Insurance Planning


Personal Planning - Life Insurance, Living Benefits, Other Types of Planning Tools

Group Benefit Plans - Corporate Plans & Employee Benefits

Succession Planning - For Business Continuity

Estate Planning - Preservation of Personal Assets

Health and Dental - Plans for Individual & Family Plans

Travel Insurance - Quotes for Out of Province/Out of Country Coverage  

Key Fact:

There have been many circumstances where individuals look for insurance coverage.  However due to medical or other issues, it's already too late to get approved for coverage.  It is important to take action today and implement some risk management tactics to protect yourself and your family.  

Life Insurance

Case Study:  Sarah, 28


Sarah is a single parent of two children.  Divorced over five years ago, she recently did some restructuring of her will due to a death in the family.  The passing of a family member got her thinking about the need for life insurance for her two sons, as they are still fairly young at 10 and 12 years old.  Sarah has decided to call a life insurance advisor to do some planning and understand her needs for insurance protection.

While sitting down with an advisor, she realizes the risk involved with not having any coverage, the possibility of her children not having the education or the inability to sustain the lifestyle they have currently.  Sarah asks herself what amount she would currently leave her sons upon her death with no life insurance coverage.  As she does some fact finding with the advisor, the actual amount would be negative as there are some outstanding debts and very little investments she owns, including a small RRSP and some money put away in case of an emergency.

The father of the two boys not only is out of the lives of both children, but also doesn't think the same way about education.  He believes school is a waste of time and money, and will not be paying for post-secondary education.  Sarah has now uncovered the potential risk involved with not being covered for the well-being of her sons.  She and the advisor decides to look into some possible life insurance coverage solutions to look after Sarah's protection moving forward.  After obtaining coverage, if something fatal were to happen to Sarah, the life insurance amount will be held in trust for her to son's to pursue their education and career in the future without financial restraint.  This was made possible because Sarah put some simple long-term planning in place. 

Disability Insurance

Case Study:  Jonathan, 44


Jonathan is an engineer, he owns his own successful consulting company.  He has a wife, Julie, and three children who are 9, 13, and 17 years old.  Jonathan has a beautiful home with no mortgage.  He owns some investments, both RRSP's and non-registered self-directed investment accounts that he enjoys as a hobby.  He also has a group benefits plan at work he put in place some time ago for him and the employees.  The plan is well-structured, with some life insurance and great health and dental benefits, but Jonathan did not want long-term disability on the plan at the time.

Jonathan's career is rewarding financially, however, it is extremely stressful.  A few times he felt like he was having issues with stress and anxiety which has forced him to visit his doctor in the past.  His doctor would often tell him to slow down a bit with work as it's the stress causing these symptoms, along with the bad eating habits and lack of exercise.  Jonathan would often agree with his doctor, but do nothing to change.  Months later, Jonathan suffers an anxiety attack.  He collapses and is rushed to the hospital.  Once released and back at home recovering, fortunately it wasn't a long road to recovery.  He was concerned about the well-being of his company and the thought of him not being able to work long-term which would cause the company to suffer if he isn't working for long periods of time.  Not to mention if one of his key employee's were to suffer a disability, how would the business be impacted?

Jonathan decides to go back to work earlier than the doctors had recommended.  He started to think about the offer to add long-term disability to his benefit plan.  He also recalls the advisor he dealt with stating the importance of having a more comprehensive disability coverage separate of the benefit plan since he is the owner, implying his importance to the survival and longevity of the company.  Jonathan decides to consult his insurance advisor to re-assess the disability coverage, for himself and for the key employee's of his company.  His advisor highlights the fact that this recent health issue may impact him applying for coverage, and hinder his approval for the insurance.  He now realizes the significance of applying for coverage while he was healthy, rather than after an occurrence of a health issue to complicate matters.

Critical Illness

Case Study:  Tommy, 34


Tommy is a professional working as an investment broker with a large bank.  Although he is single, he owns a house with a mortgage, a line of credit which he paid his car off due to the bank's lower interest rate, so the balance is a fairly large amount.  He enjoys his lifestyle, has no intentions of settling down or having a family.  Recently, he found out that one of his colleagues at work had a relative diagnosed with a form of cancer.  The relative was in her late twenties and apparently a very healthy person who was active in sports.  Tommy also overheard that she would need to cross the border to the U.S. for treatments due to the aggressive illness which are quite costly.  "Luckily she had some critical illness protection" said the fellow worker.

Tommy started thinking about his age, suddenly realizing that an illness can strike at any time.  He was always active and worked out at the gym quite often.  Tommy believed that illness only happens to older people, or those who don't take care of themselves.  He really started thinking about the house he owns, asking himself questions like "what would happen if I couldn't pay my mortgage for a month or two?  Or 6 months?"

That evening, Tommy went online to see what coverages may apply to his needs in order to take the risk away from him potentially being in a similar type of situation as the one he overheard earlier in the day.  He came across a local insurance advisor's information, and decided to make an appointment.  Once in the meeting with the advisor he realized that critical illness coverage is a need, as he views stats to illustrate that he has more of a chance of survival of most major illnesses at his age than outright death.  Tommy learns ab out the importance of living benefits, and starts to establish the amount of coverage and obtaining quotes.  Tommy is now aware of the benefit of being covered with critical illness, the risk of medical costs while not earning an income, plus the regular mortgage and bill payments that do not stop while he is potentially off work.  He decides to apply for the coverage and now has piece of mind because he is obtaining protection.