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Group Insurance for Firms

Take advantage of CPA Ontario negotiated rates with Sun Life

Affordable. Comprehensive. Flexible

Chartered Professional Accountants of Ontario (The Institute of Chartered Accountants of Ontario), in partnership with Sun Life Assurance Company of Canada, Clews & Associates Life Insurance Consultancy Inc., and Canadian Benefit Administrators Ltd., offers a group insurance plan designed specifically for small to mid-sized Firms and management consultant firms. The Firms’ Group Insurance Plan provides basic life, long term disability, critical illness, extended health care and dental insurance coverages which include features not typically available to small firms.

Call today for a quote

1 800 667.4574 or 416 493.5586

Highlights of the Plan

Basic Life and Accidental Death and Dismemberment

Amount of insurance

  • Partners and sole proprietors
    • Minimum of $50,000 to a maximum of $200,000, in units of $25,000
  • Full-time employees
    • Minimum of 2 x earnings to a maximum of $200,000

Includes:

  • Waiver of premium in the event of disability
  • Conversion privilege

Optional Life Insurance

You can choose to add optional life coverage to your firm’s insurance program. If chosen, you and your employees, and spouse and children if applicable, can decide to apply for the insurance.

Optional Life insurance is subject to satisfactory evidence of health.

Amount of insurance

  • Minimum of $25,000 to a maximum of $250,000, in units of $25,000
  • Dependent children
  • $5,000 or $10,000 (covers all children)

Includes:

  • Waiver of premium in the event of disability
  • Conversion privilege

Long-term Disability Insurance

You can choose to add long term disability (LTD) coverage, either the enhanced or basic plan, to your firm’s insurance program. If you, as the owner, choose to add the insurance to your insurance program, then all employees must be covered under this plan (subject to satisfactory evidence of health in some cases).

Partners and sole proprietors may choose not to be covered under this insurance, if already covered under CPA Ontario’s Individual Income Protection plan.

Amount of insurance

  • Enhanced
    • 60% of your monthly earnings to a maximum of $5,000
    • Choice of taxable or non-taxable
  • Basic
    • 50% of your monthly earnings to a maximum of $5,000
    • Non-taxable

Includes:

  • Waiver of premium in the event of disability
  • Rehabilitation
  • Cost of Living Adjustment (enhanced plan only)
  • 5-year own occupation definition of total disability for partners and sole proprietors (enhanced plan only)

Critical Illness Insurance

Following the diagnosis of a covered critical illness, a prescribed survival period, and approval of the claim, this insurance pays a one-time, lump-sum benefit that you can use any way you want - to seek other treatment, purchase specialized equipment, pay your mortgage, or invest for your future.

You can choose to add critical illness insurance to your Firm’s insurance program. If chosen, you and your employees, and spouse if applicable, can decide to apply for the insurance.

Critical Illness insurance is subject to satisfactory evidence of health.

Amount of insurance

  • Minimum of $20,000 to a maximum of $100,000, in units of $10,000

Includes coverage for 10 critical illnesses:

  • heart attack
  • major organ transplant
  • stroke
  • cancer 
  • paralysis
  • kidney failure
  • blindness 
  • deafness
  • multiple sclerosis
  • coronary artery bypass surgery

Extended Health and Dental

Basic

Enhanced

Medical Evidence

Firms with less than 5 lives must provide satisfactory medical evidence at time of application.

Reimbursement level

80% except 100% out of country

100%

Deductible

Dispensing fee paid by plan member

None but $6 cap on dispensing fee, plan member pays remainder

Drugs

Pay Direct prescription only plus life-sustaining

Pay Direct prescription only plus life-sustaining

Hospital

Not covered

$150 per day

Vision

Not covered

$200 every 24 months

Paramedical

Not covered

$500 per year including physiotherapy

Orthotics

Not covered

$150 per year

Private Duty Nursing

$5,000 per calendar year

$5,000 per calendar year

Hearing aids

$1,500 per 3 calendar years

$1,500 per 3 calendar years

Out-of-province/country

Emergency plus Travel Assist

Emergency plus Travel Assist

Major Medical supplies

Medical services & supplies

Medical services & supplies

Maximum Benefit

$1 million per covered person per lifetime

DENTAL

Basic

80%, 12 month recall exams

90%, 9 month recall exams

Endodontics

80% reimbursement

90% reimbursement

Periodontics

80%, 8 units of scaling per year

90%, 8 units of scaling per year

Major restorative

Not covered

50% reimbursement

Orthodontics (only 10 lives +)

Not covered

50% reimbursement

Maximum benefit

$1,000 per calendar year

$1,500 per calendar year

   

$1,500 lifetime for orthodontics

Termination of Health/Dental

Earliest of age 65, retirement or termination of employment