Image
Integrated Risk Management & Tax Mitigation Advisory
Call: (403) 816-4127      

Professional Graduates

Individual

Image

Your many years of schooling and training is now complete – your next chapter of building your business and career awaits. 

At this point you are likely still carrying your association coverage and you may or may not know coverage is limited or absent when it comes to:

  • Association coverage is contingent on active enrollment and up to date membership fees.
  • Your association owns and controls your contract – not you.
  • Association contracts can change carriers (and with it certain desired coverages) without your approval.
  • Association premiums are not guaranteed – rate increases are not uncommon.
  • Association coverage may hinge on full time hours only (ie. 30+ hrs/ week)
  • Association coverage may not cover you for extended travel.
  • Should you decide to practice out of country – your association coverage will not follow you.

There are many advantages of owing your own private policy – starting with:

  • Once approved only you can change or cancel your contract.
  • As an option to cancelling, you can convert to Long Term Care protection (without medical evidence).
  • You have access to nation-wide expedited medical services.
  • You can take it with you wherever you decide to practice (in or outside of province or country).
  • No memebership fees required to access 'discounted' coverage.
  • No minimum hours or work required which means peace of mind during locums, contract work or periods of unemployment.
  • No claims? How about a refund of premiums to reward this feat?

There are many more advantages outside the above, for a complete list and comparison of private vs association coverages click here.

Living Benefits

These are customizable products which provide you with monthly benefits or lump sum payments for injury, sickness, long term care or a terminal diagnosis. 

Within this group of plans you can also access the best medical specialists and treatment in North America very quickly. If you have a group benefit plan through your employer, let’s ensure you have a contingency plan for areas that are not covered. 

Leaving your job?  Did you know you may have up to 30 days to convert your group benefit plan to an individual (private) plan without medical evidence? Let's review your options.

Click here for examples of Living Benefits
Priority Health Care

This product gives you international access to some of the best treatments and specialists in North America in a fraction of the time. Think Mayo Clinic.

Life Insurance

Term insurance is often referred to coverage 'if' you die. Permanent insurance is a tax-free lump sum for 'when' you die. It protects you for your lifetime.

Your passing may or may not impact family or friends – but you would like the peace of mind knowing your final affairs will be looked after. Funeral costs can average up to $12,000 in Alberta. Couple this with the fact the average Albertan is carrying debts of roughly $28,000. These scenarios alone on top of others might be a good reason to consider life insurance.  Some other reasons to hold life insurance include final taxes, child or spousal support, lawyer executor fees, probate, post-secondary education for a loved one or leaving a charitable legacy.

Should these areas not pose a concern, you should consider a permanent policy to bolster your retirement savings (tax deferred). Insurance has the ability to provide you with a lifetime death benefit and also serve as a savings vehicle for your retirement or rainy-day fund.

Click here for options for Life Insurance
Term 10, 20, 30, or Pick a Term

One of the most popular products due to its initial low cost. Term insurance provides a tax-free lump sum over a specific 'Term'. Usually 10, 20, or 30 years. Additional coverages include ‘Pick your term’ which provide a specific period or window of time to be protected (i.e. child/spousal support, non-traditional mortgage amortizations, or funding for business succession plans at retirement).

Some common applications for term insurance are: income shortfall of a working spouse, child care, outstanding business or home mortgages, tax liabilities, and post-secondary education for children left behind – are just a few.

Benefits and Riders

To illustrate riders, let’s compare this to purchasing a new vehicle from the dealership. Most cars have a base model available. The insurance equivalent can be (but not limited to) your Life, Disability, or Critical Illness policy. Cars also have the ability to have options and accessories added to their base model. This would be like ‘riders’. Riders can add one or many different layers of function and value. The benefit of riders is that you can customize your policy to your needs and wants.

Click here for Individual Options and Riders
Return of Premium (ROP)

Provides the insured a return of their premiums (tax free). The amount refunded can be 50% to 100% depending on the plan and contract provisions.