Insurance Needs

Term life insurance provides temporary financial protection by paying a tax-free lump sum to your beneficiaries if you pass away during a specific “term”—typically 10, 20, or 30 years. It is the most popular form of life insurance in Canada because it is significantly more affordable than permanent options like whole life insurance.

Unlike term insurance, whole life insurance is a permanent policy designed to last your entire life. It combines a tax-free death benefit with a tax-sheltered savings component known as cash value. 

In Canada, buy-sell insurance is a specialized life or disability policy used to fund a Buy-Sell Agreement. It ensures that if a business partner dies or becomes disabled, the remaining partners have the immediate cash to buy out the departing partner’s shares at a fair price. Without this insurance, the surviving partners might be forced to work with the deceased partner’s spouse or heirs, or sell business assets to fund a buyout. There are many different variations and a thorough discussion is required. 

Infinite Banking is a strategy where you use a participating whole life insurance policy as your own personal bank. Instead of borrowing from a traditional bank and paying them interest, you borrow against the cash value of your policy to finance business expenses, real estate, or large personal purchases.

Critical illness insurance provides a tax-free lump sum payment if you are diagnosed with a serious condition covered by your policy and survive the initial “waiting period” (usually 30 days). Unlike disability insurance, which replaces a portion of your income, critical illness insurance is designed to cover the immediate, heavy costs of a medical crisis—like private nursing, out-of-country treatment, or paying off a mortgage early.

Also known as General Insurance, we work with one of Canada’s largest P&C insurance brokers to get you the best coverage for a competitive premium.

In Canada, travel insurance is highly recommended because provincial health plans (like OHIP in Ontario) cover very little—often less than 10%—of medical costs outside the country. For 2026, most comprehensive plans offer up to $5 million to $10 million in emergency medical coverage.

• Emergency Medical: Covers hospital stays, physician services, and prescription drugs for sudden illnesses or accidents.
• Trip Cancellation & Interruption: Reimburses non-refundable expenses if you must cancel before leaving or return early due to a covered reason (e.g., family emergency or illness).
• Baggage Insurance: Provides a benefit (typically $500–$2,000) for lost, stolen, or damaged luggage.
• All-Inclusive Packages: Combine medical, cancellation, and baggage coverage into a single policy.

A standard plan typically covers life insurance, disability, and extended health (drugs, dental, and vision).

Core Components of a Canadian Plan

• Life & AD&D: Usually a flat amount (e.g., $25,000) or a multiple of salary (e.g., 1x or 2x annual earnings).
• Extended Health Care (EHC): Covers prescription drugs, vision care, and “paramedical” services (massage, physio, chiropractic). Most plans now use a Pay-Direct Drug Card with an 80% or 90% reimbursement rate.
• Dental Care: Divided into “Basic” (cleanings/fillings) and “Major” (crowns/bridges). Note: The new Canadian Dental Care Plan (CDCP) is only for those without private insurance, making employer plans even more vital.
• Disability (STD/LTD): Short-term (weeks) and Long-term (years) income replacement if an employee cannot work due to illness or injury.

An Immediate Financing Arrangement (IFA) is a sophisticated Canadian financial strategy that allows high-net-worth individuals and business owners to secure permanent life insurance while maintaining liquidity for investments. Instead of tying up capital in insurance premiums, you pay the premium and then immediately use the policy’s cash value as collateral to secure a loan from a third-party lender.

An Insured Retirement Plan (IRP) is a tax-advantaged strategy used by Canadians to supplement retirement income by leveraging a permanent life insurance policy. It is essentially a “buy now, borrow later” model: you use a life insurance policy as a tax-sheltered savings vehicle during your working years and then use it as collateral for a bank loan to fund your retirement.