Critical Illness vs. Long-Term Disability

By | FAQ, Individual Health Plans, Individual Services, Living Benefits | No Comments
Which coverage is right for you?
A great career, a happy family, a beautiful home —  everything you’ve worked so hard to achieve, as well as your ability to enjoy it, depends upon your health.

Despite the many measures you may take to ensure your wellness, life can be unpredictable. Recent statistics from Canadian Cancer Society indicate that:

  • 1 in 2 Canadians will develop cancer in their lifetime
  • 60% of people diagnosed with cancer survive at least 5 years

And according to Stats Canada:

  • a 35-year-old has a 50% chance of being disabled for 3 months or longer
  • and a 38% chance of having a disability lasting longer than five years

Clearly, the chances of being diagnosed with a life-altering illness or injury are higher than ever. However, people are surviving and living through these challenging situations with greater frequency and for longer than ever before. The impact can be devastating, both financially and emotionally.

Aside from living a healthy lifestyle, what is the best way to protect your income and the life you have built with it? Both Long-Term Disability and Critical Illness insurance are solutions that can help. However, there is often confusion about these 2 unique types of protection.

So what’s the difference?

First and foremost, the payouts are quite different:
Long-Term Disability (LTD) Insurance offers a regular monthly payout after a waiting period of typically 90 or 120 days, payable to age 65, while

Critical Illness (CI) Insurance offers a one time lump sum payout of the entire CI benefit 30 days after diagnosis

No two situations are the same, and as a result, there is no one perfect solution.
An LTD claim can last for decades, and pay out millions of dollars for a long-lasting illness or injury, but is typically paid in monthly increments after the waiting period, and while you are unable to work. CI claims are paid out in full 30 days after diagnosis of one of the covered conditions, whether you are working or have a loss of income or not.

Let’s look at a quick breakdown of some other key differences.

Long-Term Disability (LTD) Insurance

Essentially, LTD assures that you will continue to receive a portion of your income in the event that you are unable to work due to injury or illness. Your ability to work is your greatest asset, and LTD is the most effective way to protect it.


Based on current annual income, here are two examples of potential earnings to age 65, assuming a 5% increase per year. This is the risk that LTD Coverage looks to protect.

At Age 35:

$60,000 = $3,986,331

$96,000 = $6,378,129

$180,000 = $11,958,993

At Age 45:

$60,000 =$1,983,957

$96,000 =  $3,174,332

$180,000 = $5,951,872

What qualifies as a disability?

Disability insurance covers illnesses or injuries that impact your ability to work. Some of the most common causes of LTD claims are mental health disorders, musculoskeletal (back pain, arthritic conditions), cancer, heart disease, and injury as a result of accidents.

It is important to understand that different types of policies provide varying definitions of Disability, and the better the policy, the more reasonable the definition is to satisfy in order to satisfy and thus receive a disability benefit.

How is it purchased?

There are three common ways that people obtain Long-Term Disability Insurance:

  1. Coverage provided through your employee benefit plan
  2. Purchasing a stand-alone individual policy
  3. Supplementing an existing group or other disability plan, which may have inferior definitions, or limited coverage amounts

For example, an executive earning $250,000 might be eligible for as much as $10,000/month of disability income protection. However, their group plan may provide coverage that is limited to $5,000, as an example. In this case, the executive is well under-insured, and may be eligible for a discounted “top-up” policy to get to the appropriate level of coverage based on their income.

Individual disability policies can include Riders that provide additional benefits, including:

  • Increasing disability benefit to keep pace with the cost of living
  • Guaranteed option to increase insurance in the future without medical evidence
  • Occupational HIV protection for health professionals
  • Potential for a Refund of Premiums if you never have a claim

Individual policies are also fully portable. If you lose your job or have stopped working for a period before age 65, you may be eligible to receive disability benefits even if you did not have employment income at the time.

Critical Illness Insurance (CI)

Critical Illness insurance is designed specifically to help with the financial needs associated with recovering from a serious illness.

The benefit can be used in any way you choose:

  • Replace lost income for self and spouse/caregiver
  • Repay your mortgage and other debts
  • Gain access to private medical services or treatment outside Canada
  • Private nursing, home care and childcare services
  • Take an extended vacation
  • Make modifications to your home and/or vehicle
  • Maintain your lifestyle and retirement planning
How is Critical Illness insurance purchased?

Critical Illness is not included in as many employee benefit plans, so it is up to each individual to consider their own needs and seek out this valuable protection. Policies can be obtained on an individual basis, in a similar fashion to life insurance, where premiums can be fixed for a level term like 10 or 20 years, or on a permanent basis.

