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Solutions for You

Accurate Design Benefits offers a comprehensive array of individual insurance solutions to suit every need, including:

  • Annuities

  • Business Loan Protection

  • Business Overhead Expense

  • Buy Sell Funding

  • Critical Illness Insurance

  • Disability Buy Sell

  • Disability Insurance

  • Individual Health Insurance

  • Key Person Insurance

  • Long Term Care

  • Long Term Disability

  • Mortgage Insurance

  • R.R.I.F.s

  • Retirement Products

  • Special Risk

For information or inquiries concerning any of our Individual Solutions, please feel free to contact us today! To learn more about our primary products, please select a featured solution from the list below.

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Life Insurance

Term Insurance

Designed to meet a temporary insurance need, term insurance is inexpensive at an early age, and expensive at a later age.

Term insurance provides protection when an individual either has a significant liability for a limited period of time or an impaired ability to pay premium temporarily.

These policies, generally, offer some guarantees about renewability or convertibility. Many renewable term contracts have two, different, renewal premiums. One rate which is guaranteed, and the second, which is normally called select or preferred which is not guaranteed.

Fully guaranteed contracts clearly provide greater certainty. Convertible term plans from different insurers have different definitions of convertible. Many companies have internal conversion rules which restrict conversion options to one or two specific plans.

Permanent Insurance

The purpose of permanent insurance is to provide a solution to a permanent problem. Insurance proceeds are intended to provide an enhanced estate for the family, pay the taxman, buy back shares from a partner’s estate, or supplemental retirement income. Permanent insurance can take the form of term to 100, whole life, or universal life.

Whole Life

Premiums and guaranteed CSV are based on minimum guaranteed rates of return. Excess actual returns are paid as dividends; bundled design with limited flexibility.

On the investment side, the investments backing the cash values on these products are largely more conservative fixed income securities such as high grade corporate and government bonds, with only a small proportion of the assets invested in riskier equities or real estate markets. While the cash values do provide an opportunity for some tax sheltered savings, these products are best suited for the passive, more conservative investor with little need, or interest, in managing investments and risk.

These products generally have fully guaranteed premiums and cash values based on a minimal guaranteed rate of return and other fairly conservative assumptions for things like mortality and expenses. Any excess gains, whether they are from additional investment earnings or gains on the other assumptions, are theoretically returned to the policyowner through dividends.

The demand for flexibility and control spawned the introduction of universal life which has taken over from the traditional whole life products as the mainstream product for most life insurance companies.

Universal Life

Universal life is made up of two key components which are wrapped up in one contract. Namely, life insurance and investments. Either increasing or level Term cost can make up the Insurance Component.

Conceptually, Universal Life starts with an account into which the policy owner makes periodic deposits. Some expense loads for things like premium tax are deducted from the deposits and then the net amount is invested and earns interest.

Periodically, usually monthly, the insurance company takes charges from this account to pay for the insurance protection being provided and to cover its other expenses.

An important fact that makes life insurance of particular interest from an investment perspective, is that the investment earnings on this account are exempt from tax as long as they stay in the account, and provided there is sufficient life insurance protection, as defined in the Income Tax Act. Upon the policy holder’s death, the insurer pays the Proceeds as a tax-free death benefit to the named beneficiaries.

Critical Illness Insurance

This sort of coverage should not be confused with income replacement insurance in the event of a disability. Today, more and more people are surviving medical conditions that were once considered fatal. Critical illness simply provides a tax-free lump sum benefit to the insured upon the diagnosis and survival (typically for at least 30 days) of a covered critical illness.

The payment can be spent as one sees fit. Such expenditures might include medical treatment in another country, periodic transportation costs to a treatment facility, renovations to the house to accommodate the patient’s needs, taking an extended recuperative holiday or simply paying off the mortgage. One does not have to have incurred such an expense to claim on the policy.

The sort of critical illnesses or conditions that would be covered might include:

  • Alzheimer’s disease

  • Aorta surgery

  • Blindness

  • Cancer

  • Coma

  • Coronary artery bypass

  • Deafness

  • Heart attack

  • Kidney failure

  • Loss of speech

  • Major burns

  • Major organ transplant

  • Multiple sclerosis

  • Paralysis

  • Parkinson’s disease

  • Stroke

Long Term Disability Insurance

Individual income replacement plans replace earned income, without maximums, including any “non-traditional” earnings such as bonuses, commissions and contributions to Pension or Profit Sharing plans. Also, a reasonable portion of the corporate earnings, relative to ownership, may be insured.

All contract provisions and terms are guaranteed and cannot be changed by the insurer. The coverage itself is guaranteed and will remain in force until age 65 and is conditionally renewable thereafter. Coverage is also portable.

Premiums for individual coverage are level and guaranteed to age 65. Other features such as pre-claim and post-claim indexing of benefits and RRSP protection are also available.

Long-Term Care Insurance

Long Term Care Insurance pays a daily benefit if the Insured:

  • Loses the ability to care for him/herself, due to cognitive impairment or a condition that results in the inability to perform two (2) or more activities of daily living, and;

  • Requires the services of a Long Term Care Facility or professional assistance at home.

For Business Owners

Business Loan Protector:

When a business owner becomes disabled, funds are made available to pay outstanding business loans, including loans for equipment, property and buildings used for the sole purpose of operating a business, and loan interest. The lump sum plan also covers lines of credit and account overdrafts.

Business Overhead Expense:

Business Overhead Expense policies are designed for principals of closely held businesses or practices and owners of small businesses. They provide expense reimbursement for fixed monthly business overhead expenses required to keep the business viable until the return of the owner, after a period of disability. This allows the business operations to continue until the insured either returns to work or makes a decision regarding the future of the business.

Buy Sell Funding:

The chance of death, disability or critical illness impacting a business is ever present. Business owners should have a comprehensive and flexible shareholder or partnership agreement in place in the event something should happen within the ownership group.

These plans should include adequate insurance funding to purchase any available interest in the business. Insurance funding of the buy/sell agreement provides ready access to cash, eliminating or greatly reducing the need to fund any ownership purchase through borrowing, the inefficient liquidation of other assets, or redirecting profits that can no longer be reinvested in the business.

Disability Buy Sell:

In the event that the insured partner is totally disabled and satisfies the elimination period, the insurer would reimburse the actual buy-out expense incurred according to the buy sell agreement and the value of the business at time of claim, not to exceed the maximum business purchase amount.

A buy-sell agreement must be in effect when total disability begins. Once payment begins, payment will continue whether or not the insured partner remains totally disabled and as long as the owner continues to incur the buy­out expense.

Key Person Insurance:

Many corporations have a few select employees, usually executives, who put in more hours, are responsible to make the most difficult and important decisions, and have significant relationships with vendors, clients or financial institutions.

If these people die or become disabled, it may take time to replace and train a new person. During this adaptation period, the company will suffer significant financial losses. Insurance on the life of the “Key” employee, is often purchased to provide the company with much needed cash during this sensitive time.