What is Critical Illness?

Critical Illness provides a tax free lump sum payment to either the Corporation or Personally if you are diagnosed with one of the Insured Illnesses. The main ones in a working career, but not limited to, are Cancer and Heart.

When the plan is put together properly you can have the protection you need and it can also provide a tax effective way to withdraw money from the corporation.

We work with you and your advisors to ensure the Critical Illness benefit is put into place in the most tax effective way.

How Does it Work?

The Critical Illness Insurance policy premiums are paid for by the company

When the optional Return of Premium rider with the Critical Illness is elected and paid for personally, it provides for full reimbursement of all the premiums any time after 15 years as long as there are no Critical Illness claims.

At any time after 15 years, the insured individuals can receive a cheque from the insurance company for all premiums paid by both the company and the individual.

Contact Glendinning Insurance Services for more details.