Coverage is not tied to your ability to work or earn an income, and benefits can be used for any purpose you desire. Since LTD benefits are tied to earned income reported on tax returns, CI is often used to bridge the gap for people who may not take significant income, but still have a lot at risk if they had to step away to deal with an illness. It is also used often to protect a non-income earning spouse, since the working spouse’s income would likely be impacted if they family were dealing with a serious illness.

Benefits of CI:

Benefits are paid out as a tax-free lump sum, 30 days after diagnosis of a covered condition. This provides a quick solution to replace lost income, pay for excess care, eliminate debt, or simply provide peace of mind and reduce financial stress.

CI Policies can be structured to include some of the following benefits:

  • Term Policies can be Convertible, without medical questions, to Permanent coverage
  • Some policies provide a full Refund of 100% of all Premiums paid if you never have a CI claim
  • Many policies also include ancillary benefits to help get a Second Medical Opinion to be confirm a diagnosis or treatment plan, or to help access specialized care tailored for your condition

Both CI and LTD can serve as valuable solutions, depending upon your specific situation. Nobody knows what the future holds, but when we have protection for both the short term, while also covering the long-term risks as well, we have a solid foundation for financial well-being.

Our team at SC Insurance is always happy to answer your questions specific to your own situation. We’re here to help protect your wealth by protecting your health.

What qualifies as a Critical Illness?

There are Basic Plans that cover cancer, heart attack and stroke, and Comprehensive Plans that cover a longer list of illnesses. The majority of claims under all plans are for cancer, which make up approximately 70% of all CI claims in Canada.

Below is a list of conditions included in many Comprehensive CI Plans.

Some plans may vary, and the definitions of each condition are available for review. Most plans also include additional conditions which are eligible for a partial benefit payout, when one of the following conditions is not met.

Acquired brain injury

Aortic surgery

Aplastic anemia

Benign brain tumour

Bacterial meningitis


Cancer (life-threatening)


Coronary artery bypass surgery


Dementia, including Alzheimer’s disease

Heart attack

Heart valve replacement or repair

Kidney failure

Loss of independent existence

Loss of limbs

Loss of speech

Major organ transplant

Major organ failure on waiting list

Motor neuron disease

Multiple sclerosis

Occupational HIV infection


Parkinson’s disease and specified atypical parkinsonian disorders

Severe burns


Note: This list is subject to change, and intended as a summary of coverage provided by many Comprehensive CI plans. The list of covered conditions and definitions for any policy or insurance company can be provided upon request.

Introducing the new SC Hub: Your Benefits Administration Portal

By | Business Services, Employee Benefit Plans, Group Services | No Comments

Rapid change has become a theme in Group Benefits in recent years, and as an employer, it can be difficult to keep up with all the advances in new policies and products, as well as changing legislation and regulations. Despite all the change and innovation, one of the key themes that our clients have expressed is the hassle of dealing with enrolments, changes, and the endless paperwork that is still required by insurance companies.

Our role as advisors is to help you navigate through the confusion related to selecting and managing your benefit plan. In addition to maximizing the value for your benefits spend, we are always looking for ways to make the experience as simple and efficient as possible for employees and administrators. That is why SC Insurance is thrilled to announce that we have invested in a powerful new resource that will empower our clients to manage their plans more efficiently and cost-effectively than ever — all while keeping employee health and wellness top of mind.

Our new SC Hub and Benefits Administration Portal will streamline your plan administration and new enrolments, providing a streamlined paperless process. At the same time leveraging technology to bring you and your employees access to the newest advances that allow them to engage and maximize the value of your benefits program.

The SC Hub will make your benefits program a positive part of your employee experience, a differentiator in attracting and retaining talent.

Old School meets New School

Insurance is an old industry still hampered with endless stacks of paper.

Paper and manual record keeping means accuracy decreases and errors add up, which can be quite a challenge for plan administrators — and the last thing you need is added complexities to further add stress to your days.

We’re marrying benefits in the industry with the current generation of technology, where the new school model can have the entire process initiated with one email, linking to all carriers and plans, and even the ability to integrate with HR software and payroll systems.

As a client, you want to know that your needs are being taken care of, and that your advisors are up-to-date on the latest — but you don’t want progress to be a burden on you when it comes to managing your benefits program.

That’s why it’s not about completely changing the way we do business, it’s about readjusting to the times and finding innovative ways to translate this value onto you.

Introducing the SC Hub – Paperless. Seamless. No cost.

