As its name implies (and in contrast to permanent insurance, such as whole life insurance or universal life insurance), term insurance is valid for a specified period of time.

Term insurance is sometimes considered “temporary” risk protection, often for a period during which an individual carries specific debts.

Term insurance is simple to understand, simple to purchase and offers a simple death benefit to cover debts, provide for children’s education, pay off a mortgage and pay for funeral expenses should the policy holder die during the term of the insurance.



Group benefits are one of the tools that employers use to attract, retain and motivate their workforce. Group benefits typically include:

• life and accidental death and dismemberment (AD&D) insurance;
• health (sometimes called extended health because it offers additional coverage to that available through public health insurance); and
• dental care.



Universal Life (UL) insurance policies combine permanent insurance with a savings plan that, during the policy holder’s life, provides tax advantages commonly found in investment vehicles.

In one policy, clients gain the security of life insurance with the flexibility and opportunity to earn tax-free interest on their savings. Each month, the client pays a set amount which is deposited into one or more investment accounts. The rate of return is based on the performance of the chosen funds. And, provided the policy value does not exceed an amount prescribed under the Income Tax Act, the client does not have to pay tax on any growth in the investment account because it is part of a life insurance policy.

Universal life insurance policies are among the most common types of life insurance selected. They appeal especially to younger individuals, couples and young families who want maximum insurance protection without sacrificing investment growth or the flexibility to choose their investment vehicles.



Participating whole life insurance policies appeal to people who are not interested in managing day-to-day investment risk and are attracted to the historical stability of the insurance companies. Participating whole life insurance policies offer:

• premiums will be a set amount each month and are guaranteed to remain at that level for life;
• the death benefit payable to the beneficiary is established at the policy’s inception date;
• insurance coverage protects the client for his or her entire life;
• a participating whole life insurance policy’s cash value increases over time.

Participating whole life insurance policies are also eligible to receive policy dividends. While not guaranteed, policy dividends have the potential to enhance the policy’s long-term value while still earning tax-free interest.

Non-participating whole life insurance policies offer all of the benefits of participating policies but do not pay policy dividends.



The terms and conditions may vary from company to company, however the following illnesses are insurable by all insurers (Base Coverage): Heart Attack, Stroke, Coronary Bypass Surgery, Breast Cancer, Prostate Cancer, Other life threatening cancer.

In Addition, the following conditions can be insured, depending on which insurance company is chosen (Enhanced Coverage): Multiple Sclerosis, Parkinson’s Disease, Kidney Failure, Paralysis/Paraplegia, Major Organ Transplant, Severe Burns, Aorta Graft Surgery, Balloon Angioplasty, Benign Brain Tumour, Blindness in both eyes, Coma, Coronary Artery Disease, Heart Valve Surgery, HIV through Blood Transfusion, Pre Senile Dementia (Alzheimer’s), HIV Medical Profession, HIV Assault with Needle, Loss of Hearing, Loss of Independent Existence, Loss of Limb, Loss of Speech, Motor Neurone Disease.

Medical breakthroughs, and advances in patient care mean that most people have a greater chance of surviving a critical illness.



Disability Insurance is primarily intended for the self-employed and independent contract workers who cannot afford to miss extended periods of work and are not covered by an employer’s insurance policy. The ability to earn an income is the most valuable asset of any individual. Yet, many Canadians are not adequately protected should they become disabled through illness or injury for any extended period of time.

Whether you are a sole owner or have a partner, the financial risks to your business and family are very significant if you suffer a serious accident, injury or illness that prevents you from working for an extended period of time. Not only does your current income stop, future income also stops and, in most cases, many of the business and personal expenses continue. There are leases, loans, salaries and other commitments to be met and no income.



Segregated funds are the Canadian insurance industry’s version of mutual funds, in which money is pooled and invested in stocks, bonds or other securities. Risks and rewards are shared among segregated fund investors or unit holders. According to the market value of a specified group of assets, the insurance company must maintain separate funds with separate assets for each fund.

Like mutual funds, segregated funds share risks and rewards through pooling, but they offer several advantages that mutual funds do not. Segregated funds offer guarantees on the limit of potential losses. As annuities, they offer a guaranteed retirement income stream, with a guaranteed value upon maturity of usually between 75% and 100% (less withdrawals). Because they are insurance products, segregated funds also provide considerable tax protection: their value is insured upon death, and they pass directly to a named beneficiary avoiding probate, legal or executor fees.

Segregated funds’ gains and losses are distributed, so they also offer the investor the ability to claim capital losses and gains without selling units. As long as a beneficiary is named, segregated funds are not subject to creditors’ claims during the lifetime of the investor, so they also offer the benefit of bankruptcy protection. Because segregated fund annuities limit potential losses while protecting investors’ contributions and retirement income, they are an attractive alternative for the cautious or long term investor.



Private Health Services Plans ( PHSPs) are uniquely designed “bank accounts” that provide coverage for health care expenses. In funded Private Health Services Plans, the employer ( plan sponsor) makes a contribution on behalf of employees or members. In non-funded plans, such as those chosen by professional associations, small businesses or sole proprietors, payments are made on a “ pay as you go” basis by the individual.

Whether funded or non-funded, PHSPs are non-taxable benefits for the employee and a 100% business deduction for the plan sponsor.

Private Health Services Plans can extend an existing group health benefit program, providing reimbursement for health care expenses not covered or above the group health maximums, or they may be offered as a stand alone health care plan.

The most common definition of a medical or health care expense is a payment made to a licensed medical practitioner qualified to practice under the provincial laws in which the expenses were incurred. Health care expenses eligible to be paid by a PSHP are those that qualify as medical expenses within section 118.2(2) of the Income Tax Act.



It is reassuring to know that you can be covered for most health and dental emergencies when you are faced with an accident, or emergency health crisis. Especially if such an accident should happen far from home!
Thousands of people every year find themselves in a difficult situation. They somehow become hospitalized in a foreign country, unable to communicate clearly, unsure of what is happening and without travel health insurance.

Often neglected, travel health insurance is one of the most important items to have when travelling abroad. Even in the safest of environments, there is always the possibility of illness or injury. With travel health insurance you will have the peace of mind of knowing that you are covered.

Travel health insurance can be the difference between an enjoyable, problem-free travel experience, and an unpleasant stay at a local hospital. Health, safety and security should be considered before and during travel.