Corporate Insurance & Group Benefits
Our Corporate Insurance & Group Benefits service provides comprehensive coverage for your business and employees. Protect your company from risks and offer valuable benefits to attract and retain top talent. Gain peace of mind with our tailored solutions.
Corporate Insurance: An Efficient Strategy for Business Owners
Corporate insurance is an effective strategy for owners of corporations, such as legal firms, real estate agencies, IT companies, landscaping businesses, and many more. When these corporations have significant retained earnings, they can strategically utilize corporate-owned life insurance for two primary purposes:
Secure Retirement Funding
The longevity of the policy positively influences its value: the longer you hold the policy, the more financial resources you have to fund your retirement. The principal investment from retained earnings grows tax-free while within the company, ultimately being a more tax efficient vehicle than investments inside or outside of the corporation. Upon reaching retirement age, these funds can be withdrawn as a dividend to support your lifestyle. This strategy not only helps diversify your portfolio away from bonds, equities, and real estate investments but also often provides returns that outlive comparable investment options.
Tax-efficient Withdrawal from Retained Earnings
In the event of the policy insured’s death, corporate life insurance will offer significant tax savings. The death of the insured creates a credit in the company’s Capital Dividend Account. This allows the family or business partners to withdraw retained earnings from the company without the obligation to pay salary or dividend tax rates. Moreover, the company can maintain its structure without having to sell assets to settle the Terminal Tax Return, thereby preserving the corporate legacy. With substantial, long-term policies, millions can be left in net estate value, entirely tax-free, fortifying the financial security of your heirs.
Group Benefits: A Winning Strategy in Today's Hiring Landscape
Group benefits play a pivotal role in talent retention in the modern hiring environment, offering a competitive edge that distinguishes a company from its peers. With flexible design options to cater to any budget and access to all the major insurance carriers in Canada, we ensure that your benefits program aligns with your business needs and employees' expectations.
Whether you're exploring group benefits for a new team or reassessing an existing group's needs, we typically provide three different quotations to choose from. This flexibility ensures that your business gets the best match for its unique circumstances.
Our comprehensive benefits packages include extended healthcare, such as coverage for services from chiropractors, massage therapists, acupuncturists, and more. Dental, drug, and vision coverage are standard inclusions, ensuring a well-rounded health benefits approach. Additionally, we can set up health spending accounts for more personalized healthcare needs.
Life insurance, critical illness, and disability benefits can also be incorporated into the benefits package to provide comprehensive protection to your employees. With our group benefits solutions, you can enhance your company's appeal, boost employee satisfaction, and foster a work environment that truly cares for its people.