Our customer-centric approach means we focus on your overall experience by making your life easier. The Benefits Admin Portal is available to all SC clients at no cost and integrates your existing benefits plan.

In addition, we have negotiated special pricing for a selection of additional resources in the SC Toolkit. This is a collection of resources and solutions that is constantly being cultivated, and can be bundled into your program, integrating seamlessly with your companies’ own Portal.

By unlocking your SC Hub, you can provide your new employees with an innovative and impressive introduction to your company — all bundled into a convenient, paperless, all-in-one platform.

How Digital Enrollment works:
  1. Plan Administrator enters basic info about new employee(s), initiating an email inviting them to enroll in your benefits program
  2. New employee(s) receives a link via email to complete their enrollment online. Automated follow-ups are sent as needed to guarantee accuracy and timeliness
  3. The SC Hub will sync their data with all of our your insurance policies and plans to enroll them seamlessly

The SC Hub provides information and access to all elements of your Benefit program with live assistance only a click away!

Leveraging technology to make your life easier

What the benefit to your business looks like:

Convenience: The portal becomes your own admin team, regardless of your plan or carrier. Whether you have one insurer, or several plans, or if your needs evolve and we need to switch carriers, everything is done behind the scenes – with NO new forms or paperwork!
Accuracy: The process of filling out forms, and scanning and faxing documents is still fraught with errors. Leveraging this new technology will reduce errors, redundancies, timing issues, and other hassles. Automating plan updates, coverage increases and notifications will reduce your workload and the risk to your organization.
Paperless enrollment and administration: Eliminate the headaches of messy paper forms, issues when people work remotely or in different offices. Say goodbye to all the excess forms and paperwork for good!
Simplifying the clutter: Enhance the profile of your company and your benefit program by creating a smoother on-boarding process for new hires. Engage your employees with a clear and simple online experience that maximizes the investment you have made in your benefits program.

SC Toolkit: A full suite of Optional Resources

We are continually identifying and cultivating a list of services and solutions that you can implement as part of your program. We have negotiated preferred pricing for our clients on the services listed below:

HR Software

Your SC Hub already contains an employee profile. Take the next step, and let this populate your own HR Software, complete with the following benefits:

> New hire management and digital on-boarding
> Time off tracking
> Employee records
> Recruiting platform
> Performance management
> Complete digital records

Payroll Integration

Whether you need full payroll management, or simply want the SC Hub to integrate with your existing payroll system provider, maximize efficiency while minimizing errors, double entries and stay compliant!

Choose from the following payroll services:

> Sync benefits and HR data with your payroll provider
> Payroll processing by a CPA certified expert
> Taxable benefits and pension reports
> CRA/WSIB remittances and calculations
> Year-End T4s,T4As & R-L1s and Record of Employment (ROEs)

Virtual Care providers

One of the hottest new trends in Canada and around the world, Virtual care provides affordable, on-demand access to medical professionals via smartphone or computer for your employees and their families. Get more out of your health and wellness spend and reduce time away from the office with this very convenient solution.

> On-demand chat with Doctors, nurses or care co-ordinators
> Consultations via text, video or phone at your convenience
> Care navigation and seamless specialist referrals
> Prescriptions, renewals, and medication delivery

HR and Employment Support 

One of the fastest growing new sectors in Human Resources is unlimited access to HR professionals and even legal support, for HR and Employment matters. For a reasonable fixed fee, you receive unlimited access to a team of professionals.

We have established strong relationships with leaders in this field, negotiating preferred rates for our clients, and VIP treatment and support for SC Clients. Protect your business and effectively manage your employee relations, HR and legal costs with this valuable new resource.

Services include:

> Unlimited 24-hour professional HR Consulting & Representation
> On-Site Consultation
> Employee Contracts & Employer Documents
> Health & Safety Training, Documentation, and Protection
> Unique Insurance Protection in case of disputes or claims

Making your life easier with the next level of support and advocacy

Change is inevitable in all facets of life.

As advisors, it’s our job to be able to adapt and anticipate these changes that play out in the market to better predict your needs, personalize the entire experience, and simplify life for you so that you can focus on your business.

Welcome to the new world of benefits and HR management.

To receive more information and talk to an advisor please click here and someone will reach out to you within one business day.

Preparing for Medical

Preparing for your Insurance Medical

By | FAQ, Individual Services, Life Insurance | No Comments

If you have applied for new insurance, a medical exam may be required. Most exams usually take approximately 30 minutes, and can be completed at your convenience in your home, office at a medical clinic. We will let you know what testing is required, and a Nurse or Doctor will contact you to schedule the appointment. If the person contacting you cannot accommodate your requested schedule, please DO NOT book with them, and let us know so we can find someone else who can work with your schedule.

