premiums
For more information please contact us at 604-589-4884 or Ayoba@telus.net