risk management and estate planning

risk management and estate planning

1. There are several disability programs that an individual may or may not be able to access if they should become disabled as a result of an accident or illness preventing them from continuing to work. The main ones are: Ø CPP Disability Benefits Ø EI Ø Workers Compensation Ø Individual Disability Plan Ø Group Disability Coverage Please illustrate (assuming he would qualify for each plan) how much each plan is expected to pay-out through the scenario involving Richard Carlson who became disabled due to an accident at work. He is an automotive assembly mechanic working with Toyota Canada as a full-time employee. He currently earns $ 6,000/month, and is a member of the Canadian Auto Workers union which covers him for long term disability through their group disability plan. [unique_solution]He has been working with his current employer for 25 years. (2 marks each ＝ 10 Total) 3. Would you recommend that Richard Carlson obtain an individual disability plan? (1 Mark) Why? (2 Marks) 5. Richard Carlson is worried that in the event be become seriously hospitalized, he may not be fully covered, even though he is a full-time employee with Toyota Canada. Should Richard Carlson purchase a private health insurance plan (PHSP)? Yes or No (1 Mark), Please explain your answer (2 Marks)
2. There are several disability programs that an individual may or may not be able to access if they should become disabled as a result of an accident or illness preventing them from continuing to work. The main ones are: Ø CPP Disability Benefits Ø EI Ø Workers Compensation Ø Individual Disability Plan Ø Group Disability Coverage Please illustrate (assuming he would qualify for each plan) how much each plan is expected to pay-out through the scenario involving Richard Carlson who became disabled due to an accident at work. He is an automotive assembly mechanic working with Toyota Canada as a full-time employee. He currently earns $ 6,000/month, and is a member of the Canadian Auto Workers union which covers him for long term disability through their group disability plan. [unique_solution]He has been working with his current employer for 25 years. (2 marks each ＝ 10 Total) 3. Would you recommend that Richard Carlson obtain an individual disability plan? (1 Mark) Why? (2 Marks) 5. Richard Carlson is worried that in the event be become seriously hospitalized, he may not be fully covered, even though he is a full-time employee with Toyota Canada. Should Richard Carlson purchase a private health insurance plan (PHSP)? Yes or No (1 Mark), Please explain your answer (2 Marks)