We always suggest booking your appointment in the morning, which makes it easier to fast, and also typically is when our results are at their best. Below are some tips to help you look your best.

The Basics
  • Be well rested
  • Avoid heavy exercise 24 hours before any exam
  • Avoid alcoholic beverages for 24-48 hours, if possible.
  • Try to avoid or minimize caffeine, or excessively fatty or fried foods 24 hours prior.
  • If they will be doing blood work: wear short sleeves, or sleeves that can easily be rolled up. If possible, fast for 12 hours, with the exception of drinking water.
  • Refrain from using non-prescription and herbal supplements or non-prescribed medications for at least 24 hours.
  • Prescription medications may be continued as prescribed. Be sure to provide any prescription medication details to the nurse.

Your appointment may also include a Paramedical Exam.

This is an interview with where the practitioner will gather information about your medical history, and typically includes obtaining your height, weight, and blood pressure. Try to prepare details of any Doctors or Clinics visited, medical consultations, tests, follow-up appointments and results where possible.

Next Steps

The results of your exam are sent to a laboratory, with the details then sent to the insurance company, where an underwriter will review them along with the information on your initial application. If you would like to have the results of any testing for your records, please let us know. We will have the insurance company share their findings with your Doctor.

Any Questions?

If you ever have any questions or concerns at all, please contact our office ASAP. Someone is always available to help you during business hours at 416.259.1166, or if it is after hours, contact Darren or Steve directly.

To receive a customized quote and talk to an advisor please click here and someone will reach out to you within one business day.

Vitality Life Insurance from Manulife

By | Individual Services, Life Insurance | No Comments

A New Approach to Life Insurance

Do you live a healthy, active lifestyle? Shouldn’t your life insurance premiums reflect your efforts to lead a healthier life?

As a society we have more information than ever available on how to remain healthy and active well into what we traditionally called “old age”. The health and benefits industry has more data on how healthy lifestyles impact life expectancy and heath. And thanks to ongoing innovations in wearable technology, we have more ways than ever to track and share information on our own health and wellness.

It was only a matter of time until all of this information came together and life insurance premiums were positively impacted.

Manulife Brings innovation to Life Insurance

The new Vitality life insurance plan from Manulife is an innovative new rewards program available to clients who purchase a Manulife Vitality Life Insurance policy. Once approved, you receive an offer for a Free Garmin device, or the newest Apple Watch to help track your activities. As you work to improve your health, you earn Vitality Points and receive gift cards, savings on other purchases through their extensive partners, including Amazon.com, Hotels.com and GoodLife Fitness. You can also enjoy further reductions on your life insurance premiums.

Perhaps more importantly, you can also enjoy further reductions on your life insurance premiums. On each policy anniversary, your premiums are eligible to be reduced based on the number of points earned in the previous year.

Joining the program doesn’t mean that you have to become a hardcore gym rat; everyday activities generate points, and count towards earning gift cards, rewards and savings on your premiums.

Live Well, Save Money, Earn Rewards with Vitality:

Vitality rewards you for the things you do every day to stay healthy:

  • Vitality Points: earn Vitality Points by completing healthy related activities
  • Vitality Status: each year, the number of points you earn determines your Vitality Status (Bronze, Silver, Gold or Platinum)
  • Savings and Rewards: the higher your Vitality Status, the more you can earn towards potential savings and partner rewards (outlined below)

Best of all, Manulife has reduced their rates to make Vitality one of the lowest priced options in the life insurance industry. Click here to receive a personalized quote.

Reap the Benefits of Vitality Life Insurance

The main benefits of Manulife’s Vitality program are, of course, your own health and wellness; the peace of mind of a high quality life insurance policy; and great rates, made even better by your active lifestyle.

