What we do
Individual Insurance & Corporate Insurance
Life, long term disability and critical illness insurance solutions that are designed to protect the specific and unique needs of an individual, family, or business.
Solutions are designed to help individuals and families maintain a standard of living and/or cover extraordinary costs.
Whether a death is a shock or expected, losing a loved one is always difficult. Life Insurance can help ease the financial stress associated with death by providing a tax free lump sum death benefit to the named beneficiary. At time of claim life insurance provides funds to cover costs such as mortgage payments, debt repayment, children’s education, income replacement, lifestyle protection, emergency funds, funeral expenses, final tax bills, and estate equalization.
Critical Illness Insurance
A lump sum benefit that becomes payable when the insured is diagnosed with a covered critical condition (i.e. life threatening cancer, heart attack, stroke) and survives the survival period (often 30 days). With advancements in medicine and diagnostics more people than ever are surviving a critical illness. We all expect that we will miss some work if diagnosed with a critical illness but there are other less obvious costs to consider. A critical illness policy can provide funds for a spouse “or parent” taking time off work, the portion of drug costs not covered by a benefits plan, babysitters and house cleaning, travel, parking and eating away from home.
Unexpected illness and injury are facts of life and can impact your ability to work and earn an income. Disability insurance is designed to recreate a portion of your paycheque. Benefits are made payable to the insured and claim cheques are issued monthly while on active claim.
Corporate insurance is designed to help business maintain regular operations and/or cover extraordinary costs.
COrporate Life Insurance
The death of an owner or key person can impact every facet of a small business including: lost clients/contracts, the bank may call a line of credit or reduce your credit limit, there may be slower production time, and expensive recruiting strategies to replace the key person. Life Insurance proceeds are often used to help offset these financial challenges or to create the money to fund the buy-sell of a business. Death benefits are received by the corporation tax free and usually create a credit to the corporation’s capital dividend account. Surviving shareholders can utilise the credit in the capital dividend account to withdraw funds from the corporation tax-free.
COrporate Critical Illness Insurance
A lump sum benefit that becomes payable when the insured is diagnosed with a covered critical condition (i.e. life threatening cancer, heart attack, stroke) and survives the survival period (often 30 days). The insured is often the business owner or a key person. Once the benefit becomes payable the business chooses how to allocate the funds as it sees fit. Often business needs the funds to assist with reduced revenues, to replace the key person or to help fund the owner into an early retirement.
COrporate Disability Insurance
(Wage Loss Replacement Plan) – This “golden handcuff” plan design is popular with white collar employers who want to offer a class of employees high-end individual disability insurance. The premiums are paid for by the employer and are a deduction for the employer. Benefits are payable directly to the insured and are considered taxable. Depending on circumstances a wage loss replacement plan may require applicants to be medically underwritten although it is sometimes possible to waive medical underwriting.
Individual Health and Dental Insurance
If you are age 84 or under Sonata Health offers 3 Health and Dental Plans and 5 additional optional coverages to choose from. Sonata Health does not require that you’ve had similar coverage in the past 60 days.
Plan Direct is available to clients
18 – 84 years old, who have had prior health insurance coverage in the last 60 days. If you are retiring from or leaving a job that included a benefits plan, you may qualify to be automatically accepted for coverage without providing medical evidence. PlanDirect offers three Health and Dental Plans and four additional optional coverages to choose from, once approved pre-existing medical conditions are covered.
Manulife individual health dental and travel coverage offers you the ability to design a plan that meets your needs and budget. The two main plan types Manulife offers are called Flexcare and FollowMe. Flexcare programs offers coverage to those who have not had prior coverage in the last 60 days. Some plans require medical underwriting however Flexcare does include a plan design called Combo Plus Starter plan that is guaranteed to issue. The FollowMe plan designs offer guaranteed to issue coverage for those who have had similar prior coverage in the last 60 days.
When you are ready to review your coverage and pricing options we can help by putting together a personalized individual health and dental package made just for you. If you like we can make the process even easier by sending you a link and you can apply for coverage on-line from the comfort of your own home or office.
Why invest with an advisor?
There is a lot more to investing than just low fees. An advisor helps you develop and plan and stay on track, build a portfolio that matches your goals and risk tolerance, adjust your plan as life changes occur, feel more prepared for whatever life brings, and create savings habits that can pay off in the years to come.
We can help you save for the future, a special purchase or a rainy day. We offer registered savings plans (RRSPs), Tax Free Savings Accounts (TFSAs), non-registered investments, and education funding (RESPs).
Registered Retirement Savings Plan (RRSP)
A RRSP is an investment vehicle to help Canadians save for their retirement years. There are certain tax advantages of using an RRSP which make this type of investing attractive to many investors. Contributions are tax deductible and investors can contribute up to 18% of their previous year’s earned income up to the annual dollar limit (2018 = $26,230). Contributions to other RRSP’s, Group RRSP’s and Pensions can impact available room. Any unused annual contribution room in your RRSP is carried forward to future years.
Tax Free Savings Account (TFSA)
Since 2009 Canadians 18 years and over have been able to save after-tax income in a TFSA. The contributions and investment earnings are both exempt from tax upon withdrawal. The annual contribution limit has changed over the years with the limit presently set at $5,500. Any unused annual contribution room in your TFSA is carried forward to future years.
Contributions to non-registered investments are made with after tax dollars. There is no specified limit to the amount you may invest nor is there a minimum age to contribute. Growth of the investment is not tax deferred and investments are taxable upon withdrawal.
Registered Education Savings Plan (RESP)
A savings plan to help save for your children’s schooling. Contributions are made with after tax dollars and investments grow tax deferred while inside the RESP. The Canada Education Savings Grant contributes 20 per cent of the annual contribution to a RESP on the first $2,500 of contributions each year per beneficiary, until the end of the year in which the beneficiary turns 17, up to a maximum of $7,200. There is a lifetime maximum contribution limit of $50,000 per beneficiary.