Corporate Insurance

Corporate Insurance 2018-03-23T11:35:39+00:00

Our expertise

The Accelerated Insurance Breakthrough” will drive results in creating risk reduction strategies and reducing your company’s premiums dollars.

Our unique annual process will ensure a complete evaluation of the related insurance products within your portfolio and determine the most effective solutions.

Protecting the value of your company is essential in the event of premature death, disability, critical illness or retirement of a key employee or one of its shareholders.

Would you be able to fulfill the vision you have for your business if you experienced: an unexpected loss of a key person or a partner, premature death or disability of yourself or another individual who is critical to your business?

Teska Benefits Inc. provides a complete range of solutions, including the evaluation of your shareholders’ agreement and other areas of exposure such as Expatriat and Inpatriate benefits for your company.

Strategies for business continuity are most often defined in your company’s shareholders’ agreement but may also include the following:

  • Tax effective Funding of the Shareholders’ Agreement, including: “Purchase” or “Repurchase” of Shares in the event of premature death, disability or critical Illness
  • Business Continuation in the event of premature death, disability or critical illness of a shareholder or key person
  • Business Overhead Expense Protection
  • Effective Executive Benefit Equalization and Retention Programs
  • Salary Continuation Program in the event of Disability
  • Asset Protection Program following the diagnostic of a Critical Illness
  • Tax Sheltering of corporate profits
  • Tax effective investment strategies for shareholders
  • Creditor Protection for personal and corporate assets
  • Personal and Corporate Legacy – Charitable Giving

Teska’s solutions ensure the reduction or elimination of these risks. 

Life insurance

The use of insurance products is the most cost effective approach at funding your company’s potential liabilities. Taking advantage of fiscal legislation and various product characteristics, many of the listed strategies may be funded with a minimal net cost to the corporation.

This unique product is a very effective financial planning tool. It can provide a lump sum benefit in the event of premature death, and can also be a very effective tax and investment vehicle.

Universal life and whole life insurance have unique tax-advantaged investment opportunities, significantly changing the economics of these policies. In fact, some experts regard tax-exempt life insurance as a distinct asset class and, therefore, an important part of a balanced, diversified investment portfolio.

Here is a summary of the various products available:

  • Term Life Insurance provides a death benefit for a fixed number of years or until the insured reaches a specific age.

  • Permanent Life Insurance is a generic term for coverage that can last for life. Included in this category are:

    • Whole Life Insurance – which remains in force for the life of the insured and offers a tax-advantaged build-up of cash value.
    • Universal Life Insurance – which provides lifelong coverage combined with tax advantaged investment options that you can manage and control.
    • Term to 100 – offers guaranteed lifetime protection with premiums typically payable to age 100.
    • Life Annuity – a contract sold by insurance companies that provides a guaranteed income for life.
    • Insured Annuity – a two-part plan that combines income (annuity) with a guaranteed return of capital to your estate (life insurance).
    • Segregated Funds – investment funds offered by insurance companies that combine the growth potential of mutual funds with the security of insurance.

Living benefit insurance

Most people establish long-range plans making the assumption that they will continue to earn a regularly increasing income. When a disability or critical illness occurs, the individual often loses the ability to earn an income – the single greatest asset most individual possess!

Teska Benefits Inc. has developed a comprehensive approach which enhances executive compensation and retention, significantly reduces risk, and locks-in your insurance costs over the long term.

Here are the various Living Benefit products available:

Disability insurance

Your earning potential is a far more valuable asset than any other you possess. Disability insurance is designed to protect you from the possible loss of income. It provides a monthly benefit in the event that illness or injury prevents you from working. Depending on your type of coverage, the insurer will evaluate your situation at the time of injury or illness. Making certain you have the appropriate coverage will eliminate any chances of surprise at that critical moment!

Critical illness insurance

Provides a lump sum payment if you are diagnosed with a medical condition such as heart attack, cancer or stroke. This benefit offers help paying costs associated with such life-altering illnesses. Surviving the waiting period will provide you with a cash payment, for which you decide how the money will best be spent!

Not all products are built the same, and many variations of these products exist. Our team of specialists will make certain that the most comprehensive coverage and strategies are recommended for you. Taking advantage of various funding strategies can allow for the ownership of these solutions at minimal cost to your company.

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