Life, Disability & Critical Illness Insurance: Protect Your Income & Your Family
Why Choose Life, Critical Illness, and Disability Insurance?
Life, critical illness, and disability insurance are essential financial tools for individuals and families across Canada. These policies offer peace of mind by protecting your loved ones and your income if the unexpected happens, such as serious illness, injury, or death.
A Financial Planning Approach to Insurance
At our firm, we use a comprehensive wealth planning approach to calculate your insurance needs. This means we take the time to understand your unique financial situation, goals, and obligations, so you end up with the coverage you truly need, not more or less.
Life Insurance
- Provides a tax-free lump sum to your beneficiaries if you pass away.
- Helps cover funeral costs, debts, and ongoing living expenses for the family.
- Options Include:
- Term Life – Best for most clients. Affordable, straightforward coverage for a set period.
- Whole Life – Suitable for a few. Lifetime coverage with fixed premiums and cash value.
- Universal Life – Fits very few. Flexible, permanent coverage for complex financial needs.
Critical Illness Insurance
- Pays a lump sum if you are diagnosed with a covered serious illness, such as cancer, heart attack, or stroke.
- Funds can be used for medical bills, travel for treatment, or to replace lost income for you or a loved one caring for you during recovery.
- Coverage varies by policy; always review which conditions are included.
Disability Insurance
- Replaces a portion of your income if you are unable to work due to illness or injury.
- Helps maintain your lifestyle and meet financial obligations during recovery.
How Much Coverage is Enough?
Here’s a rough starting point to help you figure out how much coverage you might need.
Debt
Everything you owe: mortgage, loans, credit cards.
Income
Years of income your family would need replaced, often 5–10 years, depending on your family’s stage of life.
Mortgage
Remaining balance, if not already counted in Debt.
Education
Future costs for your children’s education.
Add those together, and you get a rough starting number, before adjusting for savings, existing coverage, and your specific goals.
A needs-based approach matters
A financial planning approach makes sure you’re not carrying unnecessary risk, or paying more for insurance than you should.
A Bit More on Our Approach
Financial Planning First
We look at your full financial picture to figure out coverage that fits your situation. As life changes, we revisit that with you.
Comprehensive Options
We work with a wide range of Canadian insurers and policy types.
Full Commission Disclosure
We disclose exactly what we’re paid on every policy, so you can see for yourself any potential conflict of interest.
Broader Framing
Whole life is often pitched to young families as a way to “save for retirement” or protect against future taxes. In most cases, a TFSA or RRSP does that job better, and for less. We show you the options side by side, so your decision comes from clear information, not a sales pitch.
Where Whole Life or Universal Life May Fit
Whole life, universal life, and other permanent insurance are complex products, built for complex financial situations. Most families, especially young families, don’t have those needs yet, and something simpler usually serves them better. We don’t recommend whole life, universal life, or other permanent insurance unless it fits a specific need, like estate equalization, estate taxes, or business succession.
We can also review a policy another advisor has proposed to you, on a fee-for-service basis, before you commit. A review can show you the cost, including what you’d give up by choosing it, before you lock yourself into a decision.