Shared ownership critical illness (CI) insurance policy is a sound business solution for each of the parties involved, ind is also advantageous from a tax point of view.

The corporation holds transition critical illness insurance policy. The corporation is designated as the beneficiary of the insured shareholders/key persons critical illness benefits and pays the portions of the premiums related to the coverage.

A flexible return of premium rider is added to the critical illness insurance policy. The insured shareholder/ket person is responsible for paying the premiums for the rider and is the designated beneficiary.

In the event the insured suffers from a covered critical illness, the benefit is paid to the corporation. this provides the cooperation with the cash needed to continue operating the business. In the event the critical illness benefit is not paid before the selected maturity because there is no critical illness claim, the shareholder/key person will be refunded for all premiums paid.

Best for Corporations Who: want to protect their business in the event a shareholder or key person suffers from a covered critical illness.

Best for Shareholders & Key People Who: want to take advantage of the opportunity to be refunded the premiums with the return of premium rider.