Let’s make something great together.
Schedule a Meeting
Safeguard operations and finances when a critical leader falls ill with shared-cost protection that keeps coverage affordable.
Get the assured best price, every time.
Simple steps for easy understanding and no confusion.
Fast, reliable claim assistance when needed.
We provide services in BC, SK, ON, AB & MB.
Critical Illness Insurance assists companies in managing the financial impact if a critical employee or shareholder is seriously ill. It offers payout for medical bills and to run the company in difficult times. An effective method of utilizing this coverage is through a Split-Dollar Critical Illness Insurance plan. Under this arrangement, the company and the critical person split the cost of the policy. The business company finances the principal insurance benefit, but the person is responsible for financing the return-of-premium (ROP) rider. The policy does this by keeping both costs in control and having protection coverage.
Critical Illness Insurance helps businesses manage risk when a key person, such as a shareholder or top employee, faces a serious illness. With a Split-Dollar Critical Illness arrangement, both the corporation and the individual share the policy but not the benefits.
Here’s how it typically works:
The corporation owns the policy and is the beneficiary of the critical illness benefit.
The company pays the main premium that covers the illness protection.
The shareholder or key employee pays separately for the Return of Premium (ROP) on expiry rider.
If no claim is made by the end of the policy term, the individual gets back the full amount they paid toward the ROP rider.
If a covered illness occurs, the corporation receives the full lump-sum payout, which it can use for business needs or distribute accordingly.
It suits you if your business depends directly on you or other key individuals. It helps manage financial risks when someone essential becomes seriously ill. Designed for private corporations and small to mid-sized enterprises, it supports recovery and ensures continuity. With options like Split-Dollar Critical Illness Insurance, the business and the individual can share the cost while securing meaningful protection.
Follow these steps to apply for Critical Illness Insurance designed to protect your business from the unexpected.
Click Apply Now to connect with our certified insurance expert and discuss coverage for you or a key employee.
Provide the necessary business and medical details to begin your application and policy underwriting.
Financial strength when illness hits.
24/7 expert business protection planning
Apply NowWe help you choose the right benefit amount, term, and structure - individual or shared ownership.
Once approved, your coverage begins. We’ll also guide you in finalizing the Shared Ownership Agreement if needed.
Protects your business, finances, and operations when a critical illness impacts a key employee or owner.
Keeps operations stable when a key person is unable to perform their role.
Provides immediate funds to handle business expenses during a critical illness event.
Protects the company financially if a key employee becomes critically ill.
Delivers a lump-sum insurance benefit to the business without any tax deduction.
Helps cover fixed costs and maintain daily operations during uncertain periods.
Covers costs of hiring or training temporary replacements for affected key staff.
Supports long-term risk management and business protection strategies effectively.
Reduces business costs by splitting premium responsibilities with the insured person.
While the lump-sum payout is the primary benefit of critical illness insurance, there are other advantages which can be invaluable during a challenging time, giving you peace of mind while you focus on recovery.
Many policies offer access to second opinions and consultations with top medical professionals.
Some policies provide counseling services and family support to help you manage the emotional toll of the illness.
Guidance on managing finances and medical bills, ensuring that the business and the affected individual are financially stable.
It’s important to differentiate between critical illness insurance and disability insurance:
Pays a lump sum when a covered critical illness is diagnosed, allowing the funds to be used at your discretion. This can be especially useful for business owners who face a significant financial strain due to illness.
Provides a monthly income replacement if you become unable to work due to illness or injury. This insurance is typically more limited in scope for business owners, as it may not cover a wide range of critical illnesses.
Critical illness insurance offers broader protection and more flexibility, making it an essential part of any business owner's risk management plan.
A shared ownership insurance contract establishes the roles of both the insured and the company in paying the premium. It states specifically for how long the contract will remain valid corresponding to the coverage duration necessary and delineates how the premium payments will be split between the two. For the contract to be legal and properly constructed, it should be drawn up with the assistance of tax and legal experts.
When you and your business have shared ownership of a Critical Illness Insurance policy, the tax on the Return of Premium on Cancellation or Expiry (ROPC/E) benefit can be complicated. When your business pays the entire premium and subsequently passes the benefit on to you, it could be taxed as a shareholder or employee benefit.
To minimize this risk, you can finance the ROPC/E portion yourself and the company pays for the base policy. With proper documentation and reasonable cost-sharing, part or even all of the benefit could be received tax-free. Although CRA hasn't rendered a final judgment on this, establishing the structure in the right way protects your benefit as well as your business.
Many critical illness policies offer a return-of-premium option, which means that if no claim is made over a set period (usually 10 or 20 years), you can get your premiums refunded. This can help ensure that your investment in the insurance policy is not wasted, even if you don’t end up needing to use it. This feature is perfect for business owners who want to prepare for the worst without feeling that they are paying for something they might never use.
Get Critical Illness Insurance tailored for owners and key employees - with shared ownership and tax-smart structures.
Schedule A MeetingFill out the form below, and our team will get back to you within one business day.
Claims Settled
Super Visa Policy
Issued in less than
Get clarity on how Critical Illness Insurance works for your business. Explore answers to the most common questions about coverage, claims, and shared ownership.
