It doesn’t matter if you’re getting older or are as fit as a spring chicken, if you’re a business owner or executive, protecting your company’s assets should you or another partner suffer a critical illness should be an important concern. Many small businesses invest in executive health plans that cover their assets and provide a critical illness policy jointly with their company.

At Desjardins Financial Security Independent Network, we’ve developed a reputation for providing some of the best critical illness insurance policies in the area. Below, we’ve shared some of our years of insight and explain precisely how executive health plans with critical illness insurance work and why they’re essential for every business.

Benefits of Having a Critical Illness Component in Your Executive Health Plan

  1. Tax-Free Lump Sum Benefit

One of the foremost advantages of having critical illness insurance is that should you or another executive partner be diagnosed with a covered critical illness, your company will receive a tax-free lump sum benefit. If the critical illness is overcome, you can greatly benefit from tax advantages and receive all your reimbursements back.

  1. Limit Financial Loss

Another benefit of the sum you’ll receive with critical illness insurance when you or someone else is diagnosed with a covered illness is the ability to hire replacements. By hiring qualified personnel, you’ll be able to limit your financial losses.

  1. Maintaining Client & Supplier Relationships

An executive health plan with critical illness insurance will also help you maintain all your company’s key relationships and partnerships. With the sum you’ll receive you’ll be able to manage and pay off any outstanding debts, thereby reassuring all your clients, partners, and vendors.

  1. Keep Your Financial Goals On-Track

Having a key member of a business organization, especially a small business, suffer a critical illness can certainly throw a wrench in a company’s financial outlook. However, an executive plan with critical illness insurance enables you to make certain your business reaches all its financial goals and benchmarks by having the monetary support it needs.

  1. Buy Back Shares

Another advantage of critical illness insurance is that it enables you to buy back your shares or the shares of another partner who has become critically ill or wishes to retire.

Let DSFIN help you protect your small business

To learn more about why we’ve developed a reputation for providing some of the best critical illness insurance services in Toronto, contact Desjardins Financial Security Independent Network online today. You can also call (416) 695-1433.