Family Planning Guide

LIFE INSURANCE

In order to determine the right amount of life Insurance, you may want to consider to following guidelines:

Liabilities – Mortgage, Loans, Credit Cards
Income – 8 to 10 Times your salary depending on the age of your children
Funeral Expenses - $25,000 for funeral and legal expenses
Education Savings - $40,000 per young child set aside for education

Term 10 is the most economical method of protecting your family however if you are healthy, a non-smoker and have young children, you may want to consider the longer term benefits of a Term 20 policy.

DISABILITY PROTECTION

If you do not have income loss protection from your employer or are self-employed, you can protect up to 75% of your income.  Your options are:

·        0 to 120 day waiting period
·        Benefit for 2 years, 5 years, or until age 65
·        24 hour accident and sickness benefit
·        Own occupation extension from 2 to 5 years for trades/professionals

 The risk of a 35 year old experiencing a 3 month disability or longer before the age of 65 is 33% with an average length of 2.9 years.  1 in 8 or people become disabled every year.  The potential loss of income for an individual who makes $50,000 age 35 is $1,125,000.

CRITICAL ILLNESS

This is a lump sum benefit to help you protect your savings in the case of a life threatening illness.   With the current survival rate at 78%, additional expenses and lost income may severely hinder your recovery and alter your retirement/life plans.   

·        $25,000 to $250,000 lump sum benefit (2 years o expenses is a good starting point)
·        25 covered illnesses including cancer, heart attack and stroke
·        Full return of premium option for permanent policies (tax free)

 Similar to Life Insurance, Term 10 Critical Illness is the most economical especially if you are considered a smoker.For young families, term 10 or 20 is the most economical option. A more permanent option is Term to 75 with Return of premium option.You may want to invest as much premium into surviving as you do in your life insurance policy.

CHILD PROTECTION

Similar to adult critical illness, this benefit is specifically designed for children’s illnesses and provides a lump sum of money to help overcome an illness and pay for alternative medical treatment, parental time away from work and family vacations. 

·        $25,000 to $250,000 lump sum
·        28 to 32 Illnesses with Life Insurance built in
·        Full return of premium (savings component) if policy is surrendered.

Premiums start at $20/month and is fully paid and converted to an adult policy after 20 years.  Cash value if surrendered is 100% of all premiums paid into the policy.

SAVINGS AND RETIREMENT PLANS

Segregated Funds are strategically managed similar to Mutual Funds according to your investment risk profile and have added protection.

·        75% Capital/Maturity guarantee and 100% death benefit guarantee
·        Income for Life options throughout retirement
·        Creditor protection and bypass probate (reduces estate cost and increase privacy)

 As you approach retirement, Segregated Funds can offer minimum annual guarantees (currently at 5% annually) for as many years as you do not make any withdrawals and provide a guaranteed income for life.   

You may want to consider a fixed monthly contribution as a good strategy to balance market fluctuations and create a forced savings plan towards retirement.


EDUCATION SAVINGS PLAN

Committing to your child’s education comes with 20% incentive from the Government.  If you lock into an RESP contract, you can increase your child’s investment with another 15% bonus, assuming you child attends a qualified learning institution

·        20% Government Savings Grant  on the first $2500 annual deposit
·        15% Investment Bonus for locked in plans
·        No Minimum and up to $50,000 Maximum
·        Minimum of $25/month contribution

 Segregated funds ensure that your principal is guaranteed.  Investment risk is managed to coincide with the age of the child throughout the life of the investment. 

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Group Benefits Explored

Group Benefits are an extension of your provincial medical plan that allow for additional benefits such as Health and Dental and can include Long Term Disability, Critical Illness and Life Insurance as well as an Employee Assistance Program (EAP)

Group benefits are designed for companies of all sizes and rates usually favor companies greater than 3 employees.  For any companies with less than 10 employees, 100% participation in mandatory and employers sponsor the plan by contributing usually 50% of the premiums or higher. Companies greater than 10 have more leverage but 100% participation is usually suggested to protect your employees.