Beyond those, however, Vitality from Manulife offers some great rewards:

APPLE WATCH OR FREE GARMIN DEVICE – Get an Apple Watch 4 for little or no cost. Or choose a Free Garmin vívofit® 4, and start saving today!
HOTELS.COM EXCLUSIVE MEMBER DISCOUNT – Getting away is part of a healthy lifestyle. With Hotels.com you can earn up to 50% off a hotel stay based on your Vitality Rewards Status.
EXAM ONE® – Better understand your health when you choose a free annual wellness screening with a personalized report.
AMAZON.CA GIFT CARDS – Achieve weekly activity targets and spin the Vitality wheel each week for a chance to win an Amazon.ca Gift Card. For a limited time, receive an Amazon.ca Gift Card each time a higher Vitality Status is earned.
FITNESS CLUB DISCOUNT – Save 55% on an individual one-year membership at either GoodLife Fitness or Énergie Cardio fitness clubs.
Take Advantage of Vitality from Manulife

As technology and information continue to become commoditized, more and more insurance providers will create the link between premiums and healthy lifestyle measures. If you are interested in living a healthy lifestyle, want to enjoy the peace of mind of a high quality insurance policy and seeing some extra perks as well, why not take advantage of Vitality from Manulife today?

To receive a customized quote and talk to an advisor please click here and someone will reach out to you within one business day.

Estate Planning

Your Estate Plan: Creating a Legacy, While Preserving Your Wealth

By | FAQ, Group Retirement Programs, Group Services, Retirement Income Solutions | No Comments

Many of our clients are reaching a new phase in their lives where they are thinking about their own estate plans. The reality is that many of us will live as long in retirement as we’ve spent in our working lives. Even for those considering semi-retirement, this can have a direct impact on your retirement income and lifestyle, and what you leave as a legacy for your children and grandchildren.

Based on recent statistics, living to age 100 is more likely than you might have expected.

Is 100 the new 85?
Probably at 65 of living to the following ages:

80 Yrs Old


85 Yrs Old


90 Yrs Old


95 Yrs Old


Retirement today is different from the traditional ideas of retirement in the past. There has been a shift away from Defined Benefit Pension Plans, and reductions to Government Programs. The burden has shifted back to individuals to generate their own income in retirement. Even if you are prudent enough to have saved over the years, traditional investing does not allow you the certainty that your money will last, and there will be something left for future generations.

How would you like to spend all of your assets in retirement and still leave a legacy to the next generation?

An ideal retirement plan is one that allows you to maximize your retirement income and still provide the legacy that you hope to leave for your loved ones. A simple strategy that is often overlooked is the use of permanent life insurance. Life insurance can act as ‘Retirement Insurance’, allowing you the flexibility to maximize your retirement income during the living years, with the comfort of knowing that a guaranteed benefit is always there to complete your estate plan.

Consider this: A healthy couple aged 60 could allocate less than $14,000 per year from their estate or other assets in order to guarantee a legacy of $1,000,000 tax-free to their heirs. You can also allocate a larger amount over a fixed period of 10 or 20 years, with a guaranteed benefit locked in and assured to be there for your family.

What is your tolerance for outliving your money?

To secure your plan even further, many people are allocating a portion of their retirement assets into an Annuity, or an investment fund that provides a guaranteed income for life. These solutions can provide a tax-efficient, guaranteed lifetime income, with the potential for growth if the investment markets perform well. Combined with life insurance, this combination allows you to enjoy your retirement knowing that you will never outlive your money, and there will always be a significant estate for your loved ones.

Contact us to find out how we can help you to create an estate plan that is designed to meet the needs of your family, your heirs, your business interests as well as any philanthropic considerations.


Why you need Our Personal and Financial Organizer

By | Individual Services | No Comments

As insurance advisors, we often require our clients’ financial and medical information to ensure their plans get set up quickly and smoothly. And in many cases, we see that their financial, medical details – account numbers, contact info, important histories – are scattered and disorganized.

It is human nature. Even though these details can be incredibly important, we don’t often think of them until we need them – which, unfortunately, is often during a moment of crisis.

That’s why taking a few simple steps today can help you save time and stress tomorrow.

What is the SC Insurance personal & financial organizer?

Seeing this as a need for our clients, we created a personal financial organizer that serves as a great resource for getting your household organized. It provides you with one singular place to keep key information that you may need to call upon at important times. While it doesn’t replace proper planning, such as a Will and Power of Attorney, it can act as a very valuable resource for you, your family and those responsible for your estate.

To download your copy click here

It keeps the following information together in one handy location:
  • Driver’s license, Passport, Health Card, SIN numbers
  • Employer and school contact info
  • Physician and dentist contact info
  • Insurance coverage details, policy numbers and contact info
  • Banking and investment account information
  • Key Dates for renewals, expiry dates, follow-up’s
Why do you need a personal and financial organizer?

Keeping up with your finances, medical contacts, bank accounts, insurance policies and other important documents for you, your spouse and children can be overwhelming.

