Insurance & Estate Planning

For Individuals

Most people do not take the time to think about what their income means to them and their family over the long-term.  For example, if you are making $100,000 per year, not adjusting for inflation, you will make $1 Million over the next 10 years.  Your family counts on you to bring in that income to help pay down your mortgage, pay for the kids’ education, save for your retirement and support their lifestyle.  A properly structured insurance program will ensure that is all possible, even in the unfortunate case you become disabled or die prematurely.  We can crash test your situation to see where the gaps in your planning are.

Think of this planning as the defence in your overall financial picture.  Just like in sports, the team with the best defence always wins the championship!


Life Insurance Planning – Review of your current life insurance portfolio and review of your situation in the event of a premature death. We can discuss strategies that will assist you and/or your family in retaining the lifestyle they are accustomed to regardless of any unforeseen circumstances. 

Income Replacement Planning – Most people do not realize their most valuable asset is their ability to earn an income. Disability insurance can provide an income stream if you are unable to earn an income because of an accident or illness. You may need coverage to top up a group plan, or cover loan payments. If you are self-employed you will likely need to develop an income replacement plan from scratch.

Critical Illness Strategy - In the event of a critical illness it is quite common to be buried in unforeseen expenses. In this situation Critical Illness Insurance can help to take care of these expenses as well as your day to day expenses. It can also help you remain by a loved one’s side while they are dealing critical illness. ACT NOW, Canada is the only country left which offers a full return of your premium if you stay healthy!  Ask us for more details.

Long Term Care Protection - Insurance to provide tax-free funds monthly for long-term care services in your home or in a long-term care facility.  You can also get a reimbursement plan which will help you pay for expenses to help you stay in your home in the event you need nursing care in retirement.  Services such as: personal support workers and home modifications for accessibility.  Properly structured Long-Term Care Protection will help ensure you have a choice in how these affairs are handled should the need arise.

Charitable Planned Giving - Life insurance can allow you to make a substantial gift to charity for a relatively low premium.  It can allow you to guarantee a gift amount without erosion due to probate and taxes.  You can wait and get your tax receipt when you pass away and the policy proceeds are paid to the charity(ies) of your choice. This will allow your estate to offset some of the taxes owing when you pass away. Or you can start getting the tax benefits right away in the form of a tax receipt for you annual premiums paid towards the policy and you will also be recognized right away for your contribution if you so choose.


Estate Planning

Estate Planning is the process for ensuring you meet the wishes of you and your family upon death.  It involves strategies for minimizing taxes and final expenses.  It may involve leaving a planned legacy for your heirs or a charity important to you.

We will work with your other professional advisors, such as your accountant and lawyer to make sure all of your wishes are carried out.

Life Insurance can play an important part in your Estate Planning strategy.  It can provide liquidity for your estate or Holding Company to cover taxes, final expenses, create estate equalization for your heirs. It can be used to take care of outstanding debts or leave a donation to a charity of your choice.

Some typical expenses and taxes at death include:

  • Funeral Expenses
  • Estate Administration Taxes (roughly 1.5% of estate value)
  • Legal Fees
  • Accounting fees
  • More than 50% of your RRSP or RRIF will go to taxes upon the surviving spouse’s death
  • Over 25% of gains on your investments and real estate will go to taxes
  • Money distributed to your heirs from a Holding Company will be taxed at over 45%


With proper planning ahead of time, many of these assets can pass outside the estate lowering estate fees. Many of these taxes can also be minimized and even eliminated with proper planning.

Aside from financial benefits, planning ahead of time can help ensure you can control assets beyond the grave, which might be important when heirs are spendthrifts, have disabilities or there are mixed families.