WCASA services for CAs

About WCASA

The Western CA Services Association (WCASA) is a cooperative venture of the four western CA institutes. The Association celebrates its 30th anniversary this year.

WCASA is responsible for providing insurance benefits to CAs and firms. It offers term-life and long-term disability plans for CAs; an insurance benefit package for CA firms; home insurance; and an office contents package.

It's estimated that about 75% of WCASA's potential market participates in its plans. The Association insures the lives of more than 6800 individual CAs and spouses, as well as 230 firms with 1850 partners and employees. Its insurance plan has over 5600 policies.

Lower premiums

WCASA is able to offer lower premiums than other sources for several reasons:

1. The term-life and disability plans have a very low percentage of smokers (~5%), and most CAs do well financially; both of these factors contribute to better health, and better health means fewer claims.

2. Over the years, the Association has been able to negotiate favourable arrangements with its insurance carriers, and the benefit of good claims experience flows back to policyholders. CAs insured with WCASA get a cheque refunding a percentage of their life and LTD premiums if the Association's overall claims experience is positive. (In recent years, up to 45% has been refunded.)

A new service

Early in 2003, WCASA launched "Life Advance," a relatively new type of insurance that pays a lump sum if you are diagnosed with a serious, life-threatening illness like cancer of heart disease.

Other new products are in the works.

Why you should insure with WCASA

There are a number of reasons to insure with WCASA, but two main reasons are that it's a good idea to have insurance independent of your employer and, if you're buying a new home, the Association's term-life plan makes for very cost-effective mortgage insurance.

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For more about WCASA, including rates, go to www.wcasa.com or call its office at 1-800-661-6430.

[Author Affiliation]

By Ben Sander, CA & Barrie Anderson, CA

Editor: CAs Ben Sander and Barrie Anderson serve on the WCASA board as directors. They represent the interests of BC CAs.