Often one member of the family takes on this onerous task or the duties are divided. But, do all key members of the household know all this valuable information, or even where to find it? What about the person responsible for your estate? And because the need for info like doctor or insurance details can come at already-stressful times, a personal and financial organizer can give you peace of mind and help you sleep easier.

Five ways a personal and financial organizer can help make your life easier
  1. Need to know your passport number so you can book a trip?
  2. Can’t find the insurance info to pay for the Dentist?
  3. If you couldn’t ask them, do you know the details of all of your partners’ bank accounts, credit cards, loan details, etc.?
  4. Applying for a loan and need the value of your other assets, loans and obligations?
  5. Need to find the phone number or date you took your child to see a specialist?
How to use the personal and financial organizer
The organizer serves as a resource for your own personal use, it should not be provided to us, or any outside party.
Include important details about your investments, insurance policies, wills, loans as well as important doctor’s contact info, passport numbers and so on.
Keep the organizer in a safe place, and make sure key family members know where it is. Review with your advisor, or when there has been a life event, such as new child, new job or new home.
Set reminders for when insurance policies or investments are renewing, or need to be revisited. And don’t forget to keep it up to date.

Be PREPARED and ORGANIZED as you never know what the next day will bring.


To talk to an advisor or request a paper copy of the organizer please click here and someone will reach out to you within one business day. To download a fillable electronic form on our website click here.

PPP – Personal Pension Plan

By | Business Services, Retirement Income Solutions | No Comments

Personal Pension Plan (PPP) – The best-kept secret in retirement planning?

Historically, owners, senior executives & many government employees were provided generous pensions that guaranteed lifetime retirement income. Their companies would make significant deductible contributions every year in order to fund a pension plan to guarantee a certain amount of income in retirement.

Did you know that your small business or professional corporation could do the same thing for you?

A PPP offers a solution for small business owners to create their own defined benefit pension so that while you are focused on your income today, you know you will be set for your future retirement.

Below is a summary of this powerful tool, including how it works, who it is right for, and the various tax and other benefits.

  • PPP is a personal pension plan that allows you to save more than a traditional RRSP
  • PPP allows a business owner to fund their own pension plan through their business
  • All contributions are deductible business expenses as are any costs associated with the pension plan (ie. Actuarial fees, management fees etc)
  • PPP is similar to an IPP (Individual Pension Plan) but allows greater contribution flexibility
  • Do you own a professional corporation or other business?
  • Are you currently maximizing your annual RRSP contributions?
  • Are you looking for ways to save additional monies on a tax-deferred basis for your retirement?
  • Does your annual T4 income exceed $120,000?

If you answered yes to the above questions, then you are a candidate for a PPP

  • Increase in contributions that can be made into a retirement fund to grow on a tax-deferred basis
  • Ability to make a catch-up payment for an increased room in the first year of setting up of PPP, generating a large corporate deduction and a bump in asset base for tax-deferred growth
  • Deductibility of fees and expenses related to PPP at a business level
  • Terminal funding amount that can generate additional corporate deduction while providing significant funds for retirement
  • PPP can be terminated and pension income initiated, prior to actual retirement
  • Transferability of PPP if the company is sold without a hassle
  • The flexibility of annual contributions in the event cash flow is limited in certain years
  • Assets inside a PPP can pass from generation to generation without triggering a deemed disposition
  • Assets inside a PPP are trade-creditor protected

To receive a customized quote and talk to an advisor please click here and someone will reach out to you within one business day.

Critical Illness Insurance For Business Owners

By | Business Services, Individual Services, Living Benefits | No Comments

Running a business is a labour of love, and a tremendous amount of work. Without proper protection, all the time and money spent building your company could be at risk. A corporately owned critical illness policy ensures that if you are diagnosed with a serious illness, your business will continue to operate, allowing you to focus on your recovery.

Use corporate dollars to provide a lump sum benefit, whether you continue working or not, to inject cash into your business which can be used to replace lost revenue, pay for alternative or private medical care, hire additional staff to help with some of your duties, or any other use.

If you are fortunate to never get sick and never have a claim paid, these policies can be structured to provide a retirement benefit in the later years, when 100% of ALL premiums paid are refunded on a tax-free basis.

