Insurance Consulting
Experience the peace of mind that can come from having your finances well organized
Life Insurance
Protect your family’s future with life insurance options designed to provide financial security and peace of mind.
Disability Insurance
Safeguard your income and maintain financial stability if an illness or injury prevents you from working.
Critical Illness and Health/Dental Plans
Comprehensive coverage for health challenges, including critical illness, dental, and overall wellness needs.
The Importance of Financial Planning
Money issues typically create a great deal of anxiety for many of us. So much so that the number one reason couples cite for divorce is financial issues. Having a financial plan is often the first step to helping alleviate much of that stress and anxiety. No matter how deep the hole may seem just taking even small steps to start moving in the right direction will usually really help your mindset and start changing your relationship with money.
Insurance Solutions for Every Need
Our insurance consulting services cover life, disability, critical illness, and health/dental plans. With our guidance, you can feel confident in your coverage decisions, knowing they align with your unique needs and goals.
Financial Planning FAQs
Common questions about our services.
How does Life Insurance work?
Life insurance provides cash quickly to your family, business partners or other survivors, should you die while someone is dependant upon you. The insurance company pays out a completely TAX FREE amount to the listed beneficiary of the policy upon the death of the insured. The executor of the estate or the beneficiary of the policy will need to submit a claim request to the insurance company. They will require an original death certificate from the funeral home to complete this request.
Why do I need life insurance?
One of the few guarantees in life: “Every one of us will die”. Life insurance will provide cash to anyone who is dependant upon you in some way. This could include children, your current spouse, ex spouse, a business partner or people to whom you owe money (mortgage). The idea is that the people we leave behind should not be put into hardship by our departure. Most people are not trying to create a windfall for anyone. Bills still need to be paid and debts still need to be resolved and we don’t want the survivors we leave behind to have their lifestyle significantly reduced or a business partner with a failing business. In fact, new expenses often arise for survivors, child care being one of the most expensive. Often a two parent household may not require child care but with the loss of one parent the survivor has no choice but to take on a large new expense.
Wealthy families often use life insurance to provide a very tax effective way to pass money to different generations. This can be a useful tool to deal with estate taxation, which can be very high for anyone who has built any wealth in Canada. We don’t just mean rich people. Many middle class Canadians have build up a few hundred thousand dollars in an RRSP and a cottage by their 60s. It is very likely this will generate a significant estate tax liability that most Canadians have no idea is coming.
People who are single with no dependants, no creditors and no business to pass along probably do not need life insurance.
How much insurance should I get?
We strongly recommend you review your needs with an expect to help you determine the correct amount for your circumstances. However, there are also some good life insurance needs analysis tools available online. Unfortunately, we typically see most Canadians buying $500,000 because they have a $485,000 mortgage with no allowance for other factors like replacing a portion of the income that will be lost when one of the bread winners is no longer here.
What kind of insurance should I get?
The 2 main types of life insurance are temporary (term) or permanent. Term is best for resolving needs that go away over time like your mortgage and other debts, child care responsibilities etc. Permanent is best for needs that will never go away such as funeral expenses, final needs and estate issues including estate taxation which can be a huge source of stress to your executor. Understand that term insurance increases in price over time and will typically expire before we do, having never paid out. It still served the purpose of managing the risk while you have responsibilities but some people don’t like the idea of paying into something without getting something back.
If a company has previously declined my application am I out of luck?
Not necessarily. Just because one company decides to decline coverage does not mean every other company would do that same. Some issues will be the same across all companies others would not. How certain conditions are treated also changes over time. Not many years ago, if you had cancer you could not get coverage for a 5 year period. Now many cancers are only a 6 month wait to get a policy if the prognosis is favourable. Though not at standard pricing.
Why is having my own policy better than the insurance I get from the bank with my mortgage?
The bank only asks a few simple questions upfront and then does a full investigation when your loved ones submit a claim. The last thing you want is to experience an investigation at time of your claim, unless absolutely necessary. Whereas, with a privately held policy, the insurance company typically does the full investigation at time of your application, not while your family is grieving. Non smokers generally also get a lower price with a private policy.
How do I get started?
Contact us to schedule a consultation and begin planning your insurance future.
Ready to Take Control of Your Financial Future?
Contact us today to start your personalized financial journey.