Disability
Disability
Disability insurance for your financial security
Broadmoor delivers disability insurance services by first understanding clients’ needs and financial circumstances. Leveraging knowledge of Canadian tax laws, it tailors insurance plans to optimize tax benefits. Collaborating with insurers, Broadmoor ensures comprehensive coverage while complying with regulatory standards. Continuous support and guidance help clients navigate tax complexities effectively.
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
- Needs Assessment: Assess individual needs to determine suitable coverage options.
- Policy Selection: Choose disability insurance policy with appropriate coverage and benefits.
- Premium Payments: Pay regular premiums to maintain coverage.
- Claim Process: Initiate claims process in case of disability.
- Benefits Payment: Receive financial benefits upon approval of disability claim.
benefits to you
- Financial Security: Disability insurance provides income replacement in the event of disability, ensuring financial stability for individuals and their families.
- Tax Efficiency: Premiums for disability insurance may be tax-deductible, reducing overall tax liabilities for individuals under Canadian tax laws.
- Peace of Mind: Knowing that financial support is available in case of disability brings peace of mind to individuals and their loved ones.
- Flexibility: Benefits from disability insurance can be used to cover various expenses, including medical bills, mortgage payments, and daily living costs.
- No Interruption: With disability insurance, individuals can maintain their standard of living without interruption, even if they are unable to work due to disability.
- Supplemental Coverage: Disability insurance complements other forms of insurance, such as health insurance, providing comprehensive coverage and additional financial security.
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 comprehensive assessments to understand clients' specific disability insurance needs and financial situations.
- Compliance Assurance: Ensure that disability 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 disability 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.
- 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.
- Risk Management: Identify and mitigate potential risks associated with insurance plans, ensuring compliance with regulatory standards and government acts.
- Communication: Maintain open communication channels with clients to address questions, concerns, and changes in their insurance coverage or tax laws.
- Ongoing Support: Offer ongoing support and guidance to clients, helping them navigate the complexities of Canadian tax laws and government regulations.