Why Critical Illness Is Relevant to Me:

Current statistics from Heart & Stroke Foundation and Canadian Cancer Society site the following:

  • 1 in 2 Canadians will be diagnosed with Cancer in their lifetime
  • 63% of Canadians diagnosed with cancer are expected to survive at least 5 years
  • Every 7 minutes, someone has a heart attack in Canada
  • 9 in 10 Canadians have at least one risk factor for heart disease or stroke
  • Critical illness insurance pays out a lump sum payment of the entire CI benefit 30 days after diagnosis
  • The lump sum payment can be used in any way you chose, there are no limitations or stipulations
  • Basic plans cover cancer, heart attack and stroke and more comprehensive plans cover many other
  • Serious illnesses including but not limited to – paralysis, multiple sclerosis, bypass surgery, dementia etc
Benefits of Critical Illness Policy owned in My Corporation
KEEP THE LIGHTS ON – critical illness policy pays a tax-free lump sum to help ensure that overhead is covered, and financial obligations are met, allowing you to focus on treatment and recovery.
USE CHEAPER DOLLARS – You can use corporate dollars to fund a critical illness policy. While the premiums may not be tax deductible, paying with corporate dollars is typically more tax efficient.
FLEXIBLE PAYOUT – The lump sum payment can be used in any way you choose. Income replacement, overhead expense coverage, demand debt repayment, hiring additional temporary staff/replacement for key executive during recovery, fund a buy-sell arrangement etc.
GET YOUR MONEY BACK – You can add a return of premium option to the coverage and the return of premium is not considered passive income when it is paid back to the corp.
ESTABLISH A RETIREMENT FUND – The return of premium can be used for retirement funding etc. (see article on PPP, Personal Pension Plans, for terminal funding concept that is deductible to your corp)

To receive a customized quote and talk to an advisor please click here and someone will reach out to you within one business day.

Wine Tips

Steve’s Wine Tips

By | Steve's Wine Tips | No Comments

Steve’s Summer 2019 Wine Tips


Oakridge Vineyard Series Henk Chardonnay 2017 Yarra Valley South Australia
$29.95 CSPC code:688242

Best’s Great Western Riesling 2017 Victoria Australia
$19.95 CSPC code:688259

Ken Forrester Vineyards Old Vines Reserve Chenin Blanc Stellenbosch South Africa
$17.95 CSPC code: 231282

Susana Balbo Signature Barrel Fermented Torrontes 2017 Uco Valley Argentina
19.95 CSPC code:384339

Wither Hills Sauvignon Blanc 2018 Marlborough New Zealand
$19.95 CSPC code:919514


Penley Estate Phoenix Cabernet Sauvignon 2016 Coonawarra South Australia
$19.95 CSPC code:639575

Tenuta Sette Ponte Crognolo 2016 IGT Tuscany Italy
$34.95 CSPC code:727636

Kaesler Reach For The Sky Shiraz 2016 Barossa Valley South Australia
$32.95 CSPC code:688317

Pillar Box Reserve Shiraz 2015 Padthaway South Australia
$19.95 CSPC code:90324

Chateau Haut-Bertinerie Elegance Merlot/Cabernet 2015 Cotes de Bordeaux-Blaye
$21.95 CSPC code:295857 (Hold until 2021)

Terras De Los Andes Reserva Malbec 2016 Mendoza Argentina
$19.95 CSPC code:29280

Steve’s Winter 2018/2019 Wine Tips

Whites And Sparkling

Hidden Bench Chardonnay 2016, Beamsville Bench Niagara, Canada
$24.95 CSPC code: 68817

Greywacke Sauvignon Blanc 2017, Marlborough, New Zealand
$24.95 CSPC code: 164228

Antinori Castello Della Sala Cervaro Della Sala Chardonnay 2016 Umbria, Italy
$68.95 CSPC code: 512376

La Crema Chardonnay 2016 Russian River Valley California
$39.95 CSPC code: 67231

Craggy Range Te Muna Road Sauvignon Blanc 2017, Martinborough, New Zealand
$26.95 CSPC code: 466011

Davis Bynum River West Vineyard Chardonnay 2015 Russian River Valley, California
$29.95 CSPC code: 205815


Luce La Vite Lucente 2016 Tuscany Italy
$34.95 CSPC code: 747030

Susana Balbo Signature Malbec 2016 Uco Valley Mendoza Argentina
$19.95 CSPC code: 79798

Thelma Mountain Vineyards Sutherland Pinot Noir Elgin South Africa
$19.95 CSPC code: 624924

Mount Veeder Winery Cabernet Sauvignon 2014, Napa Valley, California,
$49.95 CSPC code: 708842

Carpineto Chianti Classico Riserva 2013, Tuscany, Italy
$29.95 CSPC code: 47118

Two Hands Lily’s Garden Shiraz 2016, McLaren Vale, Australia
$59.95 CSPC code: 683086

