Benefits Ontario (Canada) 1.866.856.6799

GMS Immigrants & Visitors to Canada Plan gets a makeover as Super Visas are introduced.

GMS is pleased to announce it has made some updates to its Immigrants & Visitors to Canada (IVC) emergency medical insurance plan.

Following the recent announcement by Citizenship and Immigration Canada (CIC) of its newly introduced Parent and Grandparent Super Visa, GMS is expanding its IVC coverage to meet the medical insurance needs of Super Visa applicants.

The Super Visa —a multiple entry visa valid for up to 10 years—has been created by CIC to allow family members to remain in Canada for up to two years at a time. The visa is conditional on a number of requirements, one of which is a proof of private Canadian medical insurance coverage. The medical insurance purchased must be valid for a minimum period of one year (365 days) and must provide a minimum of $100,000 in coverage.

On December 19, 2011, to accommodate the requirements of the Super Visa program, GMS will offer visitors to Canada more flexibility on their medical insurance coverage during their stay in Canada. With the revised Immigrants & Visitors to Canada plan, applicants age 55 to 79 will now have the option to obtain coverage for 365 days. Coverage for this age group was previously limited to 180 days. Moreover, the medical insurance coverage will be continuous throughout the 365 days—regardless of the number of times a parent or grandparent returns to their home country. Best of all, GMS will continue to provide competitive rates on the IVC plan.

Craig Ferguson

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With low interest rates on Canadian savings accounts, high personal debt, and a baby-boom generation inheriting money and retiring with dependents , whole life insurance is just the solid protection you may need

It’s 2012 and you are happy to be Canadian – -  thanking your lucky stars you are better off than many.

But how do you protect that wealth and ensure it gets passed along with no risk to those who depend on you?

You probably can’t help but wonder if the stock market will hold up,  and no doubt wondering if it is worth the risk.  So, where do you invest your money to keep it intact, and where do you get a good return?

 Now, it’s the return of stable, reliable whole life insurance!

In the early nineties it was Universal Life to the rescue of the budget-conscious. With high interest rates and returns in the market, UL as it is often called had a lure of low premium, high potential cash value, and a payment period that could be shortened. Little did the companies and the agents realize when delivering those policies based on escalating insurance costs that the double whammy would eventually hit. There are still those looking to get out before they get old so to speak. There is still time to remove the wealth that remains in those plans with “yearly renewable, non-guaranteed cost of insurance” and get while the gettings good! And when I say get out if it has yearly renewable term, please get out before an illness strikes and leaves you unable to replace it!

The problem Universal Life policies may continue to experience is the nature of the plan – -it is a variable contract, where the guarantees of whole life plans are lacking. And, with the need to pick your own investment choices with fewer looking safe, UL policies are no longer looking like the proven winner.

So, what type of policy in the whole life market is the best? It will depend on many factors including affordability, but you really cannot go wrong with high guaranteed cash value plans that let the insurance company figure out how they are going to come up with the cash.

Lately, I really like the 20-pay offerings from some of the high cash value, low guaranteed premium players.

The market is vast, and the rates and plans worth looking at can vary with your age, whether you smoke, and whether you want a joint first to die type, and on and on. And, that’s where experience comes in. But not just experience.

The ability to examine the market as a whole with an online whole life insurance rate tool has been very effective.

Please drop me a line or call me at 1.866.856.6799, ext 201.

You can also fill out a contact request, and I will get back to you promptly.

It would be a  pleasure to help you secure your family’s wealth!

Craig Ferguson

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Loblaws employees are being offered a choice – - take away the benefits, take a lump sum payment, and go get your own.

The long-term disability plan will be reduced to a maximum benefit of $1500 per month, which should be topped up, or replaced, depending on the choice of keeping or removing the benefit plan.

If you are a Loblaws employee, allow us to help you sort this out.

Give us a call today 1.866.856.6799, ext 201. You can also fill out our contact page and we’d be happy to discuss ways to top up and perhaps more!

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Wondering if benefit plans are really worth it?

Make the call and speak with us and get the “straight goods” on individual benefit and insurance plans! 

As a broker, I have done the math, and we need to have a discussion about benefit priorities.

We are experienced benefit brokers that want to ensure that your money is not thrown away on unnecessary benefit plans that may not pay you anywhere near what you put into them. The truth is, individual benefit plans can be no where near as cost-effective as large company group plans, and this is often what people expect.

Are you really thinking of outlaying $100, 200, or $300 per month without consideration of the facts?  A two minute phone call may save you thousands of dollars. We urge you to get  the advice that may help you save a good portion of that hard-earned money? And, to set your priorities straight, it would be good to know where it really would hurt, wouldn’t it?

Hamilton: 905-667-4410

Toronto: 416-238-4410

Kitchener: 519-772-4810

Ottawa: 613-288-8194

Other regions: 1-866-856-6799

Thank you, and looking forward to speaking with you!

Craig Ferguson

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The unemployment insurance opportunity will be extended to allow short-term disability to be addressed for the self-employed. Weighing the need and importance to the client should be compared with the cost, as with all insurance opportunities.

In 2010, the Government foresees the inclusion of the self-employed to the employment insurance system in a limited way.

How limited?

Well, actually limited to what makes sense.

As a self-employed person you will not be able to claim for job loss (because you are your own boss), but you will be able to claim for disability, maternity leave, and other medical reasons.

In short, this means that the issue of short-term disability can be addressed, and the analysis should form part of your overall insurance planning.

