Owner with group benefits
You have coverage through the business, but personal responsibilities may call for a separate review.
Executive & Individual Insurance
Group coverage may not answer every owner or executive protection need.
As your role, income or responsibilities change, your insurance may need another look. PLA reviews existing coverage, identifies potential gaps and helps you evaluate relevant individual insurance options in the context of your business.
Your coverage may not have changed, even when your circumstances have.
You may have insurance through work, personally or through your business. Understanding whether those arrangements still fit together can be difficult as your responsibilities change.
- Group coverage and your role
- Group plan limits and definitions may not reflect an owner’s or executive’s individual needs.
- Income and compensation
- Higher or variable compensation can create protection needs beyond the standard group design.
- Ownership and business obligations
- Debt, guarantees and succession considerations can affect how individual protection should be reviewed.
- Existing individual policies
- Coverage arranged earlier may no longer reflect your current financial responsibilities.
- Personal and business changes
- A new role, partner, ownership structure or personal circumstance can create a reason to revisit existing coverage.
Different responsibilities create different protection questions.
The value of a review depends on the person’s situation, not an assumption that more insurance is needed.
Executive with higher protection needs
Your compensation and financial obligations may differ from what the standard group arrangement was designed to address.
Partner or shareholder
Distinguish protection for yourself from insurance intended to fund obligations between owners.
Key person outside the ownership group
The business may face continuity concerns involving someone who is not a shareholder. Those risks should be considered separately from the person’s individual coverage needs.
Why revisit coverage?
Coverage can remain in place while the circumstances around it change. Without a review, it may be difficult to know whether the protection still addresses the needs it was intended to meet.
Additional coverage is not automatically the right answer. Existing arrangements, individual circumstances and business needs determine what warrants review.
Coverage follows the need.
The appropriate type of individual insurance depends on the need identified, current coverage, personal and business circumstances, product availability and applicable underwriting.
How PLA reviews executive coverage
The process starts with existing protection and the person’s responsibilities, not a presumption that another policy is required.
Start with the group plan
Review current group coverage, limits and relevant definitions.
Understand the owner or executive context
Clarify role, income, ownership position, obligations and business considerations.
Identify potential gaps
Examine where existing coverage may fall short of the stated need.
Compare relevant individual options
Review insurance structures and insurers when the facts, current availability and underwriting requirements support comparison.
Coordinate with ownership planning
Connect the decision to buy-sell or continuity planning where those needs overlap.
Complete fact finding and underwriting
Proceed through the applicable provider-specific process only after the need and scope are understood.
Personal protection and business continuity are different decisions.
Executive & Individual Insurance
Addresses protection needs for an owner, executive or other individual that may sit beyond the group plan.
Buy-Sell & Key-Person Insurance
Addresses shareholder obligations, ownership funding and business continuity risk.
Where they overlap
The same person or business circumstance can create both questions. Review them together when useful, without assuming one type of insurance addresses the other.
Specialty Insurance
Visitors-to-Canada Insurance
PLA also assists with Visitors-to-Canada insurance. Coverage and eligibility depend on the visitor’s circumstances and available products. Start with a conversation so PLA can review the relevant details and explain the next step.
Start a ConversationSpecialty inquiry process
- Explain the visitor and travel context
- Provide relevant eligibility details
- Review currently available options
- Receive formal information through the appropriate process
Coverage, exclusions, eligibility, underwriting and pricing are provider- and product-specific. No instant pricing is available through this website.
What a disciplined review looks like
A useful review should explain why an option is being considered, not simply present another policy.
Existing coverage comes first
The review begins with the protection already in place rather than assuming a new policy is necessary.
Comparison has a purpose
Relevant options are considered against the identified need, not presented as a product list.
Connected decisions remain distinct
Individual protection, ownership obligations and business continuity can be reviewed together without treating them as interchangeable.
Underwriting matters
Final availability and terms depend on the applicable insurer, product and underwriting process.
Common questions about executive and individual insurance
Where can group disability or life coverage leave executive gaps?
Group plan limits, definitions and structure may not fully reflect an owner’s or executive’s income, responsibilities or financial obligations. Review the actual group provisions alongside the person’s circumstances before concluding that a gap exists.
When should individual coverage be reviewed alongside group benefits?
A review can be useful when responsibilities, compensation, ownership or personal circumstances change, or when policies arranged earlier may no longer reflect current needs.
Does every owner or executive need additional individual insurance?
No. The need depends on existing coverage, individual circumstances and the purpose of the protection. A review helps determine whether any change warrants consideration.
How does executive coverage connect to ownership planning?
Individual coverage addresses personal protection needs beyond the group plan. Buy-sell and key-person arrangements address ownership obligations and business continuity. The decisions may overlap, but they serve distinct purposes.
Can PLA compare individual insurance options online instantly?
No. PLA first needs to understand the circumstances and complete appropriate fact finding. Availability, terms and suitability depend on the insurer, product and underwriting process.
How does Visitors-to-Canada insurance fit within PLA’s services?
Visitors-to-Canada insurance is an active PLA specialty. PLA reviews the visitor’s circumstances and relevant eligibility information before providing formal information through the applicable process. Instant website pricing is not available.
The goal is to understand the protection already in place, what may need attention and whether a change is appropriate for the person and the business.
Executive Coverage Review
Understand your coverage before deciding what needs to change.
Start with a conversation about the coverage you have, what has changed and what you want to understand. PLA will follow up by email with appointment options for a discovery and fact-finding conversation.
What happens next
Existing client? Contact PLA directly or use your regular review process.
Explore Buy-Sell & Key-Person Insurance