Executive Benefits
Benefits Architect Group provides a suite of Executive Benefits to complement an executives existing Benefit Programs as outlined below:
a) Buy-Sell
For most small businesses, the corner stone of the financial viability of the organization is detailed in their Buy Sell Agreement. This Agreement basically outlines what will happen should a certain event happen to one of its shareholders as follows:
- Death
- Disability
- Living Buy Out (Retirement or Dispute)
- Marital Breakdown
- Bankruptcy
In a number of these situations, the funding for the buy out can be facilitated through the use of specific insurance products on a very economical basis.
b) Individual Pension Plan (IPP)
This plan is a customized individual Defined Benefit Pension plan which allows an owner or senior executive to accumulate retirement funds in excess of what is available to them with an individual RRSP program.
These Plans are ideally suited to individuals age 45 and older who earn in excess of $100,000 a year.
They are also ideally suited to fund Retirement Income at time of sale should an owner be selling their business.
c) Retirement Compensation Agreement (RCA)
This vehicle is designed to fund Retirement Income for individuals whose entitlement under a regular Pension Plan is restricted by current legislative maximums. Individuals earning in excess of $150,000 will be unable to obtain the maximum pension of 2% of earnings for 35 years or 70%.
RCA’s can be funded in several ways to provide full retirement benefits to high income earners.
d) High Limit Life and Disability Insurance
Most Group Insurance programs will have limits on the amount of Life and Disability insurance protection that can be provided under the plan. Very often, these limits will impact the higher earning owner or executive. Individual plans are available allowing these individuals to top up their coverage so they are not being penalized or discriminated against.
e) Executive Travel Insurance
Most executives are covered under their company’s Group Insurance Program but unfortunately, the Travel Insurance, while appropriate for an employee travelling on vacation, is not ideally suited to an Executive travelling on business.
Executive Travel Insurance provides the following enhancements:
- Pre-existing conditions are covered
- Non-emergency illness or injury is covered
- Guarantee of payments is available
- Coverage is first payor – not after provincial plan
- Coverage continues regardless of age
- Subsequent and related episodes are covered – return to Canada is not required.