Many organizations strive to offer competitive executive benefit programs, but find it difficult to address the complex issues surrounding executive corporate benefits.
Senior executives are often provided with inadequate insurance coverage from group life and long-term disability programs. Often, they are subject to benefit limits and restrictive contractual provisions that do not recognize the level and structure for items such as bonus or incentive income. IAG provides a thorough analysis of your group benefits plan and helps identify areas where there may be unfunded benefits or even liabilities as committed to in an employment agreement. We will assist you to create an executive benefits plan that will help clients recruit, reward, and retain your key employees. If our analysis shows that it is necessary, we will design a plan to replace, wrap around, or service the existing plan to bring your total program up to current expectations.
How would your organization respond to a disabled senior executive whose benefit entitlement was significantly limited due to the group insurer’s inability to accommodate their intended coverage?
Organizations commonly take one of two approaches when providing supplemental coverage to their group insurance programs:
IAG will work closely with your senior human resources staff to understand your company’s philosophy, provide guidance on industry trends, and give feedback on the competitive position of your life and disability program.
This will entail a review of your:
IAG offers solutions that meet the benefit objectives for your organization’s senior executives by:
1) Creating more innovative executive benefits as part of an overall benefit plan; and
2) Helping protect, reward and retain your senior executives
DISABILITY INCOME REPLACEMENT RATIOS
The following example illustrates the impact of a group plan’s maximum LTD limit on an executive’s income protection.
DISABILITY PROGRAM STRUCTURES
Structure For One Executive: Top-up Supplemental Policy
Structure for two or more executives: Wage Loss Replacement Program (WLRP) Tax Structure
Structure for larger executive groups: Guaranteed Issue Coverage
Executive Life Insurance
IAG’s experience in the Executive Benefits marketplace spans over hundreds of clients and 40 years of advisory work. Our approach is to bring strategies and practical solutions to our clients’ needs.
For more information contact an IAG advisor today.
Ontario and Eastern Canada:
Guy Bentley, President Victoria Reynolds, SVP
Phone: (416) 363-0072 Phone: (416) 363-0070
Fax: (416) 262-0060 Fax: (416) 363-0060
Email: gbentley@iagi.ca Email: vreynolds@iagi.ca
Western Canada: Quebec:
Janice Tchida, Insurance Advisor Lissa-Marie Brossard, Insurance Representative
Phone: (587) 393-2813 Phone: (514) 348-9422
Fax: (587) 393-2815 Fax: (450) 844-6855
Email: jtchida@iagi.ca Email: lmbrossard@iagi.ca
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