Clos de Los Siete 2014 Uco Valley Mendoza Argentina
$23.95 CSPC code: 622571

Steve’s Fall 2018 Wine Tips

Whites And Sparkling

Pazo Das Bruxas Albarino 2016 Rias Baixas Spain
$19.95 CSPC code:417667

La Chablisienne Le Finage Chablis 2014 Burgundy France
$19.95 CSPC code:556340

Bellingham The Old Orchards Chenin Blanc 2016 Paarl South Africa
$15.95 CSPC code:484055

Invivo Graham Norton’s Own Sauvignon Blanc 2017 Marlborough New Zealand
$17.95 CSPC code:560284

Henry of Pelham Speck Family Reserve Chardonnay 2016 Niagara Ontario
$29.95 CSPC code: 616466


Castelli Del Grevepesa Castelgreve Chianti Classico 2016 Tuscany Italy
$17.00 CSPC code:573485

Sister’s Run Grenache Cow’s Corner Grenache Shiraz Mataro 2016 Barossa Valley Australia
$29.95 CSPC code:429175

Tessellae Old Vines Grenache Syrah Mourvedre 2015 Côtes Du Roussillon France
$19.95 CSPC code:343517

Trapiche Medalla Malbec 2014 Uco Valley Argentina
$17.00 CSPC code:547869

Lealtanza Reserva 2012 Rioja Spain
$22.95 CSPC code:208223

Château Larose -Trintaudon 2009 Haut Medoc Bordeaux France
$26.95 CSPC code :297945


Losing Group Benefits

By | Employee Benefit Plans, Group Retirement Programs, Group Services, Individual Health Plans | No Comments
Important information for employees and employers to know whenever someone is leaving a group plan.

Whether it is due to leaving for a new venture, taking contract work, retirement, or other reasons, more and more people are going through changes that result in a loss of group benefits coverage. However, leaving an employer does not mean one has to leave this valuable coverage behind. The following is an explanation of some of the things that employees and employers should all understand in order to properly identify the options that are available at this critical point in time.

Health and Dental Coverage

There are 2 types of Health & Dental Plan options – Conversion Plans and Traditional Plans

The easiest solution to deal with the loss of health and dental coverage is to extend coverage using a Conversion Plan. Acceptance is guaranteed, and coverage is uninterrupted, as long as an application is made within 60 days of losing group coverage. These plans are available from several carriers, and each company offers different levels of coverage to choose from. There are no medical questions, and coverage can be provided for the same items that were provided on the group plan, and for anyone who was covered on the group plan.

The other type of Health Plan is referred to as a Traditional Plan. These plans require a medical questionnaire in order to be eligible, and they offer flexible and comprehensive coverage. In many cases, these plans will offer higher coverage limits than a Conversion Plan. Once a Conversion Plan has been secured, it may be worth investigating to see if a Traditional Plan is an option.

Conversion Plans
  • Guaranteed Coverage if you apply within 60 days of your group coverage terminating
  • No medical requirements
  • Pre-existing conditions are covered
  • Most plans include Prescription Drugs, Hospital Benefits, Vision Care, Paramedical Specialists, Dental Care, and more
  • Emergency Medical Travel Insurance may be available on some plans
Traditional Plans
  • A Medical Questionnaire is required in order to be eligible
  • Typically provides higher coverage limits
  • Flexible coverage to meet your needs
  • No restrictions based on employment status or prior coverage
  • Most plans include Prescription Drugs, Hospital Benefits, Vision Care, Paramedical Specialists, Dental Care, Travel Insurance and more

Group Retirement Plans

  • There are several options available at this point in time
  • A Group RRSP plan will offer an individual account that looks to mirror the existing investments where possible
  • You can transfer to an individual plan with another financial institution
  • You can transfer to another group plan if available
  • These transfers can be done between institutions, and without any tax implications
  • If you are leaving a Defined Benefit Pension Plan, you may require additional analysis in order to take advantage of your available options

Long Term Disability Insurance

  • There may be an option to extend coverage without a medical
  • Coverage would be extended for a period equal to any severance period
  • Financial underwriting and coverage limits based on former salary
  • There are specific terms and conditions which apply to these policies

Life Insurance & Critical Illness Insurance

If your plan included this coverage, it may be wise to investigate whether there is an option to convert any of this coverage

Application typically required within 30 days of losing coverage

Understanding your options is the first step to making a wise decision.

Identifying and selecting the right coverage for you and your family is a process that is based on many factors. By taking advantage of the conversion options available within your policy, you are in a stronger position to assess your situation, obtain the advice that you need in order to make the right decisions to protect yourself and your family.