Self Employed

beverage-blog-blogger-1549701SelfEmployed

Protect & Thrive

There has been an increasing trend in Canadians starting their own businesses, freelancing, or working on contract. As of 2018, the 2.9 million self-employed Canadians represented approximately 15% of total employment*. This shift has been attributed to Canadians seeking more independence, freedom, increased job satisfaction, and a better work/life balance. One thing that can often be postponed or even forgotten is self-insuring themselves. With the increased independence and freedom compared to traditional forms of employment also comes a lack of access to Group Health Benefits and thus the responsibility to self-insure and protect their health, income, family, and business. There may be potential tax advantages for the self-employed with extended health insurance in the form of deducting premiums from the business income. Consult with your tax advisor when filing your income tax return to take advantage of any eligible deductions. We would be happy to connect you with the right tax advisor if you don’t already have one.

*Stat reference: https://www150.statcan.gc.ca/n1/pub/71-222-x/71-222-x2019002-eng.htm

Solutions we offer the self-employed include:

Life Insurance
Critical Illness Insurance
Disability Insurance
Extended Health & Dental Insurance
Other customized solutions to protect you and your business

Top things you need to consider as someone who is self-employed:

Protecting your family and business

In the event of death, Life Insurance offers surviving family members increased financial security. It is designed to protect your family, your practice, and other people who may depend on you for financial support. Some questions to ask yourself if Life Insurance is something to consider at this time are:

If you were to pass away tomorrow, who would assume your debt?
Do you have children or dependents?
Are you a business owner?

If you own a home, a business, or have personal liabilities, your next of kin will likely be responsible for those liabilities after you pass. If you have children or dependents, it’s important to consider the financial impact to your surviving family. If you are a business owner without a succession plan, it is important to speak to planning experts to ensure a plan is put in place to determine who would inherit your business and its assets and liabilities.

Life Insurance is not a product, it is a Plan, and we are here to ensure the right plan is in place for you to protect you and your loved ones should the unexpected occur.

Protecting your health

In Canada, we are fortunate to have thirteen provincial and territorial systems of publicly funded health care. However, what many people realize quickly is that not everything is covered by Provincial Healthcare.

Extended Health & Dental Benefits are designed to supplement existing provincial medical insurance plans to provide more comprehensive coverage of medical services that will support your overall health. Certain prescription drugs, dental services, paramedical services, medical travel expenses, among others, can become extremely expensive if you don’t have the proper health care coverage. Extended Health & Dental Benefits can be set up on an individual/family basis, or even on a Group basis if your business grows in the future.

Protecting your income

It is important to protect one of your most valuable assets – your ability to earn an income – from unexpected events such as disability and illness.

Disability Insurance, sometimes called Replacement Income Insurance, is designed to replace a portion of your income if you were to become disabled and are unable to work and earn an income. A disability can be due to an injury, a serious illness, or a mental health issue, and can last a short or long period of time. It is important to have Disability Insurance in place so that monthly expenses such as mortgage/rent, debts, utilities, food, bills, and other expenses can be covered for the period of time you are unable to work and earn an income.

Critical Illness Insurance, also considered a Living Benefit, is designed to alleviate financial stress if you have been diagnosed with a major illness such as cancer, heart attack, stroke, among others. When a major illness is diagnosed, often two things occur: income goes down since perhaps time off work may be required and expenses go up since the costs associated with medical treatments of that illness may not be covered by provincial health care. Critical Illness Insurance will pay out a lump sum of coverage at the time of diagnosis so that you can have the financial peace of mind to take the necessary time off work, get the treatment you need, and focus on what’s most important… your recovery.