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Our Financial Service Encompasses the Six Disciplines of Planning
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Within these disciplines we review:
Investment Planning
How to best structure your pension and personal investments.
Retirement Planning
What is the best way to prepare for your retirement and when.
Estate Planning
What can you do today or in the future to ensure your estate goals?
Risk and Potential Creditor Protection
How can you protect you and your family from unforeseen circumstances?
Education Planning
How can you accumulate money to meet your family's education needs?
Tax Planning
How can you reduce or defer paying taxes?
Charitable Planning
How can you give to your favourite cause?
Business and Succession Planning
Providing for risks while in business and thinking about the legacy of the
business you have built. |
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Group Benefits
Rusu Financial is a firm that is in business to specifically service the needs of companies of all sizes with respect to Group Benefits
and Pension Plans. As specialists, our efforts are solely centered on the design, implementation, management and communication of
Group Insurance and Pension programs. Our goal is simple; provide our clients with quality product accompanied by exceptional
service at a fair price.
Group Benefits Consulting
· Current plan evaluation
· In depth market survey
· Negotiation with carriers
· Multiple plan comparison
· Employee Seminars outlining plan features, time for questions and answers
· Individual employee enter and exit consultations
· Executive benefits plans
· Quarterly reviews with plan administrator to review plan activity
Pension Consulting
· Plan Design
· Employee education
· Retirement Planning
· Group RRSP / DPSP
· Individual employee enter & exit consultations
Education
· Lunch & Learn
Meetings to educate employees on areas such as health / wellness, mortgage planning, etc.
· Quarterly Drop Ins
Drop in over coffee to answer any employee concerns and questions.
Employee Benefits Options (Click to Download)
Why are Rates Important When Quoting
Put on your “math caps” and we will try to answer a question which frequently comes up.
“When quoting on a group, why do we need to know the rates charged if
we are provided with premiums and claims paid?”
Let’s say we are dealing with a firm that actually had 24 employees in the first 3 months of last year, 36 employees during the next 6 months, and 24 employees in the last 3 months for an average exposure of 30 employees. (This information is not provided with the request to quote).
Consider the following example:
The carrier is provided with employee data of 24 employees – all with families.
For the Dental Benefit: premiums paid - $25,200 claims paid - $13,148
The prospect does not want to provide us with the Dental rate they are paying. With these figures we assume that the monthly premium per employee is $87.50 ($25,200 divided by 12(months) divided by 24(employees))
WRONG!
We can correctly calculate that a premium of $20,160 would have been necessary last year to cover claims cost, administration costs, reserves, commissions, etc., etc. With these figures (24 employees and a required annual premium of $20,160 to cover claims, administration, etc.) we would make the assumption that a monthly premium of $70.00 per employee would be required ($20,160 divided by 12(months) divided by 24 (employees)).
WRONG AGAIN!!
The prospect now tells us that the Dental rate is in fact $70.00 per month per employee. With this piece of information, we can now calculate that the average monthly exposure is 30 employees ($25,200 divided by 12 (months) divided by 70 (rate)). With the correct average exposure of 30 employees, we would be able to develop the correct required monthly premium rate of $56.00 per employee ($20,160 divided by 12 (months) divided by 30 (employees)).
In summary, without rates, the prospect would have advised us that our rate of $70.00 was not any better than the rate ($70.00) they were already paying.
With the rate history, we would have quoted a rate of $56.00 (adequate to cover claims experience).
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