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Earn CE Credits and Grow Your Business
Submitted by Anar on October 7, 2015 - 10:50am
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RBC Insurance
Wage Loss Replacement Plans can increase your business – and earn you CE credits
Earn CE Credits and Grow Your Business Selling Wage Loss Replacement Plan (WLRP) makes selling disability insurance easier. It is a disability income replacement program set up by an employer for a group of employees. Unlike group insurance solutions, a WLRP comprises individual disability income protection insurance policies grouped together under a common plan. Take a look at what WLRP offers you, your employer and their employees.

For You: As few as two employees to qualify as a group arrangement which means it is easier to prospect than seeking individual sales; Process enhancements to make it easier for you to sell. For example, proof of employment income for participants can be provided by a signatory at the corporation; Earn CE credits when you learn more about WLRPs. | For Your Clients: The employer selects the participants and benefit levels by defining classes of employees; Employers gets a discounts when implementing a WLRP for three or more employees; Premiums are a tax-deductible business expense. | For Their Employees: No premium cost as the employer funds the premiums; Disability benefits are paid directly to the employee; A policy can be transferred to the employee upon termination of employment.
 
Why sell WLRP instead of a group disability plan? See below.

FeaturesWLRPGroup Plan
Individual non-cancellable or guaranteed renewable policies with terms and conditions locked in at issueYesNo
Possibility to lock in future pricing at issueYesNo
Insurance portable upon terminationYesMaybe
Availability of optional benefits such as partial and residual benefits, cost of living, etc.YesMaybe
Disability definitions broad and comprehensiveYesStandard
Cost of insurance protection compared to a group planHigherLower
Employment insurance payor status1st payor2nd payor

 
® / ™ Trademark(s) of Royal Bank of Canada. Used under licence.
Underwritten by RBC Life Insurance Company.

AttachmentSizeType
Disability Taxation Reference Sheet.pdf138.13 KBapplication/pdf
WLRP Insurance Advisor Guide.pdf547.9 KBapplication/pdf
 
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