Health & Life Insurance in Nova Scotia
Protect yourself, your business and loved ones. Bauld Insurance offers a range of Health and Life Insurance products designed to help business owners ensure they are well protected.
Protect Yourself, Your Family, and Your Business
You work hard to make your business as successful as it can be. Make sure you protect what matters. Christina Wyatt, a certified financial planner and our Managing Advisor – Life Insurance Division, cuts through all the jargon and industry-speak. In this video series, she gives easy-to-understand explanations of all things related to business life and health insurance.
Health & Life Insurance Protection for Business Owners.
Many small business owners lack the protection they need. They are taking risks they could avoid with the right advice and protection solutions.
Critical Illness and Disability Insurance
Learn how critical illness and disability insurance for business owners can protect them and their family. Purchasing a disability and critical illness plan also protects your potential future income.
Healthcare Spending Accounts
Often incorporated business owners are not using or underutilizing a Health Care Spending Account, a CRA-approved method to provide medical, dental and vision benefits in a tax-efficient manner.
Health Plans & Assured Access
Business owned group Health Plans are a business expense. If you are self employed, getting a single-family plan would be an excellent option, and you can also protect yourself and your family with Assured Access.
Life Insurance for business owners
Loan life insurance, key person insurance and buy/sell insurance are all crticial protections that business owners should consider. Make sure these plans are set up correctly to protect your business!
Christina Wyatt Brings Life to Bauld Insurance.
The newest addition to our Bauld Family is Christina Wyatt, Managing Advisor – Life Insurance Division, helping her clients protect what’s important.
The Bauld Process
As a business owner, when you engage Bauld Insurance for your Health and Life Insurance needs, you will appreciate our Life Insurance Advisor’s experience and depth of knowledge.
1. Needs Assessment
Our Life Insurance Advisor will complete a needs assessment with you, collecting answers to all required questions.
2. Advice and Quote
Our Advisor will gather quotes from a selection of health and life insurance providers and share quote prices and options with you. Then she will recommend the best policy for your unique needs.
3. Sign-Off
Once a health and life insurance policy is selected, our Life Insurance Advisor will guide you through the application sign-off process, and set-up a payment plan.
4. Ongoing Support
When it comes to Health or Life Insurance, you will receive ongoing claims support and service directly from the Life Insurance Policy Provider.
Is your business well protected?
Here are some important, and valuable insurance products your business should consider.
Key Person Insurance
Key Person Insurance is a life insurance policy that a company purchases on an owner, a top executive, or another individual critical to the business.
Critical Illness Insurance
Critical illness insurance is a policy that pays a tax-free, lump-sum benefit that you can spend to pay for expenses not covered by other insurance.
Disability Insurance
Disability Insurance is designed to provide income if you sustain a serious illness or injury. It allows you and your family to maintain your lifestyle during a difficult period.
Corporate Life Insurance
Company-owned Life Insurance (COLI) is a type of policy that companies purchase to insure against the death of one or more employees.
Personal Health Benefit Plans
Health insurance is a policy or contract that gives you, the insured person, financial coverage to help pay for health-care needs.
Healthcare Spending Accounts
Healthcare Spending Accounts provides reimbursement for eligible healthcare expenses or other benefits that are not covered under provincial health insurance plans or other benefit plans sponsored by the employer.
Frequently Asked Questions
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What is Key Person insurance for my business?
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Key person insurance is a life, critical illness or disability insurance policy that a company purchases and pays for on an owner, a top executive, or another individual essential in the business. If one of these key individuals were to leave or take time away from the business due to death or disability, a payout would be made from the insurance company to the business that would help the business recover from the loss or disability of someone who is invaluable to the company.
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Can my corporation own my life insurance policy?
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Yes – your corporation can own, pay for and be the beneficiary on your life insurance policy.
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Can I purchase a personal health plan for just my family?
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As a business owner, you can purchase a personal health plan that would cover you and your family for prescriptions, dental and other health needs. You do not need to buy a group plan for all your employees to set up your family with personal coverage.
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What illnesses/diseases does critical illness insurance cover?
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Most insurance companies cover around 24-26 different illnesses with full benefits such as these listed below. Please refer to your specific policy to know what is covered.
- Acquired brain injury
- Aortic surgery
- Aplasic anemia
- Benign brain tumour
- Bacterial meningitis
- Blindness
- Cancer
- Coma
- Coronary artery bypass surgery
- Deafness
- Dementia, including Alzheimer’s disease
- Heart attack
- Heart valve replacement or repair
- Kidney failure
- Loss of independent existence (LOIE)
- Loss of limbs
- Loss of speech
- Major organ transplant
- Major organ failure on waiting list
- Motor neuron disease
- Multiple sclerosis
- Occupational HIV infection
- Paralysis
- Parkinson’s disease and specified atypical parkinsonian disorders
- Severe burns
- Strokes
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What is the difference between critical illness and disability insurance?
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Critical illness insurance will pay out a one-time lump sum on diagnosis of a critical illness whereas a disability benefit will pay a monthly amount replacing your income up to age 65. Both coverages hold their own purpose but to truly protect your monthly income you need a disability insurance plan.
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What are the odds of a person experiencing a disability?
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- If seriously injured, a 35-year-old has a 50% chance of a disability lasting 90 days or longer.
- 1 in 4 Canadians will contract heart disease
- Of those diagnosed with heart disease, 1 in 2 are under the age of 65.
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Why use life insurance to fund a Buy / Sell Agreement?
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When you have a business partner, it is important to set up a Buy / Sell Agreement that outlines what will happen should one of the owners die, become disabled, retire, or leave the business. Having the terms outlined is excellent, but if the funds are not available to pay out the deceased or disabled family’s members, should the terms be too, then the Buy / Sell cannot be acted upon. It is crucial to purchase the insurance needed to fulfill the terms of these agreements. This type of insurance can be owned and paid for by the business.
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Be Well Protected.
Christina Wyatt is our Managing Advisor – Life Insurance Division. She is a specialist in Health and Life Insurance plans for business owners and has all the experience to ensure you and your busienss are well protected. Request a free advice session today!
