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Insurance & Other Financial Products

Insurance Products & Services Provided by Island Choice Insurance Brokers

Executive Health Plans

Could Your Company Manage Without You?

EHPs are a solution for incorporated business owners who realize that their business relies heavily on them them to operate.

Typically, an individual like this would have built up retained earnings in their holding company with a long-term outlook for continuing to operate. EHP strategies can provide tax efficient way to access these earnings, while also providing a layer of risk protecting to the company.

What Does EHP do? 

An Executive Health Plan allows joint ownership of a critical illness policy between you and your company.

During the term if you are diagnosed with a covered critical illness your company will receive a non-taxable lump sum payment. If you remain healthy through the term you will get back up to 100% of the premiums paid by you and your company.

Your Company Can use this non-taxable benefit to:

  • Keep existing financial plans on track
  • Hire qualified replacements to continue operations
  • Repay debts
  • Buy back either your shares, or the shares of another shareholder who is ill or wishes to retire

Case Study & Additional Reading

Desjardins Insurance provides a case study of a 45 year old female needing $500,000 of coverage until age 75 using their Executive Health Plan. Additional information like covered illnesses and plan set-up are also included.
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BUSINESS Owner?

Learn How Insurance
Can Help You

Starting and running your own business can be both exciting and terrifying. Every day provides opportunities, challenges, and you never know what each morning will bring.

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Insurance can be used to: 
  • Protect your business in the event of an illness, disability or injury that prevents you from working
  • Fund the purchase of a partners shares per a shareholder agreement (commonly knows as a buy/sell agreement)
  • Tax-efficiently remove funds from the corporation to fund your retirement or estate plan
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