Traditional Subscription Methods. What is Shared Ownership Insurance ?. Corporation. Key person. TRANSITION. Premiums for Flexible Refund of Premiums rider Premiums for Refund of Premiums Upon Death rider. Premium payment. Critical illness premiums. Critical illness benefit.
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Procedure in 3 steps:
3 choices of coverage:
Each party is responsible for a portion of the total premium
The critical illness coverage
(use the “Designation of Beneficiary – Shared Ownership Insurance” form, available on the extranet)
Each party pays a portion of the premium
The agreement must define:
Agreement samplesavailable on the extranet
Distribution of premiums
Example with a Transition T100 contract and Flexible Return of Premiums rider
Male, NS, age 45, $200,000 in coverage: Total annual premium: $4718
± 70% ($3344)
($1274) ± 30%
DIV: $7042 RATE: 33%
Benefits paid to shareholder
ROP 15 years: $70,770
ROP 15 years: $105,630
Benefits paid to ABC Inc.
ROP 15 years: N/AExample
- Add. $800 per year for add. ROP of $34,858
- Conditional ann. return of 14.30%
Not required by the corporation