Individual Top – Up Insurance Products

  • Individual Life InsuranceLife insurance comes in many shapes and sizes. For example the most familiar types of insurance is term insurance (10 year, 20 year, term to 100, Whole Life Insurance, Universal Life Insurance). Each comes with a host of riders, conversion options and add – on features. Many will require medical underwriting while other plans are guaranteed issue. (no medical underwriting). Guarantee Issue insurance products will usually be for amounts of $25,000 and under and will depend on your age. Individual policies are often used to top-up group insurance policies that often provide flat amounts of insurance from $25,000 to 1x or 2x the employees earnings. Individual life insurance should also be used instead of mortgage insurance (see mortgage insurance under Other Product & Services). It is much cheaper and more practical to maintain long term life insurance coverage with no change in premiums. Please call us for a free quotation and personal needs analysis.
  • Individual Critical Illness Insurancemore important than Life Insurance truthfully! – Getting over a critical illness can be one of the most challenging time for you and your family. Financial obligations such as remaining financially stable, supporting your family and unexpected medical bills can add stress when you need to concentrate on recovery.Critical Illness insurance will provide financial support when you need it most. This form of insurance will provide a benefit if you are diagnosed with a covered critical illness or condition. The types of conditions and illnesses covered vary from insurer to insurer, but typically include but not limited to the following list:

1. certain types of cancer
2. stroke of defined severity
3. heart attack of defined severity
4. paralysis
5. loss of vision
6. kidney failure
7. multiple sclerosis
8. Alzheimer’s
9. organ transplants


  • Coverage will depend on degree of severity of the condition. Also if there is an existing pre condition existing, then coverage cannot be obtained for that condition. It is best to buy this type of insurance sooner than later as it becomes very expensive to purchase by the time you are in your late 40s or 50s. Many group benefit plans are now including this benefit in their catastrophic coverage section of the plan. If your plan does not have this benefit, you would be wise to consider it while you are still healthy of course.
  • Individual Long Term Disability Insurance (LTD) makes so much sense! While many of us understand the importance of life insurance, and may have life insurance coverage either from work or from an individual policy, the truth is that insuring against an accident or disease that prevents you from working is arguably even more important. A typical 35-year-old has a four times greater chance of becoming disabled than he does of dying before age 65. A full one in five Canadians will be disabled for three months or more before the age of 50.

Long-term disability pays you money in case of disability. Disability insurance provides a monthly income if you’re unable to work due to a serious injury or illness. If you work for a company, the company group benefit plan may include long-term disability coverage. If they offer this insurance, usually such a plan will pay you a set portion of your monthly income if you are unable to work. Payments end when you start working again, reach age 65, or die.

Coverage differs greatly from one employer to another. If you’re self-employed or you work for a smaller company, it is unlikely that you have any coverage at all. Such disability plans will either cover you for “any occupation” or “own occupation.” The latter is much better, because under this definition, total disability means the inability to work at your regular job. With “any occupation,” total disability means the ability to perform the duties of any job. That means that if you become disabled, but you could perform a less demanding job, you may not get the benefit.

Often plans offer “own occupation” coverage for the first two years of the benefit period and then switch to “any occupation” after that. If you have LTD that pays at least 60% of your pay in the event of an accident or illness that prevents you from working, you likely have enough coverage. If you don’t have children and your mortgage is paid off, you likely could get by on a policy that pays 40% to 50% or your salary. “Basically, you want enough coverage to meet your living expenses, like mortgage payments, taxes, and hydro, food and transportation costs. When evaluating your plan, keep in mind that many disability plans include a cap on benefits. For instance, your plan may cover 60% of your gross income, but only up to $2,500 a month. When calculating your coverage, keep in mind that payments from private disability insurance are tax-free, while the payout from most corporate plans is taxable unless the employee elects to pay the premiums personally. Please contact us for a full needs analysis of your personal situation and free quotation.

  • Long term Care Insurancenot as expensive as you may think  Long Term Care Insurance covers what your provincial health plan does not. This coverage ensures that the cost of long term care does not impact you savings and retirement income as well as become a financial strain on your loved ones. Long Term Care Insurance can cover expenses such as:
  1. care by a certified nurse
  2. rehabilitation and therapy

  3. personal care & home care services (assistance with daily activities such as: dressing, cooking, cleaning)

  4. supervision by another individual

Your provincial health insurance plan will not cover the full cost of care at home or subsidized facilities. Moreover, your provincial plan will not cover the costs of living in a privately-owned retirement residency.

Consider these statistics:

  • The cost for a long-term stay at a government-subsidized nursing home can be over $2,000 a month.

  • Privately-owned retirement residence stay can cost on average over $3000 a month for a semi-private room and over $4,000 for a private room.

Group Insurance Toronto will undertake to provide you with the correct amount of coverage to purchase depending on your desired lifestyle and amount that you want to budget for this coverage.

  • Individual Health Spending Accounts You simply can’t loseHealth Spending Accounts, or HSA’s are tax-free savings accounts for your family healthcare. First introduced by Canada Revenue Agency in 1986, HSA’s were limited to executives of large corporations due to the complexity and cost of setup. Then a decade ago, some of the third party administrators that managed ASO group health and dental insurance plans began offering these accounts to small and medium size business owners on a very cost effective basis. Our provider currently processes over 250,000 HAS claims per year. There are no setup costs and any funds not used in one year carry forward for use in future years.

Here is how it works:

Bob owns a small business and is about to pay $5,000 for laser eye surgery. If this is paid from Bob’s salary he will need to earn around $9,000, so that after taxes and source deductions, he will be left with $5,000 to pay for the surgery.

Using a HSA, opened up for you by GTI, Bob, would deposit $5,600 in the account. After applicable fees and taxes, Bob would have $5,000 available for the surgery. Therefore by opening a health spending account for Bob, his company effectively saved $3,400. 

Without Health Spending Account

$9,000     earnings


-$4,000   (souce deductions, EI, CPP, Income Tax)

$5,000 income to pay for surgery

With Health Spending Account    

$5,600  earnings


-$600  (administration fee + applicable taxes)

$5,000  for surgery

Savings = $9,000 – $5,600 = $3,400
Employee Benefits