Critical illness
Critical illness
Protection Beyond Life's Uncertainties
Broadmoor offers critical illness insurance by conducting thorough client assessments to understand needs and financial situations. Leveraging expertise in Canadian tax laws, it tailors insurance plans for tax efficiency. Collaborating with insurers, Broadmoor ensures comprehensive coverage while maximizing tax benefits for clients, adhering to regulatory standards.
Adherence to Laws
Our services compliant with federal and provincial tax laws, including Insurance Companies Act, Income Tax Act, Canadian Council of Insurance Regulators (CCIR) Guidelines, Office of the Superintendent of Financial Institutions (OSFI) Guidelines, Canadian Life and Health Insurance Association (CLHIA).
What it includes
- Assessment: Broadmoor assesses client needs and financial situations to tailor critical illness insurance plans accordingly.
- Tax Efficiency: Structures insurance plans to maximize tax benefits for clients while ensuring compliance with Canadian tax laws.
- Collaboration: Collaborates with insurers to provide comprehensive coverage options that align with clients’ needs and budget.
- Enrollment: Assists clients with the enrollment process, ensuring seamless integration of critical illness insurance plans.
- Ongoing Support: Provides ongoing support and guidance to clients, helping them navigate the complexities of Canadian tax laws and insurance regulations.
benefits to you
- Financial Protection: Critical illness insurance provides a lump sum payment upon diagnosis, offering financial support for medical expenses and loss of income.
- Tax Advantages: Premiums for critical illness insurance may be tax-deductible, reducing overall tax liabilities for individuals under Canadian tax laws.
- Peace of Mind: Knowing that financial burdens are alleviated in case of a critical illness brings peace of mind to individuals and their families.
- Flexible Use of Funds: Policyholders can use the lump sum payment to cover medical treatments, rehabilitation, mortgage payments, or other expenses.
- No Waiting Period: Critical illness insurance typically has no waiting period, ensuring immediate financial assistance upon diagnosis of a covered condition.
- Supplemental Coverage: Critical illness insurance complements existing health insurance coverage, filling gaps and providing additional financial security during a critical illness.
How we work
Understanding Client Needs
Consult with clients to grasp their requirements, goals, and preferences, ensuring alignment with their financial strategies.
Implementing Efficient Systems
Introduce easy-to-use tools and processes tailored to client needs, promoting accuracy, compliance, and streamlined operations.
Providing Feedback and Support
Offer continuous assistance, communication, and training to ensure clients effectively utilize systems and address any concerns.
What we will deliver to our clients
- Needs Assessment: Conduct thorough assessments to understand clients' specific requirements and financial situations.
- Compliance Assurance: Ensure that critical illness insurance plans comply with Canadian provincial and federal tax laws and relevant government acts.
- Tax Optimization: Structure insurance plans to maximize tax benefits for clients while remaining compliant with tax regulations and government acts.
- Coverage Customization: Customize insurance packages to meet the unique needs of individual clients, ensuring comprehensive coverage.
- Legal Documentation: Prepare and maintain all necessary legal documents and contracts related to critical illness insurance plans, ensuring compliance with government acts and regulations.
- Education and Guidance: Provide personalized education and guidance to clients regarding their insurance benefits and tax implications under Canadian law.
- Claims Assistance: Offer support and assistance to clients during the claims process, ensuring timely reimbursement and compliance with regulatory requirements.
- Regulatory Updates: Stay updated on changes in Canadian tax laws, provincial regulations, and relevant government acts, and communicate updates to clients.
- Reporting and Filing: Assist clients with the preparation and submission of required reports and filings to government agencies, such as the Canada Revenue Agency (CRA).
- Cost Management: Develop strategies to help clients manage insurance costs while maximizing tax benefits and maintaining comprehensive coverage.
- Conflict Resolution: Provide mediation and resolution services for any disputes related to insurance coverage, ensuring compliance with legal requirements.
- Communication: Maintain open communication channels with clients to address questions, concerns, and changes in their insurance coverage or tax laws.
- Risk Management: Identify and mitigate potential risks associated with insurance plans, ensuring compliance with regulatory standards and government acts.
