INSURANCE SOLUTIONS FOR PSYCHIATRISTS
AND THEIR PROFESSIONAL CORPORATIONS
You’ve invested a significant amount of time and money to become a psychiatrist. Your financial situation is closely linked to your ability to practise your profession. As a healthcare professional, you are aware of the fragility of human beings.
You are therefore in a unique position to understand the importance of being financially protected in case your health is affected by an illness or an accident.
Superior contracts and personalized advice
When you purchase an insurance policy, you are really purchasing money that you will receive in the future based on the terms of the policy. That is why it is essential that this policy contain the best possible terms.
Your association is committed to providing you
with
easier access to suitable insurance products…
The insurance policies offered contain essential clauses and superior characteristics to meet the unique needs of psychiatrists.
We can help you …
Quality above all ...
Distinctive characteristics of products available
Long-term Disability Insurance
- Guaranteed benefits as soon as the policy comes into effect
- Guaranteed leveled premiums to age 65
- Provincial tax is not applicable to the premium
- Contract cannot be cancelled by the insurance company
- 50% return of premium option
- This coverage may become tax deductible for your professional corporation under certain circumstances
- Plan is portable worldwide
Critical Illness Insurance
- May be paid for by your professional corporation
- Guaranteed leveled premiums for the duration of the contract
- Provincial tax is not applicable to the premium
- Contract cannot be cancelled by the insurance company
- 100% return of premium option
- This coverage may become tax deductible for your professional corporation under certain circumstances
- Plan is portable worldwide
Office Overhead Expense Insurance
- Guaranteed leveled premiums to age 65
- Provincial tax is not applicable to the premium
- 100% return of premium option
- Plan is portable worldwide
Term Life Insurance
- May be paid for by your professional corporation
- Provincial tax is not applicable to the premium
- Leveled death benefit until age 75
- Choice of 10 or 20-year term
- Convertible to permanent life insurance until age 65 without medical certificate
- Plan is portable worldwide
- Guaranteed renewal
Permanent Life Insurance (lifetime coverage)
- May be paid for by your professional corporation
- Provincial tax is not applicable to the premium
- Leveled lifetime death benefit
- Tax sheltering opportunity within life insurance policy
- Leveled premium based on the terms of the policy
- based on the terms of the policy
- based on the terms of the policy
- Plan is portable worldwide
- Guaranteed renewal
Incorporate medical practice and your insurance
There can be many advantages to practising medicine through a corporation. Psychiatrists can use this tool to manage their finances.
However, incorporating your practice may impact your insurance portfolio, so it is essential to review your insurance products to ensure they meet your needs.
The Canadian Psychiatric Association CPAinvites its members to use the complimentary consultation service offered by Diane A. Gagné Financial Services, who have been assisting CPA members since 1998. You will have access to valuable advice provided by experienced professionals in the field.
We can answer your questions…
What insurance can be be held and paid for by my corporation?
How can I avoid the double taxation my corporation shares at time of death?
Is it better to pay for my insurance through my corporation?
Which is the best solution for my situation?
Are there any tax implications if my corporation owns my policies?
Seeing Beyond...
Did you know that insurance can also provide you with tax benefits? Contrary to popular belief, life insurance is not strictly for coverage purposes; it can become an integral part of your financial planning and allow to establish several tax-advantaged capital accumulation strategies
Contact us for more information about strategies that may be used in your particular situation.
For personalized and confidential advice
Insurance services are available to members of the Canadian Psychiatric Association (CPA) through our consultant, Diane A. Gagne Financial Services. This firm has gained significant experience working with healthcare professionals over the years and is committed to providing effective and valuable advice to CPA members.
For free professional advice about your insurance planning, contact an advisor at Diane A. Gagné Financial Services. Your personal advisor will become a resource person who understands your particular needs and can provide the most effective insurance plan advice for you, your family, and your corporation.
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