Meeting The Benefit Needs of your Executive Team


Your company depends on your senior executives, and relies on competitive, multidimensional compensation strategies to attract and retain your company leaders.

The contractual wording and limitations of your employee benefits program may however, not offer sufficient coverage to insure executive income elements such as incentive payments and bonuses.

Our personal insurance consulting practice, Northern Star Financial, offers our clients dedicated professional expertise in personal insurance solutions.

With over 30 years of experience in the specialized insurance needs of business owners and their leadership team, we help you attract and retain your business leaders.

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Disability Insurance

In Canada, over 1 in 3 Canadians will be disabled due to an injury for 90 days or more, making disability insurance an important step in protecting your family’s lifestyle. 

Group insurance policies are designed to cover the average employee, and may exclude bonuses, commission, and incentive payments, thereby excluding a portion of executive earnings, and income that may be crucial to your key staff members, and their families.  

Earning an income is not only important to maintaining your quality of life, it also lets you provide an education for your children, plan for retirement and deal with unforeseen emergencies. Individual disability insurance fills the gaps.  Whether you need to secure your main source of income or supplement the coverage you receive from your employer or an association, our experienced personal insurance consultants can provide you with a comprehensive and portable disability plan you can rely on throughout your working years.

Consider this example:

Annual salary = $225,000

Bonus = $75,000

Gross monthly earnings = $25,000

Net monthly income = $15,107 (49.8% marginal tax rate)

Group disability benefit max =$6,000 (non-taxable plan)

Gap in earnings if disabled = $9,107

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Personal Life Insurance

Every stage of life comes with insurance needs and our clients' executives and owners require a highly experienced approach and service.

As your trusted benefits consultant, we can review and analyse your current policies, and identify opportunities for alignment to your personal situation.

There a number of factors that can help you determine how much insurance you may need. Private and confidential discussion with our personal insurance consultants will include some of the following elements, enabling us to provide you with a quick determination of your executive life insurance needs:

  • How much debt do you owe?

  • What assets do you need to protect?

  • How much money will you need when you retire?

  • How much cash would you like to leave to your beneficiaries?

Having the right balance of insurance is essential to a properly structured financial plan.

Critical Illness Insurance

The physical and emotional strain of a critical illness can be severe and when you combine that with the potentially damaging financial impact, the result can be devastating. Specialized therapies, medications, personal care and accommodations may not be covered by the provincial healthcare system or your group plan, quickly adding a strain to your, and your family's daily activities, and financial situation.

Critical illness insurance is a form of protection that can provide you with a lump sum payment if you suffer from a covered critical illness and the survival period is satisfied.

The benefit? A non-taxable payment you are free to spend as you wish—such as to help cover lost income, pay for private nursing or out-of-country treatment, for medical equipment or even to pay off your mortgage. It can help you where you need it most so you can focus all your energy on recovering.


A critical illness can happen to anyone*:

  • About 1 in 2 Canadians will develop cancer in their lifetimes and 1 in 4 will die of the disease.

  • 60% of Canadians diagnosed with cancer will survive at least 5 years after their diagnosis.

  • 60% of stroke survivors are left with some form of disability require intensive therapy and personal care

  • 1 in 12 Canadians are diagnosed with heart disease, every year

Who should be protected with Critical Illness?

  • Anyone who wishes to be protected against financial concerns resulting from a critical illness

  • Persons who would like to obtain specific medical treatments.

  • Persons who would like to have home nursing or go on a trip to assist in their recovery.

  • Business owners or who would need to receive compensation for the loss or productivity, clients or income after an illness.

​*Canadian Cancer Statistics Advisory Committee.

Heart and Stroke, 2017 Stroke Report

Public Health Agency of Canada's Canadian Chronic Disease Surveillance System (CCDSS): 2012/2013 infographic