The system will be voluntary, so an insurance broker should weigh in the importance you as a client would put on short-term disability.

Premiums can range up to $60 per month approximately, depending on income.

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Houston, we have a problem!

And in this case it is the Government botching up a system of disability that should be left to the private disability industry. Huge losses mean innevitable rate increases according to the National Post:

While there is no shortage of agencies that are deserving of increased public scrutiny, a most fitting and early test of the government’s resolve is the Workplace Safety and Insurance Board (WSIB). Funded by employers, the WSIB is responsible for managing scarce tax dollars to provide compensation to injured workers. However, recent losses at the agency — $3.34-billion — threaten to drag the workers compensation system into financial ruin. (more…)

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Let’s talk about your issues as a self employed contractor, shall we?

If you are an “employee” your company must by law insure you for workplace related injury. This might explain why so many companies are forcing employees to go on contract, and hiring them back at higher wages in lieu of benefits.

And, this is not necessarily a bad thing for you as the contracted employee. There are tax advantages, and if done right, more protection options in areas of disability coverage that will put you in the driver’s seat. Nortel has proven that group LTD is not the be all and end all, and it should send shock waves through the corporate employees to realize they had better take measure to protect themselves. But we are here to focus now on WSIB.

Perhaps your client is looking to cut back on cost, and by hiring companies and contractors, they can avoid the high premiums of WSIB.

Specifically, what are your issues and shortfalls with the WSIB insurance program?

The best little graph I have seen so far is this one that compares the WSIB situation with that offered by private disability:

Workplace Safety & Insurance Board	Private Insurance
On the Job Coverage Only (Work Related Injury plus Illness)	24 Hour Coverage Injury optional illness coverage at Home, Work or Play. Covers any type of injury or illness
Extended Health (Work Related Only)	Extended Health (Blanket Coverage). Alternative to WSIB contracts may offer $10,000 to $100,000 of Accidental Medical Emergency coverage. Group or Individual Extended Health contracts offer blanklet coverage any type of medical coverage to the terms of the contract purchased.
Rehabilitation discretion of WSIBReturn to work with Modified Duties	*Unlimited Rehabilitation Benefit in good contracts, others limited to the limit within the terms of the contract. *Return to work once client is able to return to work in his own occupation thereafter any occupation
WSIB doctor assessment of injury	Clients own doctor assessment
16 sprain & strain coverage	60 day coverage, options for higher sprain & strain coverage or no limit on sprain or strain Non Cancellable contracts with a 30 day wait offer NO limitation on Sprains & Strains
Coverage capped to reflect average industry wage1st year capped at $22, 567.00. Normal Rate for Owner Operator $5.78 per $100 of replacement Income based on net $32,000 of replacement income. Annual Premium $1,849.60	Overall Maximum Combined of $6,000 monthly for both Loss of Income and Business Overhead Expense Reimbursement.Coverage based on Gross or Net Taxable Income. Average Rate for Injury Only Coverage $3.76 per day. Annual Premium of $1,349.88 or $112.49/mo. Add Extended Health Coverage Optional. Annual Premium $2,098.68.
LTD at discretion of WSIB	Long Term Disability to Age 65 or 70 based on any occupation, education, training and skill.
Integrated with CPP	Integrates with CPP
Accidental Death & Dismemberment $300,000	Accidental Death & Dismemberment up to $500,000
Specific to Employer’s Market	Specific to Small Business Owners needs
Mandatory for Employees, Optional for Business Owners
Inflexible to alternate coverage in place.	Flexible. Purchase coverage by assessing your overall needs.

 I would add that the best policies will not force you to find a job outside of your occupation. And, this is important as your earnings increase with talent and experience. Why should you flip burgers at $7 per hour, when you have been trained at a specialty for $50 per hour? Why should you be penalized? Short answer – you shouldn’t!

It would seem there is a whole industry surrounding WSIB, it’s pitfalls, the complications of getting it, etc.

I just spoke to a client in his 30′s that was told by WSIB, that should he qualify, the premium would be 8.7% of his wage.

So, if he earned $3000 per month, the premium would be $261 per month.

Wow!

What would he be getting for that $261?

Well, what he is getting may better be described by what he is not getting.

• If he was in a car accident outside of work and became disabled – nothing.
• If he got an illness such as cancer or a heart attack that rendered him disabled – nothing.
• any other accident outside of work time and duties – nothing again.

The point is, if you are going to insure yourself adequately, why not be in control and be insured for any reason that might cause a disability?

Are you any less in need of money for disability issues not covered by WSIB? No.

As brokers, we are able to access the best disability plans, at the best cost, and these plans are yours.

In other words, good disability policies will be portable, will not be cancellable, and the rates are locked in at the time you take out the coverage.

Some plans can and do pay back a portion of premiums if you cash in, at 25% or 50%, and some allow you to convert them to other forms of income streams at retirement – specifically long term care coverage.

This literally leaves WSIB and it’s offering in the “dust”.

Like all protection, for the money, what is the best value?

Well, it certainly is not the schedule of benefits offered by WSIB.

The company you are contracted with, and that requires you by law to insure yourself, needs to know you are covered. By getting good coverage, they can be given a copy and their liability is over.

WSIB reminds me of an option in life insurance known as AD & D (accidental death and dismemberment).

AD&D will double the amount of insurance if death is caused by accident. So, I suppose if you get diagnosed with cancer, it would be a good idea to drive off the nearest tall bridge to ensure your family gets enough money.

Crazy or what?

Give us a call, and we can take care of your needs properly. 1.866.856.6799

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