The most tangible benefits that favor the employee are paramedical services such as Massage, Chiropractic, Physiotherapy and equally Dental coverage. Prescription drug, although mainly unexpected, accounts for about 70% of the cost of a health plan due the surmounting cost of leading edge drugs ranging in the hundreds of thousand dollar per year.

In order to keep your organization competitive, we’ve put together the most comprehensive plans in the marketplace, beating out many of your local providers in both benefits and price. In fact, we have over a 95% retention rate due to our client satisfaction.

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Our core plans can include many or all of the following benefits;

80% to 100% Prescription Drug Coverage
No Deductibles & Online Claims , Pay direct drug card, Unlimited annual maximum

$500 to $750 Paramedical Services
Massage Therapist, Physiotherapist, Chiropractor, Acupuncture, Naturopath. Occupational Therapist, Dietitian, Podiatrist/Chiropodist, Psych/Social Worker Comb, Speech Therapist, Osteopath, Audiologist

$1500-$2000 Basic Dental
Examinations, extractions, fillings, Scaling, Prophylaxis, fluoride treatment, X-rays, Oral surgery, Endodontics (root canal therapy), Periodontics (treatment of the gums), Denture relines, rebases and repairs, Pit and fissure, sealants, 6 month recall examinations

$1500-$2000 Major Dental
Crowns, Bridges, Partial or complete dentures, Inlays and onlays, Bridgework, Tooth implants, Impacted wisdom teeth removal. 

$2000 Optional Orthodontics (Braces)
Adults and dependent children Lifetime benefit

Long Term Disability
24-hour coverage, nontaxable benefit, includes partial disability, 66.67% of monthly earning to a maximum of $10,000.  No Evidence Minimum: $1,500 (does not need to medically qualify), 120 day waiting period, benefits to age 65.  

$200 Eyeglasses - $400 Laser Eye Surgery
Adult maximum per 24 months, Child maximum per 12 months

Out of Country Travel
Out-of-Canada Emergency Care, 90 days, $5,000,000 lifetime, Non-Emergency Care Outside of Canada (when pre-approved), Out of Province Care

Life and Accidental Dismemberment
$25,000 to $350,000 based on group size, Non-Evidence minimum of $25,000 for groups of 3 or more. Reduce to 50% at age 65, Accidental death or dismemberment including, part or all of a limb i.e. hands, feet, arms, legs, fingers or toes, Loss of sight, hearing or speech

 Critical Illness
$25,000 to $250,000, Life threatening Cancer, Heart Attack, (24 illness in total in enhanced plans)

 Additional Benefits

$100 Eye Examinations, $10,000 Home nursing care, $300 Orthopedic Shoes, $500/5 years Hearing aids, $5000 Therapeutic Equipment, $500 Lab Expenses, Semi-private hospital, Licensed Ambulance Services, $2000 accidental Dental.

Employee Assistance Program
Provides confidential short-term counselling for common struggles such as personal issues, job stress, relationship issues, eldercare, childcare, parenting issues, harassment, substance abuse, separation and loss, balancing work and family, financial or legal, family violence.


Our Promise
We strive to be your least expensive option for the best benefits. We offer consulting services to build the best plans for all levels of employees, from your executive team to your front line. We offer both pooled plans which offer stable rates for companies under 50 employees and custom plans for larger groups including Health Spending Accounts and ASO plans.

Save your money - On average, we save our clients an a minimum of 10% and have reduced some plans by up to 65%

Worry Less - Our average pooled renewals ranges between 4%-8% whereas the average is 10% so it’s likely you won’t ever have to shop for a better deal.

Offer the best - Attract, retain and maintain the best workforce by offering your employees more than your competition.

Let us do the work - From plan design, enrollment, changes and claims, we are an extension of your HR team so you can focus on your business!

Size doesn’t matter - Whether you’re a single person or a larger firm, our plans offer more than most providers with less medical questions.

Keep it local - Benefit from a local advisor.  Ocean Sun Financial is a Whistler based company proudly serving the community since 2006!

What are you waiting for? Start Saving today!
Easy Enrollment – No waiting Periods – Local Advisor